Monday, May 15, 2006

Score one for Reilly

I mean Tom, obviously.

Andy at Mass Revolution says Deval Patrick's resignation from the board of directors of Ameriquest's parent company is a testimony to Patrick's leadership. But I've got to respectfully disagree. This is a victory for Tom Reilly, plain and simple. The AG made Patrick uncomfortable by hammering away at this issue, and now he gets to spin Patrick's exit as proof he was right--i.e., that Patrick's relationship with Ameriquest was sketchy.

Also, let me just acknowledge that unlike David at Blue Mass Group, I'm not much of a prognosticator.

Here's the latest spin from the Patrick camp. As you read it, ask yourself: would Patrick be leaving if Tom Reilly hadn't turned this into a campaign issue?

BOSTON—Monday, May 15, 2006—Deval Patrick, saying “the company is on the right path now” to prevent future lending missteps, today said he would leave the board of Ameriquest’s parent company, ACC Capital Holdings, by July 1^st.

Patrick said he was pleased with the company’s progress in implementing new procedures necessary to prevent future abuses. A special monitor, Michael Moore, the former Attorney General of Mississippi, is now overseeing compliance with the agreement reached among attorneys general and the company.

In addition, Patrick worked with company officials over the past two weeks to bring a special pilot program to Massachusetts that will help overextended borrowers avoid home foreclosures. Mayor Thomas Menino last Tuesday announced the start of discussions concerning that program in Boston.

“I said all along I would stay on the board until I was satisfied that reforms to correct past practices and prevent future missteps were in place and underway. That is now the case. Ameriquest is on a path to be a better, more responsible company now. If they keep at it, they will be a model for the industry,” Patrick said. “I am proud of my role in helping to set a better course.”

“I understood from the outset that my work with Ameriquest would make some people uncomfortable. Progressives are sometimes uncomfortable in principle with people who work for companies. Political rivals try to make it an issue. But I still believe that lasting reform requires the effort of good people both outside and inside. Whether at Texaco, Coca-Cola or Ameriquest, I have never left my conscience at the door. “

“Unfortunately, that spirit is largely missing from our current political culture. Many of our political leaders prefer to concentrate on getting and keeping office rather than performing the hard work of devising real solutions to our most difficult challenges. That's why we need a change,” Patrick added.

Patrick personally worked with Ameriquest to bring credit counseling and foreclosure avoidance programs to Massachusetts that Ameriquest has used successfully elsewhere. He also helped to arrange placement opportunities with a competing financial services company for all Ameriquest employees who were recently laid off in Massachusetts and New Hampshire.

“Leadership is more than grand announcements. It's more than press conferences and photo ops. Sometimes leadership is the slow, steady, unglamorous work of making reform real,” Patrick said.

5/15/2006 2:23:56 PM by Adam Reilly | Comments [10] |

Monday, May 15, 2006 2:29:35 PM (Eastern Standard Time, UTC-05:00)

Definite score for the AG. Sometimes DP oozes a little too much.

Specks

Monday, May 15, 2006 3:20:17 PM (Eastern Standard Time, UTC-05:00)

Oh, please. This post is just ridiculous.

Let's see:

Deval Patrick said he was brought on board with Ameriquest to help straighten out their lending problems and sure enough he helps negotiate a settlement. When Ameriquest decides to consolidate their operations to the west coast, Deval get's blamed for people losing their jobs. Deval helps with the effort to get those laid-off from their jobs placed with a competing finacial firm. Now with the loose ends tied up, Deval resigns from the board of Ameriquest.

As jethon19 said at BMG (I'd link, but your blog won't allow it): "...sounds to me like wanting so badly to beat a dog, that any stick will do."

Tom Reilly can't come close to competing with Deval Patrick on the issues, so he fabricates some malfeasance on Deval Patrick's part, where none exists. Doing right by the folks impacted by Ameriquest was not a popular thing to do, but it was the right thing to do and I think when people look at the facts rather than the cynical spin they will think Deval Patrick is the right choice for Governor.

Susan M.

Monday, May 15, 2006 3:24:57 PM (Eastern Standard Time, UTC-05:00)

I'm surprised it's taken Tommy so long to get a crampon working on the slick surface. Maybe he doesn't know it's almost party convention time.

Reilly says, while Patrick does. It's a way of living and way of working. Patrick has a very good argument about cleaning house over at that board. Reilly, as always, is a bystander and couch coach. That seems straight-forward and distinctive enough, but I bet the difference is lost on many voters.

The risk of being a pioneer, as Patrick certainly has been in platform and policy, is that you open yourself to imitation and potshots. If I were any of the other gubernatorial candidates, I would have been all over his platform, finding areas I could knock down and others that I could steal and improve.

Instead, we have grousing about two wealthy lawyers' mortgage and now this innuendo about the directorship. Maybe this is a minor boost for our AG, but from here, it's not much and it's damned late.

I agree it's a ding in Patrick's bus, but hey, we're in Boston traffic.

massmarrier

Monday, May 15, 2006 4:51:57 PM (Eastern Standard Time, UTC-05:00)

For us inside ball players, yes, this particular skirmish goes to Reilly. But, outside, in the real world, I say it's press life is 48 hours, max, and it's tactical value in the medium and long term is very, very small. Advice to Deval: don't get into a discussion of it beyond your press release. You framed it your way, don't get into an argument and prolong the public debate.

lenstewart

Friday, September 08, 2006 7:15:21 PM (Eastern Standard Time, UTC-05:00)

TNoto@ameriquest.com

Mr. Noto

Ameriquest and AMC mortgage services are both in violation of RESPA rules more then 200 hundred days, I have asked for information and I have asked questions that no one can seem to answer.

The amount of money that ameriquest has cost us in the loss of our home, things,over 18 months of alternate living expenses, medical equipment for my sister and mother and other expenses, has cost us more then the home was mortgaged for.

Ameriquest is marking me late for payments for a home we can't live in and now wants to put over 100,000,00 thousand dollars worth of coverage on our home we can't live in.

I would like a full copy of this insurance that ameriquest is charging me over 1,900 hundred dollars for.

Its been since 2004 so at this time I would like to know what you intend to do?

I am requesting that you answer in a timely manner so that we can try get back to a normal life again.

Thanks for your time.

Markana July 26, 2006

I'm stil waiting on an answer..... September 8, 2006

TO: Deval Patrick please read...

Friday, September 08, 2006 7:26:08 PM (Eastern Standard Time, UTC-05:00)

Mr. Noto and Joanne Davies

I am not to understand why you don't answer or reply or provide the documents that I have requested.

If you are not going to provide the documents or can't please let me know.

If I don't get a response then I will be forced to make a complaint against you with the California Bar association, I would not want to do this if there is just a misunderstanding, but since you have not replied to my request for documentation then I will have no other choice but to make a complaint.

Thanks

Markana August 4, 2006

TO: Deval Patrick please read...

Friday, September 08, 2006 7:40:12 PM (Eastern Standard Time, UTC-05:00)

HELP NEEDED!

TO: Deval Patrick please read...

Friday, September 08, 2006 7:49:46 PM (Eastern Standard Time, UTC-05:00)

-----------------
Forwarded Message:
Subj: Please provide contact info for Mr. Moore.
Date: 9/7/2006 8:37:21 A.M. Eastern Standard Time
From: Markie8611
To: MZastoupil@amcmortgageservices.com, jdavies@buchalter, TNoto@ameriquest.com, Shanna1016, corlando@ameriquest.com, rarnall@ameriquest.com

Would you please provide contact information for Mr. Moore.

Thanks

Markana September 7, 2006

Ameriquest Suck's

Friday, September 08, 2006 7:56:41 PM (Eastern Standard Time, UTC-05:00)

http://predatorylending.bravehost.com/index.html

Check out the pic's of our home we can't live in, Ameriquest thinks it's a game.

It's not fun trying to live with out you home.

Ameriquest Suck's

Friday, November 17, 2006 7:50:14 PM (Eastern Standard Time, UTC-05:00)

Resolved.

Ameriquest Suck's

Comments are closed.