Ameriquest to Close - execs wonder ?why?d we spend all that money on Super Bowl ads??

Ameriquest, long the poster-child of successful (and suspect) subprime lending announced that the unit will close upon the finalization of their sale to parent company Citi. Citi will pick up their servicing portfolio, along with their wholesale arm Argent Mortgage in the deal. Thanks to commenter BB for pointing out the news story to us. From the release: Along with shuttering Ameriquest, Orange-based ACC Capital Holdings also said it was selling its wholesale mortgage origination operation and a mortgage servicing business to Citigroup for an undisclosed sum. Under the agreement with ACC, Citigroup acquires servicing rights for $45 billion worth of loans. Terms of the deal, expected to close Sept. 1, were not disclosed. Citigroup is the nation's largest financial institution. The sale