To the Editor:

On July 26, the nation's largest subprime lender, Ameriquest Mortgage Co., joined with one of the nation's oldest community-activist groups, Acorn, to announce a pilot lending program to provide financial counseling and up to $360 million in loans to people in 10 cities across the country. Your story ("Ameriquest Bets $360 Million Against Itself," page 20, July 27) completely failed to grasp the significance of this landmark fair-lending and consumer-protection agreement. Your cynical editorializing grossly misled your readers.

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