Subprime woes go to the ballpark

NEW YORK (CNNMoney.com) -- The Texas Rangers Baseball Club said Tuesday it would drop the name of troubled subprime mortgage lender Ameriquest from its stadium.

The park, which has 2004 been known as Ameriquest Field, will now be known as the Rangers Ballpark in Arlington.

Ameriquest's parent company, ACC Capital Holdings, has had to borrow money as defaults on subprime loans have skyrocketed.

Subprime is a term for mortgages that are issued to borrowers with less-than-perfect credit.

The Rangers said they first proposed the change to Ameriquest last year, calling the move part of an overall branding campaign.

Other subprime lenders have been feeling the heat from defaults recently. New Century Financial (Charts) was delisted by the New York Stock Exchange, and Accredited Home Lenders (Charts) has had to seek out massive amounts of new financing.

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