Ameriquest founder Arnall dead at 68
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One of the more controversial figures in the mortgage industry has died. Roland Arnall, founder of Ameriquest Mortgage, died at the age of 68 at UCLA Medical Center, according to reports.
From the AP: ‘Arnall was appointed ambassador to the Netherlands in March 2006 after an approval process that was slowed by unsettled issues regarding Ameriquest, the California-based lending company he founded in 1979.’
From the L.A. Times: ‘Over the years, Arnall amassed huge interests in apartments and other businesses. But he was chiefly known as a pioneer of lending to high-risk borrowers, using databases to identify customers and set loan terms, and partnering with Wall Street firms that provided funding and bundled his loans into mortgage-backed bonds -- the business whose recent meltdown has shaken the global financial system.’
From the Atlanta Journal-Constitution: ‘Attorneys general in states across the nation had accused Ameriquest of predatory mortgage lending practices that left thousands of consumers with troubled home loans. With the pressure on, Arnall’s company agreed early in 2006 to a $325 million settlement with the states. Within a few weeks, the Senate blessed Arnall’s nomination, clearing the way for the self-made billionaire to pack his bags for the Netherlands.
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