Tuesday, March 18, 2008

Subprime Mortgage Pioneer, Profiteer Dies

This man is why we are in the financial mess we're in. But Arnall's practices point to a government that was bought off by the sup-prime charlatans. Individuals are commonly appointed ambassadors because they are major contributors to the President at the time. Arnall made his fortune by preying upon the poor and poorly educated whom sought the American dream of owning their own home. What is more criminal is that the government allowed these predators to operate at all:

Roland Arnall, founder of subprime pioneer Ameriquest Mortgage Co, died of cancer on Monday morning in Los Angeles, his family said in a statement.

[...]A major political donor with a net worth estimated by Forbes magazine at $1.5 billion, Arnall faced opposition from Senate Democrats to his 2005 confirmation as ambassador to the Hague after accusations that his company had preyed on mortgage seekers with subprime credit.

In January 2006, Ameriquest agreed to pay $325 million to settle predatory lending investigations by state attorneys general throughout the United States.

The company admitted no wrongdoing and agreed to several reforms, and Arnall was confirmed later that year.

The allegations against Ameriquest were not the first to surface in connection with an Arnall-owned business.

No comments: