Tuesday, March 18, 2008

Sub-Prime Mortgage Pioneer Collapses; Roland Arnall in Shambles

The economy is dying. That's not quite enough of a story for us to cover on this here blog. Except for one thing: The economy is so bad, it is killing the people who brought us down this road.

Roland Arnall, the founder of Ameriquest Mortgages, and a leading figure of the sub-prime mortgage scandal because of accusations of its wrongdoing, has died at the age of 68. The cause of death was officially cancer, but those who knew him say that he really died of a broken heart mortgage backed security.

Arnall was also a major Republican donor with strong ties to President Bush, and President Bush appointed him ambassador to the Netherlands in 2006.

"Thank you for the trust you placed in me, and the opportunity to serve our country," Arnall wrote to President Bush in a letter in February.
In turn, President Bush was concerned by this development, but assured the Arnall family that Roland was "strong" and "going to be fine." The President said that he would not call this a 'death,' inasmuch as a permanent life cessation. Finally, he pledged to give the Arnalls a $600 rebate, a move which he assured would revive the dormant Arnall.

[International Herald Tribune]

1 comment:

Anonymous said...

I worked for Mr. Arnall for 4 years at Ameriquest, I can proudly say that I was an honest and ethical Manager in the company and that was the reason I left in 2005.
Mr. Arnall used people to make the company what it was, he used Mary Jo Shelton and Kurt langs and others to create the company that went down in flames as fast as it went up.
I feel for the family but pople in in business that lose sight of what is most important and that is people. So many people who not only worked for Arnell but also people who lost their homes because of his practices.
Ameriquest is not alone, but they took advantage of the american people through disinformation as well as taking advantage of the customer and their lack of education when it came to loans and how to qualify.
Roland Arnall was one of the high rollers of the mortgage industry and also was a high roller in Vegas who had no secrecy when showing off in front of his employees during the company's many trips to Vegas.
God will judge everyone when their time comes.