December 6, 2006 |
Is the Ameriquest empire assembled by Roland E. Arnall about to be dismantled? The Los Angeles billionaire's financial lending business has declined sharply since his appointment as ambassador to the Netherlands in February. On Monday, his holding company sold car-loan subsidiary Long Beach Acceptance Corp. to a Texas buyer for $282.5 million. Some believe that Arnall's big home loan units, Ameriquest Mortgage Co. and Argent Mortgage Co., could be next to go.
February 10, 2006 |
Roland E. Arnall is heading for Amsterdam. The Southern California mortgage-lending magnate was confirmed late Wednesday as U.S. ambassador to the Netherlands, 16 days after his Ameriquest Mortgage Co. agreed to pay $325 million to settle allegations of unfair lending practices by regulators in 49 states and the District of Columbia. The uncontested Senate voice vote brought a peaceful end to a divisive, three-month confirmation process, in which Democrats led by Sen. Paul S. Sarbanes (D-Md.
January 24, 2006 |
Monday's settlement of predatory lending allegations against Ameriquest Mortgage Co. removes the major hurdle that blocked company founder Roland E. Arnall from becoming U.S. ambassador to the Netherlands. Arnall's confirmation is now expected, although the timing is not yet clear, congressional staffers said. The White House nomination has languished in the Senate since November, after the normally routine appointment flared into a heated partisan dispute. Senate Democrats, led by Paul S.
November 21, 2005 |
As head of the Justice Department's civil rights division, Deval L. Patrick brought a case against Roland E. Arnall's mortgage lending company for allegedly piling extra charges onto home loans for minorities, women and the elderly. Arnall's firm ultimately agreed to settle a government lawsuit by paying $4 million to compensate borrowers and to teach consumers how to shop more smartly for loans. That was nearly a decade ago.
November 8, 2005 |
Ameriquest Capital Corp.'s pending settlement with a large coalition of states over its mortgage lending practices is expected to provide stronger protections for homeowners, with measures to ensure accurate appraisals and to prevent customers from being pressured into taking out loans, according to records and interviews. California Atty. Gen.
November 2, 2005 |
For a few hours Tuesday, it looked like Ameriquest Chairman Roland E. Arnall had finally cleared the Senate Foreign Relations Committee in his bid to become U.S. ambassador to the Netherlands. But by nightfall in the Capitol, after a series of maneuvers, it appeared that the nomination once again was in limbo. The committee's Republican chairman said Arnall's nomination was recommended to the full Senate on an 8-2 vote. But Sen. Paul S. Sarbanes (D-Md.