The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Les H who wrote (139055)	8/4/2008 6:54:57 PM
From: Broken_Clock	Read Replies (1) of 306849

Can we put to rest all the worthless excuses for Wall St., the Fed, Congress, Rupert the Decider, etc? ==== Bush Picks Ameriquest Owner as Ambassador Firm's Lending Tactics Investigated By Kirstin Downey Washington Post Staff Writer Friday, July 29, 2005 On the same day that the White House announced that President Bush is nominating California billionaire Roland E. Arnall to be ambassador to the Netherlands, the company he controls said it would set aside $325 million for a possible settlement of allegations of predatory lending tactics. Arnall's company, Ameriquest Mortgage Co., is being investigated by regulators in 30 states. A $325 million settlement would be one of the largest ever in a predatory lending case. Ameriquest is the nation's biggest privately held mortgage company. The company, which is in negotiations with a group of attorneys general to resolve the investigations, said in a filing with the Securities and Exchange Commission yesterday that the amount "represents the company's best estimate of its maximum financial liability for a comprehensive resolution of this matter." Arnall is the firm's principal shareholder. He, his wife and their companies have been the biggest political contributors to Bush since 2002. Speaking about the ambassadorial nomination, White House spokeswoman Erin Healy said: "The president . . . feels Mr. Arnall is well qualified for the position. He had a long career in the private sector and has contributed a great deal to his community.

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