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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Broken_Clock who wrote (287943)10/31/2010 12:30:03 AM
From: Giordano BrunoRead Replies (1) of 306849
 
Roland Arnall was the billionaire owner of ACC Capital Holdings, the parent company of Ameriquest.

By the end of 2005 two of Arnall's companies, Ameriquest and Argent, had funded almost $ 75 billion in subprime loans.[5] A major factor of this development was Arnall's origination of the stated income loan, meaning loans were given without verification of income.[6]

In early 2006, the company announced a $325 million settlement with state attorneys general and law enforcement agencies and financial regulators in 49 states and the District of Columbia who had accused Ameriquest of misrepresenting and failing to disclose loan terms, charging excessive loan origination fees and inflating appraisals to qualify borrowers for loans.

On August 1, 2005, Bush nominated Arnall to become the U.S. ambassador to the Netherlands. The Senate approved his nomination on February 9, 2006.

And remember...crime doesn't pay.
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