Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (64406)	3/13/2007 7:28:03 PM
From: Broken_Clock	Respond to of 116555

Yup. This is how they "back" it. +++++++++++++ Bush Picks Ameriquest Owner as Ambassador Firm's Lending Tactics Investigated By Kirstin Downey Washington Post Staff Writer Friday, July 29, 2005; Page D01 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.