Ameriquest founder Arnall dead at 68

One of the more controversial figures in the mortgage industry has died. Roland Arnall, founder of Ameriquest Mortgage, died at the age of 68 at UCLA Medical Center, according to reports.

From the AP: "Arnall was appointed ambassador to the Netherlands in March 2006 after an approval process that was slowed by unsettled issues regarding Ameriquest, the California-based lending company he founded in 1979."

From the L.A. Times: "Over the years, Arnall amassed huge interests in apartments and other businesses. But he was chiefly known as a pioneer of lending to high-risk borrowers, using databases to identify customers and set loan terms, and partnering with Wall Street firms that provided funding and bundled his loans into mortgage-backed bonds -- the business whose recent meltdown has shaken the global financial system."

From the Atlanta Journal-Constitution: "Attorneys general in states across the nation had accused Ameriquest of predatory mortgage lending practices that left thousands of consumers with troubled home loans. With the pressure on, Arnall's company agreed early in 2006 to a $325 million settlement with the states. Within a few weeks, the Senate blessed Arnall's nomination, clearing the way for the self-made billionaire to pack his bags for the Netherlands.

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com.

Comments

[sunsetbeachguy]

Did he just pull a pre-emptive Ken Lay?

Watch for a wealthy Republican living out his days in the Maldives.

I actually thought Ameriquest was brilliant for settling the lawsuits early on prior to the MSM being wise to all the subprime shenanigans.

The settlement was for a couple of hundred million natiowide. PEANUTS!

[am]

Good ridden, you son of the mortage. Say hi to Ken Lay for me. Sincerely.

Angelo M.

[Joseph...The Real Estate Guy]

I am not sharing a tear over "Roland Arnall's" death.

This man sounds like the "CREATOR" of the Sub-prime loan!

He ruined my life and the life of probably millions of people around the world.

[Lou]

This is one of the few times I wish I was religious because I hope there's a Hell and he's in it.

[IToldu2CashOut]

Whoosh...They always find a way out. I wonder what his estate taxes are going to be like? Or did the Bush Tax cuts screw the tax payers out of that 500 million also?

[CD]

Ding Dong the Witch is dead !! Which old Witch ? The wicked Witch from the Netherlands, Ding Dong the Witch is dead !!!!!!

[bob]

I heard it was a hit made to look like natural causes so that he could not testify against anyone in the future.

[SReno]

I wish more of these guys would fall on their swords. My generation has to clean up what's left of the good ol' USA,.

[Maggie Knowles]

From Ameriquest to this:

From "How the Bear Stearns deal got done" http://money.cnn.com/2008/03/17/news/
companies/boyd_bear.fortune/index.htm?postversion=
2008031714

JPMorgan (JPM, Fortune 500) executives initially decided to pass on a purchase of Bear Stearns this past weekend, Bear execs said, largely because of the risks tied to Bear's mortgage portfolios. They changed their minds after the Fed agreed to pony up $30 billion in so-called nonrecourse loans - agreements that transfer the risk of Bear's bad mortgage bets to U.S. taxpayers. The Fed's decision paved the way for the Sunday evening deal that put Bear in JPMorgan's hands for $2 a share, a 93% discount to Friday's closing price.

~~~~~~~~~~~~~~~~~~~~~~~~
Ladies and gentlemen, we've been had.

[lefty]

dead from cancer at 68, that is sad! did you know your computer can help find cures? check out WorldCommunityGrid.org (non-profit science at its best!!)

[Uncle Billy]

He comes back from the Netherlands to be close to his son who is stricken with cancer and then he dies upon arrival? A pox upon *that* house, for sure.

He will be remembered fondly in some circles.

[JustMe]

What happened to the people living in this generation? Someone just died and all they could think of is the sub-prime problems? One day you too will die, do you want your friends and relatives to be thinking of the bad stuff you did just like what you are thinking for Arnall and all of them wishing you were in Hell?

[Hugo Chavez]

LA Land yanquis, you really love the misfortune of RE people.... like I said, too much schadenfreude

[mc]

Wow, this guy helped found the Simon Wiesenthal Center and Museum of Tolerance and you tell him to burn in hell? He was a father, a husband, a son. From someone who's mother just passed away unexpectedly, you people are hugely disappointing.

Not that his work in sub prime was a pristine or honorable way to make money, not that I personally agree with his major donations to the Republican party. But really? Are the readers of this blog in 7th grade? That's certainly what these comments make it sound like.

Seriously, most of the people who got into sub prime deserve what they get. If you couldn't or wouldn't read the fine print, that's you're own problem. Kind of like people suing for getting burnt on hot coffee. Some people just can't admit the obvious and want to blame others for their woes.

I could have bought a house and I would be in the same boat as many of you. But HELLO!!! If something looks too good to be true, then well, uh...you know the rest.

[JK]

Wow, a man dies and people are figuratively dancing on his grave... I just couldn't do that. Not his fault people bought homes they could not afford.

[LeavinLA]

Joseph: Exactly how did this one man "ruin" your life? Did your own choices not have anything to do with whatever set of problems you currently find yourself in?

[sunsetbeachguy]

For all you clowns shedding crocodile tears for this guy.

Here is a news flash, people die everyday. It is a fact of life.

This guy was rich, white and elite and you want to mourn him. He was privileged. There is nothing to mourn.

How about the guy last night that died in South-Central?

[tony]

For all of those trying to defend this guy, you are being dense. This guy was a major cog in a ponzi scheme that is not only bankrupting the USA, but wreaking havoc on many other nations where this subprime stuff was packaged and sold as AAA rated paper. It is also this man's business that put millions of people in houses they couldn't afford even a down payment for and hurt savers such as myself who had to compete with idiots who actually had no money and no income. So do you really want me to give a hoot that this guy died? Really? If you really want to feel bad about people dying, then focus on innocent soldiers and Iraqi citizens that are having their lives wasted every day, not this jerk. To him I say, good riddance to bad rubbish.

[S D]

He was just a capitalist who started with nothing and made millions! He was one the pioneers who made it possible for looser with bad credit to be able to get a home loan. If anything he probably helped a whole lot more people than anyone else!!! Specialy those who needed money for medical reasons due to their health insurance not covering them. In addition, idiots who lost their homes in this economy lost it not because of home loans but because they used up every single dime of equity they had. And, what about all those who were able to buy homes during the great subprime years and then saw their equity almost double in a few years...took advantage of this and took out all their equity to buy anything their hearts desired?? those are the same individuals who are complaining right now...wake up America!

[hot tranny mess]

exactly, tony.

36 people were killed in a car bomb in Iraq on Sunday including soldiers.

Cry for them, America.