Folks, follow the money in the Bush Administration. That's why the WH has been run as a corporate business.
While the mortgage company he founded is in shambles and many of its customers facing foreclosure, Roland Arnall continues to enjoy a life of prosperity as the United States ambassador to the Netherlands with an estimated fortune of $l.5 billion.
"If you're building a 'Mount Rushmore' of people who should be on the face of the mortgage lending crisis, I think Roland Arnall has a distinct place in that litany," said Ira Rheingold, executive director of the National Association of Consumer Advocates.
Ameriquest has fired thousands of its employees and closed its sales offices after settling a lawsuit brought by 49 state attorneys general over alleged deceptive and predatory lending practices. The company has since been sold.
While admitting no wrongdoing, Ameriquest agreed to pay $325 million to resolve the legal action.
Thousands of Ameriquest customers are involved in a class-action lawsuit, alleging they were misled or deceived about the terms and rates of their mortgages. Many say they have lost their homes as a result.
"Mr. Arnall knew, or should have known, that the practices he put in place would result in this kind of conduct," said Jill Bowman, one of the attorneys in the lawsuit. "He just got to sit at the top and collect the profits," she said.
The profits were huge. At its height, Ameriquest bought the naming rights to the Texas Rangers baseball stadium, sponsored a Rolling Stones summer tour, and Arnall and his wife became the single biggest Republican contributors during the Bush-Cheney campaign in 2004.
Arnall was later appointed U.S. ambassador to the Netherlands.More from The Blotter.
On a side note: the $325 million lawsuit is certainly a business write off for Arnall.
No comments:
Post a Comment