home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Political Mortgage News | Mortgage Laws
Mortgage people in politics. Political contributions by mortgage companies. Coverage of political support by lenders and executives. GSE lobbying and issues.

Ameriquest Founder's Nomination Draws Criticism

Bush nominates Roland Arnall as Holland Ambassador

August 4, 2005


Ameriquest Capital founder and co-chairman has been nominated by President George Bush to be ambassador to the Netherlands. But critics covering the nomination suggest the tycoon may have bought the coveted appointment with millions of dollars in campaign contributions.

Internet Web sites, Blogs, political finance watchdog groups and the media are buzzing with chatter that Roland Arnall's generosity toward politicians and political organizations had a big impact on the White House when it came time for nominate him for the post, which must be confirmed by the Senate.

The White House actually said little other than announcing the appointment and indicating that Bush feels Arnall is qualified for the position through his community service and career growing his company from its founding in 1979 to the nation's largest subprime lender.

Ameriquest did not return a phone call to comment on Arnall's appointment. Other media reported that the company issued a short statement that Arnall was humbled and honored to be nominated.

But plenty of others commented on the nomination.

Public Citizen, a political spending watch dog group, said Arnall and his wife Dawn have given Bush and organizations that support him with direct campaign spending, the so-called 527 groups, more than $12 million in just the last three years.

The contributions include $5.5 million to Bush's reelection campaign and $5 million to the Progress America 527 group, which ran ads supporting Bush's reelection, according to Public Citizen.

Ameriquest and three of its subsidiaries -- Town and Country Credit, Argent Mortgage Co. and Long Beach Acceptance Corp. -- contributed $1 million to Bush's second inaugural.

"This inauguration is bought and paid for by corporate America," Joan Claybrook, president of Public Citizen. "These businesses consider such gifts to be investments, with payback expected. Not surprisingly, many of the corporate givers received huge legislative and regulatory favors from the first Bush term and are looking for even more over the next four years. They also get invited to events, where they can schmooze with Cabinet members and administration officials and lobby on their issues."

The Rest of Us.org, another campaign watchdog group, points out that the Arnalls also give money to Democrats. And they've given California Gov. Arnold Schwarzenegger and his campaign committees more than $1.3 million since 2003.

"It is unlikely the Arnalls made any of their political contributions contingent upon one of them receiving an ambassadorship, or even favorable legislation from President Bush," the group said. "Presumably, the Arnalls, just like nearly everyone else, give money to candidates who already support the positions that the Arnalls like."

But money does by access to politicians.

"When rich folks get to make contributions that the rest of us can't afford, they end up with more say in the political process and with their candidates in office," The Rest of Us said in a statement.

According to the White House statement, Arnall has served two terms as a trustee of the California State University System and is the founding co-chairman and board member of the Simon Wiesenthal Center and the Museum of Tolerance.


Ameriquest Settlement Coincides with Bush Nomination
As Ameriquest Mortgage Co. sets aside $325 million for a potential settlement with regulators in 30 states over allegations of unfair lending practices, the firm's billionaire founder is being considered for a U.S. Ambassador
read mortgage industry news article

Patrick Crowley is a MortgageDaily.com feature journalist and blogger, and a reporter and columnist for The Cincinnati Enquirer. e-mail Patrick at: [email protected]
Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders