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Wealthiest Mortgage Moguls

Wealthiest Mortgage Moguls

Forbes ranks richest

March 21, 2006


photo of Coco Salazar
A New York icon has joined the list of the wealthiest people in mortgage lending.

This year’s list of the World’s Richest People consisted of a record 793 billionaires whose combined worth was $2.6 trillion, up 102 people and 18% higher than last year, respectively, Forbes magazine reported.

Eli Broad’s net worth of $5.9 billion landed him in the 103rd spot. The cofounder of KB Homes bought his first real estate property at the age of 20. Although the homebuilder recently sold its mortgage unit KB Home Mortgage Co. to Countrywide Financial Corp., the deal included the formation of a 50/50 joint venture through which KB will continue to originate loans.

At No. 168 was Charles Schwab. The dyslexic, 69-year old founder of the discount stock brokerage, which offers mortgage financing through Schwab Bank, is worth $4.0 billion.

The private founder of Ameriquest, Roland Arnall, is reportedly the 224th-richest in the world with a $3.0 billion net worth, which is $1 billion more than Forbes said he was worth last year when he took up spot No. 321.

Paris-born Arnall made headlines last month when he was confirmed as U.S. ambassador to the Netherlands. The 67–year-old subprime mortgage mogul moved from Canada to California in the 1950s and migrated from selling flowers on the streets of Los Angeles to buying and selling commercial buildings and starting up Long Beach Savings in 1979, which Forbes says was the first to use computers to search for prospective borrowers and speed up the loan process.

At No. 245, was Carl Pohlad with his fortune’s worth of $2.8 billion. The family of the 90-year old privately owns NorthMarq Capital Inc., a national real estate investment banker that provides multifamily mortgage financing, among other services.

“You’re fired!” echoed in spot No. 278, as Donald Trump landed there with a worth of $2.6 billion. The 60-year-old, real estate mogul recently announced he will create a mortgage-lending company.

With a $2.3 billion fortune, Clemmie Spangler Jr., who owns 32 million Bank of America shares worth $1.4 billion, came in at No. 335.

Carl Lindner Jr.’s $2.2 billion worth landed him at No. 350, the magazine said. While the billionaire has amassed his fortune through a family dairy business, and acquiring thrifts and insurance companies, his family also controlled Provident Financial Group, which was acquired by National City.

Other mortgage-related billionaires on the ranking included: William Pulte, founder of homebuilder Pulte Homes and worth $1.6 billion; Bernard Saul II, whose $1.5 billion fortune has come in part through Chevy Chase Bank, which has grown from a trailer in 1969 to Washington, D.C.’s largest bank as a “booming mortgage and home equity loan markets; net income up 68% in 2004”; and Golden West Financial Inc.’s chief executives Marion and Herbert Sandler whose respective net worth of $1.2 billion and $1.1 billion landed them in spots No. 698 and No. 645, Forbes said.

“You’re fired!” echoed in spot No. 278, as Donald Trump landed there with a worth of $2.6 billion. The 60-year-old, real estate mogul and New York celebrity recently announced the formation of a new mortgage-lending company.

A $2 billion decrease in net worth wasn’t enough to bump the oracle of Omaha from his top mortgage spot on the ranking

With a worth of $42 billion, Warren Buffett was once again recognized by Forbes magazine as the second-richest person in the world and, therefore, the richest in mortgage lending.

Buffett, the 75-year-old, self-made billionaire who claimed a $35 deduction for a bike when he filed his first 1040 at the age of 13, owns chunks of American Express, Coca-Cola, Gillette, Wells Fargo, and the company he took control over 40 years ago, Berkshire Hathaway, owns mobile home maker Clayton Homes Inc., the parent of Vanderbilt Mortgage and Finance Inc. and 21st Mortgage Corp.

The list also included Franklin J. Booth and Charles Munger, who also have a stake in Berkshire Hathaway, but their respective fortunes of $1.8 billion and $1.5 billion are much smaller than Buffett’s.


Coco Salazar is an assistant editor and staff writer for e-mail: [email protected]

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