Daily News and Information for the Mortgage Loan Originator
Ameriquest Chief Nominated as Ambassador
Wednesday, August 03, 2005
- UPI
HAGUE, Netherlands, (UPI) -- President Bush has nominated Ameriquest founder Roland Arnall as the next ambassador to the Netherlands.
The billionaire businessman, once a major Democratic Party donor, is regarded as one of the biggest financial supporters of Bush's election campaigns, Expatica reported Monday.
Arnall is the founder of Ameriquest Mortgage Co., which has been dogged by consumer complaints and lawsuits accusing it of fraud and falsification of documents. The California-based company last month agreed to pay as much as $50 million to settle allegations that it had defrauded borrowers in four states.
Ameriquest announced Monday it has set aside $325 million for potential future settlements in 30 U.S. states over its lending practices.
Copyright 2005 by United Press International
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