Roland E. Arnall
Roland E. Arnall | |
---|---|
James Culbertson | |
Personal details | |
Born | March 29, 1939 Los Angeles, California , U.S. |
Nationality | American |
Spouse(s) | Dawn L. Arnall (m. 2000-2008; his death) Sally Arnall (m. 1961-1998; divorced) |
Relations | Adam_J._Bass (nephew) |
Children | 2 |
Roland E. Arnall (March 29, 1939 – March 17, 2008) was an American
Early life
Roland Arnall was born on March 29, 1939, in
After the war, Arnall and his family moved to
Community activities
In 1977 Arnall, a longtime supporter of Israel, was the president of Israel Bonds and helped found and fund the Simon Wiesenthal Center and the Museum of Tolerance. He also funded and found the City of David for over 11 years. He was the initial investor and carried the project alone for over 11 years. He also has served to assist Shalva Located in the heart of Jerusalem. The brand-new Shalva National Center opens new doors for individuals with disabilities and their families offering programs, services and facilities never before available in Israel. The Center is Israel’s beacon of inclusion and an international leader of innovative programs and research. He funded and built numerous Chabad houses across the West Coast, the last was built in Aspen. Arnall always discreetly invested in NGO’s leaders with outstanding institutions that would out live him. He so dearly believed in investing in community development and building a strong United community from progressive left to conservative right. He served for 16 years on the California State University board of trustees.
Ameriquest
Arnall was the billionaire owner of ACC Capital Holdings, the parent company of Ameriquest, which was once one of the United States's largest sub-prime mortgage lenders. By the end of 2005 two of Arnall's companies, Ameriquest and Argent, had funded almost $75 billion in subprime loans.[5] A major factor of this development was Arnall's origination of the stated income loan, meaning loans were given without verification of income.[6][7] In early 2006, the company announced a $325 million settlement with state attorneys general and law enforcement agencies and financial regulators in 49 states and the District of Columbia who had accused Ameriquest of misrepresenting and failing to disclose loan terms, charging excessive loan origination fees and inflating appraisals to qualify borrowers for loans.[8]
In 2007 Arnall got out of the mortgage business having sold most of it to Citigroup for an undisclosed amount.[9]
Political activities
Since 2002, Arnall had given campaign contributions to California politicians including Arnold Schwarzenegger.
In the 2003–05 period, Arnall and his wife raised more than $12 million for George W. Bush's political efforts, including $5 million for the Progress for America Voter Fund, a self-proclaimed "conservative issue advocacy organization dedicated to keeping the issue record straight." Arnall was quoted as saying his support for Bush stemmed for his stance on Israel. In 2004 he was one of the top 10 donors to the Republican Party.[10]
Mrs. Arnall also served as a co-chair for the
In order to circumvent campaign finance laws, Arnall mandated that Ameriquest staffers, on company time, solicit campaign contributions from vendors and directed to selected candidates, including Antonio Villaraigosa, Mayor of Los Angeles from 2005 to 2013.
Arnall's contributions to Republican Bush were a change of heart, and the result of Arnall's support for Bush's middle east policies post 9/11. Previously, Arnall was a long-time Democratic Party supporter and fundraiser. His wedding to Dawn Arnall was officiated by Democratic California Governor Gray Davis. Arnall was also an ardent supporter and fundraiser for Los Angeles Mayor Democrat Antonio Villaraigosa.
Diplomatic career
On August 1, 2005, President George W Bush nominated Arnall to become the U.S.
Arnall announced his resignation as ambassador on February 21, 2008, effective on March 7, citing the ill health of his son.[14]
Personal life
Arnall and his wife, Dawn, were longtime, generous political contributors, giving to both parties, according to Federal Election Commission records. Arnall had two children with his first wife Sally, from whom he divorced in 1998 after a 37-year marriage. His nephew is Adam J. Bass, previously Vice Chairman of Ameriquest.
He purchased singer Engelbert Humperdinck's 10-acre (40,000 m2) Los Angeles estate for $30 million. He also bought a ranch in Aspen, Colorado, for $46 million from movie mogul Peter Guber.
On March 17, 2008, Arnall died of cancer according to FOX Business at the
SHMAIS.com (
References
- ^ Reckard, E. Scott (2008-03-18). "Roland Arnall, 68; founder of subprime specialist Ameriquest". Los Angeles Times. Retrieved 2008-03-20.
- ^ "Roland E. Arnall, 68; Founded High-Risk Lender Ameriquest". The Washington Post. 2008-03-20. pp. B06. Retrieved 2008-03-20.
- ^ "Ambassador Roland E. Arnall". United States Department of State. Archived from the original on July 1, 2007. Retrieved 2008-03-21.
- ^ Hevesi, Dennis (2008-03-19). "Roland Arnall, Mortgage Innovator, Dies at 68". The New York Times. Retrieved 2008-03-20.
- ISBN 978-0-470-55465-4.
- ^ Paul Muolo and Mathew Padilla, 2010, p. 86
- ISBN 978-0-525-50956-1.
- ^ "Governor Spitzer and Attorney General Cuomo announce more than 13,000 New Yorkers to receive settlements in predatory lending case". Press release. Office of the New State Attorney General. December 24, 2007. Archived from the original on March 31, 2008.
- ^ Paul Muolo and Mathew Padilla, 2010, pp. 96ff
- ^ Becker, Jo; Sheryl Gay Stolberg; Stephen Labaton (December 20, 2008). "White House Philosophy Stoked Mortgage Bonfire". New York Times.
- ^ "Financing the inauguration". USA Today. 2005-01-16. Retrieved 2008-05-25.
- ^ "Some question inaugural's multi-million price tag". USA Today. 2005-01-14. Retrieved 2008-05-25.
- ^ Drinkard, Jim (2005-01-17). "Donors get good seats, great access this week". USA Today. Retrieved 2008-05-25.
- ^ http://www.radionetherlands.nl/news/international/5653358/US-ambassador-to-The-Hague-to-step-down[permanent dead link]
- ^ "Businessman, diplomat Roland Arnall dead in LA at 68". International Herald Tribune. 2008-03-17. Retrieved 2008-03-17.
- ^ "Voormalig VS-ambassadeur Arnall overleden" (in Dutch). Nu.nl. 2008-03-17. Retrieved 2008-03-17.
- ^ "Ameriquest Founder Roland Arnall Dead at 68". Fox Business. 2008-03-21. Archived from the original on 21 March 2008. Retrieved 2023-06-07.
- ^ "Billionaire promises $18,000,000 to Chabad of California". shmais.com. May 8, 2008.[permanent dead link]
- ^ Lowefeld, Jonah (7 February 2013). "Chabad claim denied". Jewish Journal, Los Angeles. Retrieved 29 January 2014.
Links
- Ameriquest Mortgage Illegal Purchase of Consumer Credit Reports for Target Marketing and Privacy Law Violations
- Meet the biggest predatory lender in Cleveland -- America's new ambassador to the Netherlands., Cleveland Scene magazine.
- Forbes Magazine top 400 entry for Roland Arnall Archived 2013-01-24 at archive.today
- Los Angeles Times: Roland Arnall, 68; founder of subprime specialist Ameriquest
- Workers Say Lender Ran 'Boiler Rooms' , Los Angeles Times, February 4, 2005
- Embassy Biography