Former subprime leader Ameriquest closes

[UpInArms]

Source: Associated Press

LOS ANGELES - Ameriquest Mortgage Co., once the nation's largest subprime lender, will close with barely a whimper, after the other assets of its parent company were sold Friday to Citigroup Inc.

Ameriquest, which saw its fortunes soar during the housing boom by lending to people with less than stellar credit, is the latest victim of a mortgage crisis that has left bankrupt companies and cash-strapped borrowers in its wake.

Along with shuttering Ameriquest, Orange-based ACC Capital Holdings also said it was selling its wholesale mortgage origination operation and a mortgage servicing business to Citigroup for an undisclosed sum.

<snip>

Ameriquest was once so successful it paid millions of dollars to tack its name onto the Texas Rangers' baseball park.

<snip>

Ameriquest made a billionaire of its founder and chief owner, Roland Arnall, who is now U.S. ambassador to the Netherlands. He founded his company as Long Beach Savings in 1979 and built it into a major subprime lender.

Read more: http://news.yahoo.com/s/ap/20070901/ap_on_bi_ge/citigroup_acc_capital

[MidwestTransplant]

1. BIG Bush supporters if I recall. Been investigated and fined a number of times

for unscrupulous dealings

[mountainvue]

2. Thank dog. They were one of they most predatory

operations out there.

[KeepItReal]

3. This ain't no mom-and-pop shop goin outta business... Citi(bank) is acquiring them

" Citigroup Inc. said Friday that it would buy the remnants of the Ameriquest empire from ACC Capital Holdings in Orange, and ACC said it was "preparing for an orderly wind-down of its retail mortgage business."

Ameriquest shuttered its 229 retail offices months ago. As recently as 2005, Ameriquest and its sister company, Argent Mortgage, were together the No. 1 sub-prime mortgage lender in the world.

"They were absolutely the king, the biggest of them all," said David Olson, a longtime consultant to sub-prime lenders at Wholesale Access in Columbia, Md. But, he added, not necessarily the best. "

http://www.latimes.com/business/investing/la-fi-ameriquest1sep01,1,7616414.story?coll=la-headlines-business-invest

[tyne]

4. Somebody call Keith

"Ameriquest made a billionaire of its founder and chief owner, Roland Arnall, who is now U.S. ambassador to the Netherlands. He founded his company as Long Beach Savings in 1979 and built it into a major subprime lender."

Ameriquest gave $1,000,000.00 to Bush's presidential inaugural committee. At the time of his nomination(by Bush) for his ambassadorship...his company was already under investigation for predatory lending practices in 30 states.
http://www.opensecrets.org/bush/ambassadors/arnall.asp

Somebody call Keith.

[Myrina]

5. "Long Beach Savings" in 1979 ?

... this may be a longshot, but wasn't the S&L debacle in the early 80s and weren't (at least one of) the Bush Brothers up to their nose-hairs in it?

Interesting that down the road, an S&L kind of guy (Arnall) turns up connected to The Rangers and ultimately is named an Ambassador under President Blivet.


:tinfoilhat: :shrug:

[catzies]

6. Very interesting indeed...

Just another one of those coinky-dinks that turn up a lot around President Blivet...nothing to see here, move along.

[1932]

11. Silverado.

[MissWaverly]

7. Oh, Ho, so that's how Citigroup got my mortgage

Thanks for pointing this out, I was wondering about that.

[WCGreen]

8. And another ones gone and another ones gone...

Another one bites the dust...

[MaineDem]

9. "its founder and chief owner, Roland Arnall, who is now U.S. ambassador to the Netherlands"

Must be a good friend of Georgie!

How sad that our diplomatic corps (as it is) is comprised of cronies. Yeah, I know all Presidents do it but right now it's more relevant. We need to be more diplomatic around the world and obviously it's not working.

[mahatmakanejeeves]

10. ballparks in Texas

Enron, Ameriquest. Did they ever name one after Harken Energy? That would have been the trifecta, as someone once said.