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MacMortgage
70 Posts |
 Posted - 03/19/2008 : 08:08:22 AM
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Billionaire Roland E. Arnall, whose widespread philanthropy and extraordinary political friendships stood in contrast to repeated investigations into alleged lending abuses at his giant subprime company, Ameriquest Mortgage Co., died Monday. The longtime Holmby Hills resident was 68.
http://www.latimes.com/business/la-me-arnall18mar18,1,2291430.story
Industry pioneer or downright crook? Discuss! |
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clarenceworley
4235 Posts |
Posted - 03/19/2008 : 08:10:54 AM
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| He just figured out to make assembly line mortgage shops. |
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clarenceworley
4235 Posts |
Posted - 03/19/2008 : 08:14:32 AM
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quote:
Originally posted by clarenceworley
He just figured out how to make assembly line mortgage shops.
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bhaggard10
192 Posts |
Posted - 03/19/2008 : 08:32:43 AM
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| I worked at Ameriquest for a little over a year and have to admit that I'm a little saddened by this news. I agree there were employees there that weren't the most ethical but there was also a lot of us that were able to help customers stay out of forclosure and put them in better financial position. Roland was one of the founders of the subprime mortgage that each and everyone of us sold. Ameriquest sold pretty much the same products and pricing as other retail subprime shops but just did more of them. More importantly I'm not going to celebrate the death of a man who helped myself and many others get into this industry. |
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MacMortgage
70 Posts |
Posted - 03/19/2008 : 08:47:51 AM
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In all honesty I don't think he was a crook either. I think he found a niche and served it.
Some of his shepards in middle management lead the flock astray as it were, but Mr. Arnall by many accounts was a good man. |
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dseaberry
223 Posts |
Posted - 03/19/2008 : 08:49:27 AM
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| I don't think that he hiself was a crook. I think his business grew extremely fast without the necessary infrastructure in place to police itself. If you audit any large company, you will find that there is unethical behavior at some level. A president or CEO is not able to personally police this. He has to count on his management infrastructure. If they drop the ball then you are hosed. |
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dnuex2
2990 Posts |
Posted - 03/19/2008 : 08:55:52 AM
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Alot of the negativity that we are reaping in the industry is due to sweat shops just like Ameriquest.
May he rot in hell... |
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kakbar
562 Posts |
Posted - 03/19/2008 : 08:56:34 AM
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I disagree, I worked at Argent as an AE and if MR. Arnall wasn't so damn greedy, Wayne Lee the CEO of Argent and Ameriquest could have turned things around for that company.
Wayne Lee was fired for wanting to change the way the sales managers at ameriquest made all the decisions and wanted to bring in a seperate U/W management team to be paid bonuses for having lower deliquencies and after that he was let go.... |
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bhaggard10
192 Posts |
Posted - 03/19/2008 : 09:00:05 AM
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| A lot of the negativity we are reaping in this industry our from brokers on this website, hedge funds, borrowers, lenders, appraisers, and retail shops. Using your formula dnuex2 he'll have a lot of company. |
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dnuex2
2990 Posts |
Posted - 03/19/2008 : 09:07:34 AM
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quote:
Originally posted by bhaggard10
A lot of the negativity we are reaping in this industry our from brokers on this website, hedge funds, borrowers, lenders, appraisers, and retail shops. Using your formula dnuex2 he'll have a lot of company.
Maybe so but Arny and Ameriquest lead that charge (amongst other so cal sweat-shops) as proven by the million dollar settlement they had to fork out. |
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RGK2394
1224 Posts |
Posted - 03/19/2008 : 09:40:40 AM
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quote:
Originally posted by dnuex2
quote:
Originally posted by bhaggard10
A lot of the negativity we are reaping in this industry our from brokers on this website, hedge funds, borrowers, lenders, appraisers, and retail shops. Using your formula dnuex2 he'll have a lot of company.
Maybe so but Arny and Ameriquest lead that charge (amongst other so cal sweat-shops) as proven by the million dollar settlement they had to fork out.
So he should "rot in hell" because he was the best at what he did?
Look, maybe I'm just old fashioned, but's it's not nice to speak ill of the dead. In addition, this guy wasn't a murderer or child molester. He ran a wildly successful business. AMC had big problems, and paid the ultimate price in essentially being shut down. To say the founder should rot in hell is just ridiculous and immature, and is said only as an incendiary remark. I'm willing to bet there's more former AMC employees on this forum than any other company. |
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cref
5 Posts |
Posted - 03/19/2008 : 09:50:12 AM
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| RIP |
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dnuex2
2990 Posts |
Posted - 03/19/2008 : 09:51:27 AM
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quote:
Originally posted by RGK2394
quote:
Originally posted by dnuex2
quote:
Originally posted by bhaggard10
A lot of the negativity we are reaping in this industry our from brokers on this website, hedge funds, borrowers, lenders, appraisers, and retail shops. Using your formula dnuex2 he'll have a lot of company.
Maybe so but Arny and Ameriquest lead that charge (amongst other so cal sweat-shops) as proven by the million dollar settlement they had to fork out.
So he should "rot in hell" because he was the best at what he did?
Look, maybe I'm just old fashioned, but's it's not nice to speak ill of the dead. In addition, this guy wasn't a murderer or child molester. He ran a wildly successful business. AMC had big problems, and paid the ultimate price in essentially being shut down. To say the founder should rot in hell is just ridiculous and immature, and is said only as an incendiary remark. I'm willing to bet there's more former AMC employees on this forum than any other company.
Alot of crooks were successful at at being crooked with crooked operations. Really not that hard to fathom.
I knew plenty of people that worked at AMC and they told me how bad it was from the top down. I'm afraid your not going to find much love for AMC in the broker community (except for past employees).
And to speak ill of the dead, I personally have no problem with. Especially with people like him. |
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jterry13
85 Posts |
Posted - 03/19/2008 : 09:53:31 AM
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Roland Arnall was one of the best at marketing his companies, but as far as ethics and management he was far behind. He knew how to politic with the best of them as seen by him being our Ambassador to the Netherlands that Bush appointed.
Not one person can tell me that he was not aware of what was going on in his company as far as ethics go. Yes he was an innovator in the sub prime world which is why he is one of the main guys responsible for the situation that we are in right now.
Yes alot of us made money in the subprime world and I guess some credit should be given to him, yet there are 325 Million reasons that his company got sued and was shut down. And he knew about it. I will not spit on his grave, but I would not lay flowers either. |
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RGK2394
1224 Posts |
Posted - 03/19/2008 : 10:17:36 AM
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quote:
Originally posted by dnuex2
quote:
Originally posted by RGK2394
quote:
Originally posted by dnuex2
quote:
Originally posted by bhaggard10
A lot of the negativity we are reaping in this industry our from brokers on this website, hedge funds, borrowers, lenders, appraisers, and retail shops. Using your formula dnuex2 he'll have a lot of company.
Maybe so but Arny and Ameriquest lead that charge (amongst other so cal sweat-shops) as proven by the million dollar settlement they had to fork out.
So he should "rot in hell" because he was the best at what he did?
Look, maybe I'm just old fashioned, but's it's not nice to speak ill of the dead. In addition, this guy wasn't a murderer or child molester. He ran a wildly successful business. AMC had big problems, and paid the ultimate price in essentially being shut down. To say the founder should rot in hell is just ridiculous and immature, and is said only as an incendiary remark. I'm willing to bet there's more former AMC employees on this forum than any other company.
Alot of crooks were successful at at being crooked with crooked operations. Really not that hard to fathom.
I knew plenty of people that worked at AMC and they told me how bad it was from the top down. I'm afraid your not going to find much love for AMC in the broker community (except for past employees).
And to speak ill of the dead, I personally have no problem with. Especially with people like him.
Well then have some class and be satisfied in the knowledge that the man is dead. |
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MisterVA
6635 Posts |
Posted - 03/19/2008 : 10:43:37 AM
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| Being appointed to the Netherlands seems a bit ironic...Don't really have to say a lot other than paying out $325M and not having to admit wrongdoing is a crock. Of course, there was wrongdoing. |
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benjamin
2308 Posts |
Posted - 03/19/2008 : 12:36:43 PM
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| May he not have one moment of piece in hell. Lot of people looking for payback there. |
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jcanepa
800 Posts |
Posted - 03/19/2008 : 1:14:13 PM
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| Let the man rest... He will be judged! |
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RGK2394
1224 Posts |
Posted - 03/19/2008 : 1:30:52 PM
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quote:
Originally posted by benjamin
May he not have one moment of piece in hell. Lot of people looking for payback there.
May piece be with you as well.... |
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velecico
3999 Posts |
Posted - 03/19/2008 : 2:27:44 PM
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Stop hating , I am sure we all would have liked to make that kind of money and leave a fortune to our loved ones |
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lucky1s
3620 Posts |
Posted - 03/19/2008 : 2:49:03 PM
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quote:
Originally posted by kakbar
I disagree, I worked at Argent as an AE and if MR. Arnall wasn't so damn greedy, Wayne Lee the CEO of Argent and Ameriquest could have turned things around for that company.
Wayne Lee was fired for wanting to change the way the sales managers at ameriquest made all the decisions and wanted to bring in a seperate U/W management team to be paid bonuses for having lower deliquencies and after that he was let go....
That's kind of like the guy who got fired for presicting the Indian Ocean tsunami. |
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RockSexton
536 Posts |
Posted - 03/19/2008 : 2:54:59 PM
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| ............I'm sure all the potential homeowners in hell are going to love what he brings to the table. j/k |
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benjamin
2308 Posts |
Posted - 03/19/2008 : 2:59:33 PM
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| He deserves what he will get, I will be there watching him get what he deserves, for eternity. |
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bhaggard10
192 Posts |
Posted - 03/19/2008 : 3:08:20 PM
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| I heard he only has to spend 2 years in Hell but has to pay a penalty if he leaves before 3. |
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AGARCIA1
60 Posts |
Posted - 03/19/2008 : 3:14:10 PM
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| I also work for AMC and it wasn't that bad. If it was that bad it was because you couldnt do loans and you had to answer to the boss. As far as blaming him for the crisis now I think and many others would agree it's not his fault. There were plenty of companies cashing in on the sub market. Borrowers also have a responsibility to sign and agree to these loans. AMC had a 7 day recision period longer than any other company. I myself helped people get homes that no one else could and also save people from losing their home. So to say he was a bad man I dont agree. |
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benjamin
2308 Posts |
Posted - 03/19/2008 : 4:51:03 PM
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I refied a borrower with good credit , no lates ever. He had a loan with AMC, was at 9.25 they said they would refi him. Cost was $9,000. They said they would get rate lower. He went to closing, rate was 8.75. I had him rescind. Took him conforming, costs $2,000, yield $5,000, rate 6.25 30 year.
AMC sucked then , good riddance. Their only concern was to maximize profit for company, what effect on client did not matter. |
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