Roland E. Arnall

Roland E. Arnall
Born	Template:Birth date Paris, France
Died	March 17, 2008(2008-03-17) (aged 68) Los Angeles, California, U.S.
Occupation(s)	Entrepreneur, diplomat
Known for	Founder of ACC Capital Holdings and Ameriquest Mortgage; U.S. Ambassador to the Netherlands

Roland E. Arnall (March 29, 1939 – March 17, 2008) was a prominent American entrepreneur and diplomat. He amassed billionaire status as the proprietor of ACC Capital Holdings, the parent firm behind Ameriquest Mortgage. Arnall was also a co-founder and benefactor of the Simon Wiesenthal Center, and he held the position of United States Ambassador to the Netherlands from 2006 until shortly before his passing.

Early life

Arnall was born in Paris, France, to parents who were Jewish refugees from Eastern Europe. During the Second World War, he was raised in a French village as a Roman Catholic and only discovered his Jewish ancestry after the war concluded. Subsequently, his family relocated first to Montreal, Canada, and later emigrated to the United States in the late 1950s. Upon settling in Los Angeles, California, Arnall initially earned income by selling flowers on the streets before launching his business ventures.

Ameriquest

As the billionaire owner of ACC Capital Holdings, Arnall controlled Ameriquest, which ranked among the largest subprime mortgage lenders in the United States. By 2005, Ameriquest along with Argent had originated nearly $75 billion in subprime loans. Arnall was an innovator of the stated income loan format, permitting borrowers to obtain loans without traditional income documentation. In early 2006, Ameriquest reached a $325 million settlement with state attorneys general and regulatory bodies over allegations involving deceptive loan terms, excessive fees, and inflated property appraisals.

In 2007, Arnall divested most of his mortgage business holdings by selling them to Citigroup for an undisclosed amount.

Political activities

From 2003 to 2005, Arnall and his wife collectively raised upwards of $12 million supporting George W. Bush's political campaigns, including $5 million directed to the Progress for America Voter Fund, a conservative political action organization. Arnall highlighted President Bush’s policies on Israel as a principal motivation for his financial backing. In 2004, he ranked among the top ten contributors to the Republican Party.

Mrs. Arnall served as co-chair for the 2004 Republican Convention and hosted a $1 million fundraiser for Bush-Cheney at their Holmby Hills residence. In 2005, Ameriquest Capital together with three subsidiaries each donated the maximum allowable $250,000 toward President Bush’s second inauguration, accumulating a total of $1 million. USA Today observed this as an inventive approach to surpass standard contribution limits; however, the company declined to comment on these political donations.

Diplomatic career

President George W. Bush nominated Arnall as U.S. ambassador to the Netherlands on August 1, 2005. The Senate confirmed his appointment on February 9, 2006, and he officially assumed office on March 8, 2006, when Queen Beatrix accepted his credentials.

Arnall stepped down from his ambassadorial role on February 21, 2008, effective March 7, citing health concerns related to his son.

Personal life

Arnall fathered two children with his first wife, Sally; they divorced in 1998 after a marriage lasting 37 years.

He succumbed to cancer on March 17, 2008, at UCLA Medical Center in Los Angeles, just days before turning 69.

Prior to passing away, Arnall arranged for an $18 million gift to Chabad of California. He made three installments of $180,000 each before his death; however, following his passing, Chabad pursued payment of the remaining amount. Arnall’s widow contested that these payments constituted no formal pledge. In January 2013, a California appeals court upheld a decision rejecting Chabad's claim to enforce the $18 million commitment.

Links

• Ameriquest Mortgage's Unlawful Acquisition of Consumer Credit Reports for Targeted Marketing and Breaches of Privacy Regulations
• Introducing Cleveland's Leading Predatory Lender — America's New Dutch Ambassador., Cleveland Scene magazine]
• Forbes Magazine’s Top 400 Listing for Roland Arnall
• Los Angeles Times: Roland Arnall, 68; Founder of Subprime Mortgage Leader Ameriquest
• Employees Allege Lender Operated 'Boiler Rooms' , Los Angeles Times, February 4, 2005]
• Official Embassy Biography