Roland Arnall died on Monday, March 17, 2008 at the UCLA Medical Center but Roland Arnall will live on in the minds of many people. However, Roland Arnall will not be remembered as the US Ambassador to the Netherlands or as the 85th Forbes richest people in America. Roland Arnall will be known as the man who made his billions as the owner of Ameriquest which was at one point the leading wholesale sub prime mortgage lenders of the United States. That would not be as bad except for the fact that many of the people who took Ameriquest’s sub prime products are still stuck in these horrible mortgage loans that mortgage scammers put them in.
It may be understood that Roland Arnall may not have had direct contribution involving the scams. However, it is your job as the chief executive operator to know the inner workings of your company. Once the information of the scams became openly discussed, necessary actions should have been taken to eliminate this from continuing to happen. Since Roland Arnall did not take the necessary actions, the company, Ameriquest, was ordered to pay a $325 million settlement in 49 stated including the District of Columbia.
Many individual’s lives have been destroyed by Roland Arnall of Ameriquest and the mortgage loan officers employed by Ameriquest. These individuals took the trust of the people who claimed to be professional and knowledgeable in mortgage lending. They used deception to convince homeowners to agree to a loan that was not in there best interest.
Others believe it was the homeowner’s responsibility to review their mortgage loan agreement before signing. Mortgage loan professionals are simply there to assist you, not to make the decision for you. A homeowner has certain responsibilities to know what they are getting into. Buying a home and is something that should not be taken lightly. If the homeowner’s understood certain mortgage terminologies, they would not have put themselves in a situation where they were scammed by Roland Arnall and his employees.
However, the mortgage loan officers who were employed by Roland Arnall of Ameriquest, were expected to exercise a certain level of due diligence. They took advantage of the people who trusted them with one biggest purchase some would ever be able to make. Roland Arnall and his team of affiliates played on the homeowner’s ignorance and used it to their benefits.
For individuals who are unsure of what sub prime leading is; it is leaders taking a chance on high risk individuals who otherwise would not be able to get a loan with any other lender. Roland Arnall played on the minds of the weak and encouraged homeowners to take a loan they knew they could not afford. These high risk homeowners, many were desperate for help and turned to the only company who seemed willingly to get them a chance. Roland Arnall knew the homeowners were looking and capitalized on it.
Roland Arnall may have been a big charity giver and a great leader. But for those homeowner’s living day to day in a mortgage loan from his company, Ameriquest, Roland Arnall is nothing but a cheater.
