No jail? Usurer Arnall new US ambassador to Holland?
FPF+ Fwd. from the Los Angeles Times
NO JAIL? USURER ARNALL NEW US AMBASSADOR TO THE NETHERLANDS?
TODAY: According to the Los Angeles Times Arnall via his loan sharking 'deceived borrowers, falsified loan documents and pressured appraisers to overstate home values.' If any normal human being would dare to commit the same crimes he or she would go to jail for a long tome. Not when you are one of the prime neocons and befriended with the Bush's apparently: "Settling the case also is expected to clear the way for Ameriquest's founder, Los Angeles billionaire Roland E. Arnall, to become the U.S. ambassador to the Netherlands." -
The settlement is expected to be disclosed by California Atty. Gen. Bill Lockyer, Iowa Atty. Gen. Tom Miller and others at a Los Angeles news conference next Monday. As written earlier: "The Dutch Foreign Office in The Hague, many of the people who know about this and the 'Corps Diplomatique' do have a problem: the American neocon junta has nominated one of their own - a person who even in the US papers is depicted as a criminal and greedy loan shark - as the neocon's new Ambassador to the Netherlands: billionaire and infamous businessman Roland Arnall." - [http://tinyurl.com/9krd6]
If this Shylock is ever accepted and accredited as a US ambassador by the present US neocon's puppet 'government' of The Netherlands, it will once more confirm the depth of the gutter in which they socialize. This criminal racket must be stopped and jailed as soon as is possible.
THE ALLEGATIONS AGAINST AMERIQUEST LED SENATE DEMOCRATS LAST FALL TO HOLD UP A VOTE TO CONFIRM ARNALL AS THE U.S. AMBASSADOR TO THE NETHERLANDS. - [ ]
AMERIQUEST SETTLES CLAIMS
Accused of misleading borrowers with credit problems, the mortgage company will overhaul its lending practices and pay $325 million.
By E. Scott Reckard - Times Staff Writer
January 21, 2006 - In a deal that could change how millions of credit-strapped Americans get their home loans, Ameriquest Mortgage Co. has finalized a $325-million settlement of allegations that it deceived borrowers, falsified loan documents and pressured appraisers to overstate home values.
A task force of 49 states and the District of Columbia plans to announce Monday that the Orange-based company and two affiliates — all specialists in higher-cost mortgages to borrowers unable to qualify for bank loans — had agreed to overhaul their lending practices.
Industry experts say the deal could in effect force rival lenders in the higher-cost loan market to adopt similar standards to avoid legal challenges from both regulators and consumers. These loans have been the fastest-growing segment of the mortgage market and now account for an estimated 20% of all such lending.
Settling the case also is expected to clear the way for Ameriquest's founder, Los Angeles billionaire Roland E. Arnall, to become the U.S. ambassador to the Netherlands.
The settlement is expected to be disclosed by California Atty. Gen. Bill Lockyer, Iowa Atty. Gen. Tom Miller and others at a Los Angeles news conference Monday.
According to people familiar with the agreement, key provisions will include appointment of an independent monitor to ensure compliance, and new rules forcing loan agents to give better disclosure of mortgage terms to customers throughout the approval process.
UNDER THE DEAL, HUNDREDS OF THOUSANDS OF CUSTOMERS COULD BE ELIGIBLE FOR REFUNDS.
The agreement would also:
• Prohibit Ameriquest from offering incentives that might encourage loan officers to unfairly impose higher fees, closing costs or early payoff penalties on customers.
• Ban "unreasonable" sales quotas for loan officers, and bar regional loan supervisors from setting quotas that exceed those set by corporate headquarters.
• Centralize property appraisals so that loan officers can't influence appraisers to inflate home values, and require the use of outside agents to close mortgages to ensure borrowers aren't pressured by their loan agent into signing final papers.
• Ban Ameriquest or its employees from colluding with debt collectors to pressure borrowers into refinancing.
[ 'SETTLEMENT' IS ANOTHER WORD FOR: 'FINE AND REPAYMENT OF WHAT YOU HAVE STOLEN'. WHY DO THE THIEVES NOT GO TO PRISON?]
The settlement would be the second-largest to date involving a mortgage loan company, after a $484-million pact signed by Household International and 50 states in 2002.
"This agreement is good for consumers and good for the company," Ameriquest said in a statement Friday. "We worked closely with the states to address their concerns. These improved business practices will enhance our ability to serve our customers."
The agreement is expected to apply to all states except for Virginia, where Ameriquest does not operate.
The settlement terms are designed to address a variety of improper lending practices detailed in a series of Los Angeles Times articles in the last year.
In those stories, former and current employees said that top-down pressure to boost loan sales created a "boiler room" atmosphere* where workers forged documents, misled borrowers about rates and fees and inflated borrowers' incomes and home values to qualify them for loans they couldn't afford.
The company acknowledged there had been problems but denied they were systematic. They attributed misdeeds to rogue employees disregarding company policies.
THE ALLEGATIONS AGAINST AMERIQUEST LED SENATE DEMOCRATS LAST FALL TO HOLD UP A VOTE TO CONFIRM ARNALL AS THE U.S. AMBASSADOR TO THE NETHERLANDS.
Arnall, a major contributor to President Bush, Gov. Arnold Schwarzenegger and other politicians, told the Senate Foreign Relations Committee at his confirmation hearing that Ameriquest already was making key reforms. Those included steps to centralize appraisals and to use independent agents to close loans, both of which are expected to be part of the settlement.
Arnall, 66, founded Ameriquest in 1979 as Long Beach Savings. His Ameriquest Capital Corp., which includes several loan companies including Ameriquest Mortgage, has mushroomed into the nation's largest lender in the so-called sub-prime market. This is the market for borrowers who have credit problems, can't document their incomes, or want to borrow more money with less collateral than traditional lenders permit.
The draft settlement classifies borrowers in two camps — those who received loans from 1999 through the first quarter of 2003, and those who got loans after that period, when software designed to curb lending abuses was in effect.
The first group — about 235,000 borrowers, according to government mortgage data — would share restitution of $175 million, or more than $700 each on average if all eligible borrowers accepted the settlement. A national administrator would determine how those funds would be allocated.
An additional $120 million would be set aside so that states could devise formulas of their own to refund borrowers or refinance their loans. That group would include borrowers with loans from April 1, 2003, to the present — a larger group, reflecting three years in which Ameriquest rose to become the top sub-prime lender.
Borrowers would get letters informing them of the minimum amount to expect if they agreed to the settlement. To get the money, they would have to waive their right to sue Ameriquest. Borrowers forced into foreclosure proceedings because of alleged abuses would retain their right to sue.
In the case of Household, payments averaged about $1,500 for each eligible borrower who accepted the settlement, said Kathleen Rizzo Young, a spokeswoman for HSBC Group, Household's parent company.
The settlement applies to Ameriquest Mortgage, Town & Country Credit Corp. and AMC Mortgage Services Inc. (formerly known as Bedford Home Loans), all subsidiaries of Ameriquest Capital Corp. The three companies' immediate parent, ACC Capital Holdings Corp., is a party to the agreement as well.
Special correspondent Mike Hudson contributed to this report.
[andend] - Los Angeles Times - Url.: http://tinyurl.com/757bd
FPF - Google HR +Arnall - Url.: http://tinyurl.com/7m3xb
RELATED:
LATimes gives all the background and a nasty lot more on this usurer: Workers Say Lender Ran 'Boiler
Rooms' - Url.: http://tinyurl.com/c2lbk
'Boiler Room' - Url.: http://tinyurl.com/9gfpy
Arnall in The Netherlands - As 'Gauleiter'? - Url.: http://tinyurl.com/e3278
Devil's Island - Wikipedia - Url.: http://tinyurl.com/cdqvg
Picture - The Arnalls with one of the biggest crooks in the US Congress mr. Lieberman - Url.:
http://tinyurl.com/d2667
* "Sarah, if the American people had ever known the truth about what we Bushes have done to this nation, we would be chased down in the streets and lynched." - George Bush Senior speaking in an interview with Sarah McClendon in December 1992. - 'The Demonic Cabal - (excellent article!) Url.: http://tinyurl.com/bvtvd
* Amnesty International reports on the inhuman American 'Gulag' - Url.: http://tinyurl.com/caut7
* MSNBC - Live Vote: Do you believe President Bush's actions justify impeachment? - Url.: http://www.msnbc.msn.com/id/10562904/
"People do not forget. They do not forget the death of their fellows, they do not forget torture and mutilation, they do not forget injustice, they do not forget oppression, they do not forget the terrorism of mighty powers. They not only don't forget: they also strike back." - 2005 Nobel Literature Prize winner Harold Pinter - Url.: http://tinyurl.com/9cyeq
* One of the best videos made: British MP George Galloway has told US senators who accused him of profiting from Iraq oil dealings their claims were the "mother of all smokescreens". - Full testimony in transcript and a video which is a great pleasure to watch, seeing Galloway sweep the floor with neocon rat Coleman - 47 Minutes - Url.: http://www.informationclearinghouse.info/article8868.htm
* The Nuremberg principles: "Any person who commits an act which constitutes a crime under international law is responsible therefor and liable to punishment." - Url.: http://tinyurl.com/byurp
* 'The war in Iraq is illegal' - BBC: video & text-interview of the United Nation's Secretary General Kofi Annan - Url.: http://tinyurl.com/5pl2v
* Reference guide to the Geneva Conventions - Url.: http://www.genevaconventions.org
* The leaked 'Downing Street Memos' expose the criminal lies by war criminals like Bush, Blair, Berlusconi (It.) Balkenende (NL) - their collaborating media and other malignant ilk - Url.: http://www.downingstreetmemo.com/
* Wayne Madsen - ''The neo-cons have done to the U.S. Intelligence Community what Hurricane Katrina did to the Gulf Coast and New Orleans. America has never been weaker. Rather than creating a "New American Century," the neo-cons have created a new global "Dark Age" of fear and constant war.'' - Url.: http://tinyurl.com/bj754
* Who's financing? - The 'Federal Reserve' and it's usurers is the absolute biggest crime against all humanity ever. - Url.: http://www.apfn.org/apfn/reserve.htm
* NWO letter: ''we can cancel your credit or freeze your accounts'' - Url.: http://tinyurl.com/cjo7l
*Read the Fightin' Cock Flyer - Url.: http://fightincockflyer.blogspot.com/
* The infamous US 'Lie Factory' - Url.: http://tinyurl.com/8ncal
* Help all the troops - of whatever nationality - to come back from abroad! - AND WITH ALL THEIR WEAPONS, WHICH WE WERE FORCED TO PAY FOR BY TAXES - [http://www.apfn.org/apfn/reserve.htm ] - We need them badly at home in many countries to fight with us against our so called 'governments' and their malignant managers - Url.: http://www.bringthemhomenow.org/
FPF-COPYRIGHT NOTICE - In accordance with Title 17 U. S. C. Section 107 - any copyrighted work in this message is distributed by the Foreign Press Foundation under fair use, without profit or payment, to those who have expressed a prior interest in receiving the information. Url.: http://liimirror.warwick.ac.uk/uscode/17/107.html
FOREIGN PRESS FOUNDATION
http://forpressfound.blogspot.com/
Editor: Henk Ruyssenaars
http://tinyurl.com/amn3q
The Netherlands
FPF@Chello.nl
-0-
NO JAIL? USURER ARNALL NEW US AMBASSADOR TO THE NETHERLANDS?
TODAY: According to the Los Angeles Times Arnall via his loan sharking 'deceived borrowers, falsified loan documents and pressured appraisers to overstate home values.' If any normal human being would dare to commit the same crimes he or she would go to jail for a long tome. Not when you are one of the prime neocons and befriended with the Bush's apparently: "Settling the case also is expected to clear the way for Ameriquest's founder, Los Angeles billionaire Roland E. Arnall, to become the U.S. ambassador to the Netherlands." -
The settlement is expected to be disclosed by California Atty. Gen. Bill Lockyer, Iowa Atty. Gen. Tom Miller and others at a Los Angeles news conference next Monday. As written earlier: "The Dutch Foreign Office in The Hague, many of the people who know about this and the 'Corps Diplomatique' do have a problem: the American neocon junta has nominated one of their own - a person who even in the US papers is depicted as a criminal and greedy loan shark - as the neocon's new Ambassador to the Netherlands: billionaire and infamous businessman Roland Arnall." - [http://tinyurl.com/9krd6]
If this Shylock is ever accepted and accredited as a US ambassador by the present US neocon's puppet 'government' of The Netherlands, it will once more confirm the depth of the gutter in which they socialize. This criminal racket must be stopped and jailed as soon as is possible.
THE ALLEGATIONS AGAINST AMERIQUEST LED SENATE DEMOCRATS LAST FALL TO HOLD UP A VOTE TO CONFIRM ARNALL AS THE U.S. AMBASSADOR TO THE NETHERLANDS. - [ ]
AMERIQUEST SETTLES CLAIMS
Accused of misleading borrowers with credit problems, the mortgage company will overhaul its lending practices and pay $325 million.
By E. Scott Reckard - Times Staff Writer
January 21, 2006 - In a deal that could change how millions of credit-strapped Americans get their home loans, Ameriquest Mortgage Co. has finalized a $325-million settlement of allegations that it deceived borrowers, falsified loan documents and pressured appraisers to overstate home values.
A task force of 49 states and the District of Columbia plans to announce Monday that the Orange-based company and two affiliates — all specialists in higher-cost mortgages to borrowers unable to qualify for bank loans — had agreed to overhaul their lending practices.
Industry experts say the deal could in effect force rival lenders in the higher-cost loan market to adopt similar standards to avoid legal challenges from both regulators and consumers. These loans have been the fastest-growing segment of the mortgage market and now account for an estimated 20% of all such lending.
Settling the case also is expected to clear the way for Ameriquest's founder, Los Angeles billionaire Roland E. Arnall, to become the U.S. ambassador to the Netherlands.
The settlement is expected to be disclosed by California Atty. Gen. Bill Lockyer, Iowa Atty. Gen. Tom Miller and others at a Los Angeles news conference Monday.
According to people familiar with the agreement, key provisions will include appointment of an independent monitor to ensure compliance, and new rules forcing loan agents to give better disclosure of mortgage terms to customers throughout the approval process.
UNDER THE DEAL, HUNDREDS OF THOUSANDS OF CUSTOMERS COULD BE ELIGIBLE FOR REFUNDS.
The agreement would also:
• Prohibit Ameriquest from offering incentives that might encourage loan officers to unfairly impose higher fees, closing costs or early payoff penalties on customers.
• Ban "unreasonable" sales quotas for loan officers, and bar regional loan supervisors from setting quotas that exceed those set by corporate headquarters.
• Centralize property appraisals so that loan officers can't influence appraisers to inflate home values, and require the use of outside agents to close mortgages to ensure borrowers aren't pressured by their loan agent into signing final papers.
• Ban Ameriquest or its employees from colluding with debt collectors to pressure borrowers into refinancing.
[ 'SETTLEMENT' IS ANOTHER WORD FOR: 'FINE AND REPAYMENT OF WHAT YOU HAVE STOLEN'. WHY DO THE THIEVES NOT GO TO PRISON?]
The settlement would be the second-largest to date involving a mortgage loan company, after a $484-million pact signed by Household International and 50 states in 2002.
"This agreement is good for consumers and good for the company," Ameriquest said in a statement Friday. "We worked closely with the states to address their concerns. These improved business practices will enhance our ability to serve our customers."
The agreement is expected to apply to all states except for Virginia, where Ameriquest does not operate.
The settlement terms are designed to address a variety of improper lending practices detailed in a series of Los Angeles Times articles in the last year.
In those stories, former and current employees said that top-down pressure to boost loan sales created a "boiler room" atmosphere* where workers forged documents, misled borrowers about rates and fees and inflated borrowers' incomes and home values to qualify them for loans they couldn't afford.
The company acknowledged there had been problems but denied they were systematic. They attributed misdeeds to rogue employees disregarding company policies.
THE ALLEGATIONS AGAINST AMERIQUEST LED SENATE DEMOCRATS LAST FALL TO HOLD UP A VOTE TO CONFIRM ARNALL AS THE U.S. AMBASSADOR TO THE NETHERLANDS.
Arnall, a major contributor to President Bush, Gov. Arnold Schwarzenegger and other politicians, told the Senate Foreign Relations Committee at his confirmation hearing that Ameriquest already was making key reforms. Those included steps to centralize appraisals and to use independent agents to close loans, both of which are expected to be part of the settlement.
Arnall, 66, founded Ameriquest in 1979 as Long Beach Savings. His Ameriquest Capital Corp., which includes several loan companies including Ameriquest Mortgage, has mushroomed into the nation's largest lender in the so-called sub-prime market. This is the market for borrowers who have credit problems, can't document their incomes, or want to borrow more money with less collateral than traditional lenders permit.
The draft settlement classifies borrowers in two camps — those who received loans from 1999 through the first quarter of 2003, and those who got loans after that period, when software designed to curb lending abuses was in effect.
The first group — about 235,000 borrowers, according to government mortgage data — would share restitution of $175 million, or more than $700 each on average if all eligible borrowers accepted the settlement. A national administrator would determine how those funds would be allocated.
An additional $120 million would be set aside so that states could devise formulas of their own to refund borrowers or refinance their loans. That group would include borrowers with loans from April 1, 2003, to the present — a larger group, reflecting three years in which Ameriquest rose to become the top sub-prime lender.
Borrowers would get letters informing them of the minimum amount to expect if they agreed to the settlement. To get the money, they would have to waive their right to sue Ameriquest. Borrowers forced into foreclosure proceedings because of alleged abuses would retain their right to sue.
In the case of Household, payments averaged about $1,500 for each eligible borrower who accepted the settlement, said Kathleen Rizzo Young, a spokeswoman for HSBC Group, Household's parent company.
The settlement applies to Ameriquest Mortgage, Town & Country Credit Corp. and AMC Mortgage Services Inc. (formerly known as Bedford Home Loans), all subsidiaries of Ameriquest Capital Corp. The three companies' immediate parent, ACC Capital Holdings Corp., is a party to the agreement as well.
Special correspondent Mike Hudson contributed to this report.
[andend] - Los Angeles Times - Url.: http://tinyurl.com/757bd
FPF - Google HR +Arnall - Url.: http://tinyurl.com/7m3xb
RELATED:
LATimes gives all the background and a nasty lot more on this usurer: Workers Say Lender Ran 'Boiler
Rooms' - Url.: http://tinyurl.com/c2lbk
'Boiler Room' - Url.: http://tinyurl.com/9gfpy
Arnall in The Netherlands - As 'Gauleiter'? - Url.: http://tinyurl.com/e3278
Devil's Island - Wikipedia - Url.: http://tinyurl.com/cdqvg
Picture - The Arnalls with one of the biggest crooks in the US Congress mr. Lieberman - Url.:
http://tinyurl.com/d2667
* "Sarah, if the American people had ever known the truth about what we Bushes have done to this nation, we would be chased down in the streets and lynched." - George Bush Senior speaking in an interview with Sarah McClendon in December 1992. - 'The Demonic Cabal - (excellent article!) Url.: http://tinyurl.com/bvtvd
* Amnesty International reports on the inhuman American 'Gulag' - Url.: http://tinyurl.com/caut7
* MSNBC - Live Vote: Do you believe President Bush's actions justify impeachment? - Url.: http://www.msnbc.msn.com/id/10562904/
"People do not forget. They do not forget the death of their fellows, they do not forget torture and mutilation, they do not forget injustice, they do not forget oppression, they do not forget the terrorism of mighty powers. They not only don't forget: they also strike back." - 2005 Nobel Literature Prize winner Harold Pinter - Url.: http://tinyurl.com/9cyeq
* One of the best videos made: British MP George Galloway has told US senators who accused him of profiting from Iraq oil dealings their claims were the "mother of all smokescreens". - Full testimony in transcript and a video which is a great pleasure to watch, seeing Galloway sweep the floor with neocon rat Coleman - 47 Minutes - Url.: http://www.informationclearinghouse.info/article8868.htm
* The Nuremberg principles: "Any person who commits an act which constitutes a crime under international law is responsible therefor and liable to punishment." - Url.: http://tinyurl.com/byurp
* 'The war in Iraq is illegal' - BBC: video & text-interview of the United Nation's Secretary General Kofi Annan - Url.: http://tinyurl.com/5pl2v
* Reference guide to the Geneva Conventions - Url.: http://www.genevaconventions.org
* The leaked 'Downing Street Memos' expose the criminal lies by war criminals like Bush, Blair, Berlusconi (It.) Balkenende (NL) - their collaborating media and other malignant ilk - Url.: http://www.downingstreetmemo.com/
* Wayne Madsen - ''The neo-cons have done to the U.S. Intelligence Community what Hurricane Katrina did to the Gulf Coast and New Orleans. America has never been weaker. Rather than creating a "New American Century," the neo-cons have created a new global "Dark Age" of fear and constant war.'' - Url.: http://tinyurl.com/bj754
* Who's financing? - The 'Federal Reserve' and it's usurers is the absolute biggest crime against all humanity ever. - Url.: http://www.apfn.org/apfn/reserve.htm
* NWO letter: ''we can cancel your credit or freeze your accounts'' - Url.: http://tinyurl.com/cjo7l
*Read the Fightin' Cock Flyer - Url.: http://fightincockflyer.blogspot.com/
* The infamous US 'Lie Factory' - Url.: http://tinyurl.com/8ncal
* Help all the troops - of whatever nationality - to come back from abroad! - AND WITH ALL THEIR WEAPONS, WHICH WE WERE FORCED TO PAY FOR BY TAXES - [http://www.apfn.org/apfn/reserve.htm ] - We need them badly at home in many countries to fight with us against our so called 'governments' and their malignant managers - Url.: http://www.bringthemhomenow.org/
FPF-COPYRIGHT NOTICE - In accordance with Title 17 U. S. C. Section 107 - any copyrighted work in this message is distributed by the Foreign Press Foundation under fair use, without profit or payment, to those who have expressed a prior interest in receiving the information. Url.: http://liimirror.warwick.ac.uk/uscode/17/107.html
FOREIGN PRESS FOUNDATION
http://forpressfound.blogspot.com/
Editor: Henk Ruyssenaars
http://tinyurl.com/amn3q
The Netherlands
FPF@Chello.nl
-0-
posted by Forpressfound at 4:53 AM
0 Comments:
Post a Comment
<< Home