Claude Arnall Forms Lender

Irvine-Mortgage banker Claude Arnall - brother of late Ameriquest founder Roland Arnall - has launched a new mortgage company here with the help of former senior managers at Deutsche Bank, First NLC, and Washington Mutual.

As Mortgage Servicing News went to press, Mr. Arnall could not be reached for comment. The new company, a nondepository, is called Mount Olympus Mortgage and on its website promises to "restore the integrity of our industry by practicing responsible lending."

Ameriquest and its wholesale unit, Argent, were among the largest A- to D funders during the nation's subprime boom and eventually were the subject of lawsuits and enforcement actions, including a $325 million legal settlement with 49 state attorney generals concerning Ameriquest's lending practices. Claude Arnall managed an independent mortgage banking firm called Olympus Mortgage which was later merged into Argent. He left the company before Ameriquest and Argent collapsed.

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