Ameriquest Founder Resigns Envoy Post

Roland Arnall, who founded both Ameriquest Mortgage and its wholesale affiliate Argent, has resigned as U.S. ambassador to the Netherlands effective March 7, citing his son's health. Mr. Arnall was confirmed as ambassador in early 2006 shortly after Ameriquest, once the nation's largest retail subprime lender, agreed to pay $325 million to settle predatory-lending allegations levied against it by attorneys general in 49 states. (Argent, which is now owned by Citigroup, was not a party to the settlement.) Ameriquest's retail arm was closed last year. Mr. Arnall's company, ACC Capital Holdings Corp. of Orange, Calif., is still in business, though it has little or no remaining presence in mortgages. "This was a difficult decision, and one Ambassador Arnall made only after careful consideration," said State Department spokesman Rob McInturff. "In 2006, his son Daniel was diagnosed with Hodgkin's lymphoma. Unfortunately, although initial treatment appeared to be effective, Daniel has had a relapse." Mr. Arnall and his wife Dawn are expected to return to the U.S. shortly.