AmeriQuest Capital founder Roland Arnall was nominated by President George W. Bush to be the next U.S. ambassador to the Kingdom of the Netherlands. Bush's announcement came on the same day Arnall's subprime lending company - the largest privately held mortgage company in the U.S. - announced it had set aside $325 million toward a possible settlement of predatory lending allegations in 30 states (see ASR 7/25/05). Arnall, his wife Dawn Arnall and the company have been Bush's largest political donors since 2002, according to the Center for Responsive Politics. The California billionaire and his wife contributed $1.1 million toward Republican candidates and some $900,000 to Democrat party candidates between 2000 and 2004, the center points out.
Fannie Mae Senior Vice President of portfolio management Andrew McCormick and Head of Credit Finance Darren Thompson will be leaving the GSE to start a REIT, according to wire reports. Taking over for McCormick will be Ramon deCastro and Andrew Bon Salle. There was no word as to who would take over the credit finance duties of Thompson.