” Ameriquest’s top executive, Roland Arnall, also has been one of President Bush’s top fundraisers, generating $12 million for the president’s political efforts during the past four years. On July 28, Bush nominated Arnall, a billionaire who was ranked No. 106 in the 2004 Forbes magazine list of the wealthiest Americans, as ambassador to the Netherlands.”
I think that if there’s a bailout, the money will all go to the lenders rather than the homeowners.
How can you extend toxic mortgages that are interest-only, negative-amortization, low teaser rates, option-ARMs? By definition, the monthly mortgage payments on these loans hardly pay the interest and the loans balances are growing, not being paid down.
