DOCSLIB.ORG

Unreal Estate by Michael Gross

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Unreal Estate by Michael Gross Copyight © 2011 by Idee Fixe Ltd. All rights reserved. Published in the United States by Broadway Books, an imprint of the Crown Publishing Group, a division of Random House, Inc., New York. www.crownpublishing.com Broadway Books and the Broadway Books colophon are registered trademarks of Random House, Inc. Grateful acknowledgment is made to Sheldon Harnick for permission to reprint lyrics from “If I Were a Rich Man” by Sheldon Harnick and Jerry Bock. Library of Congress Cataloging-in-Publication Data is available upon request. ISBN: 978-0-7679-3265-3 eISBN: 978-0-7679-3266-0 Printed in the United States of America Illustrations and endpaper map by Fred Haynes Jacket design by Jennifer O’Connor Jacket photography by Ian Cumming/Axiom Photographic Agency/Getty Images 1 3 5 7 9 10 8 6 4 2 First Edition CAST OF CHARACTERS This book is about sixteen great estates in the best neighborhoods of Los An- geles—the contiguous communities of Beverly Hills, Bel Air, Holmby Hills, and Beverly Park. Of those, seven emerged as the book’s main “characters.” Five are in Beverly Hills: Grayhall (1100 Carolyn Way), Greenacres (1740 Green Acres Place), Greystone (905 Loma Vista Drive),The Knoll (1130 Schuyler Road), and 9481 Sunset Boulevard, named Sunset House by its latest owner. In Holmby Hills, there is Owlwood (141 South Carolwood Drive), so named by owner number eight, and in Bel Air, Casa Encantada (10644 Bellagio Road), the name used by owner number two. The street addresses of some of these estates have changed over the years for reasons ranging from subdivision to privacy concerns. To aid identifi cation, they are generally referred to by their current addresses. These trophy homes are not historic relics. All but Greystone are occu- pied today, and several continue to grow. The owners of Sunset House just swallowed a third neighboring lot. Owlwood now incorporates two more of the great estates on the famous 10000 block of Sunset Boulevard (10060 and 10100 Sunset, both demolished in 2002). Those last two “ghost” houses—gone but not forgotten—are also featured players in this story, as are seven secondary estates, some still standing, some not, that are intimately connected to the history of this linked bracelet of gilded neighborhoods. But those sixteen estates are really only windows onto the fabulous, sometimes glorious, but as often toxic and corrupt lives of the real subjects of the book—the owners and occupants of those homes over the last century, along with the founders of the four communities and a handful of major fi gures from the history of greater Los Angeles. Their great fortunes xiv { Cast of Characters fueled their lust for land, power, prominence, and opulence—and have made these incredibly unreal estates very real, indeed. PIONEERS AND FOUNDERS Brian Adler: Developer of Beverly Park North. Margaret and Stanley Anderson: Mother-and-son proprietors of the Hollywood Hotel and founder-proprietors of the Beverly Hills Hotel. Alphonzo Edward Bell: Oilman, founder of Bel Air, owner of the Santa Monica Mountain Park Ranch, and second owner of La Quinta, which he renamed Capo di Monte (since demolished). Elizabeth, Minnewa, and Alphonzo Bell Jr.: Children of Alphonzo Bell. Edson Benedict: A pioneer settler of Benedict Canyon. Pierce Benedict: Son of Edson and the fi rst president of Beverly Hills. Leonard I. Bursten: First, failed developer of Beverly Park; former pros- ecutor; convicted tax evader. Charles Adelbert Canfi eld: Edward Doheny’s partner in the oil business. Leader of the cofounders of Beverly Hills. Harry Chandler and Harrison Gray Otis: Fathers of the Los Angeles Times; land owners and investors. Chandler was a cofounder of the city of Hollywood. Wilbur David Cook Jr.: Landscape architect of Beverly Hills. Daisy Canfi eld and Jacob Morris “Jake” Danziger: Daughter of Charles Canfi eld and her husband, a lawyer and cofounder of the Beverly Hills Speedway. First owners of Bel Air. Builders of La Quinta at 801 Bel-Air Road (since demolished). I. Irving Davidson: Washington fi xer. Co-owner of land that became Beverly Park. Edward L. Doheny: Pioneer Los Angeles oilman, builder of Greystone estate. Allen R. Glick: Teamsters associate, casino owner and mob front, failed second developer of Beverly Park. Elliot Gottfurcht: Developer of Beverly Park South. Burton Green: Oilman, partner of Max Whittier, cofounder of Beverly Hills. Cast of Characters } xv Dorothy “Dolly,” Liliore, and Burton “Burtie” Green: Daughters of Burton Green. Hyman Green: Teamsters associate, co-owner of land that became Bev- erly Park. Henry Hammel and Andrew Denker: Later owners of Rancho Rodeo de las Aguas, then known as the Hammel-Denker Ranch. Henry Edward Huntington: Son of railroad pioneer Collis Huntington, early Los Angeles trolley car mogul, founding partner in Rodeo Land and Water. Harold and Edwin Janss: Cofounders of Holmby Hills, Westwood, and Westwood Village; owners of Conejo Ranch (later Thousand Oaks, Califor- nia); benefactors of UCLA. Arthur Letts: Cofounder of Holmby Hills. Gladys Letts: Daughter of Arthur and Florence Letts and wife of Harold Janss. Llewelyn Arthur Nares: First estate owner in Beverly Hills. Florence Letts Quinn: Estranged wife and heiress of Arthur Letts; later married Charles Quinn. Arthur Pillsbury: First city engineer of Beverly Hills. Moses Sherman: With a brother-in-law, Huntington’s partner in the Pas- adena and Altadena Railway. Cofounder of Hollywood, founder of Sherman (later West Hollywood). Maria Rita Valdez: The fi rst settler and owner of Rancho Rodeo de las Aguas, which later became Beverly Hills. Max Whittier: Oilman, partner of Burton Green, cofounder of Beverly Hills. Benjamin Davis “Don Benito” Wilson: An early owner of Rancho San Jose de Buenos Ayres. John Wolfskill: Forty-niner and later owner of Rancho San Jose de Bue- nos Ayres. xvi { Cast of Characters FEATURED HOUSES, OWNERS, AND OCCUPANTS Beverly Hills Shadow Hill/Grayhall (1100 Carolyn Way) Harry Dana Lombard: Boston banker, Carole Lombard’s godfather. Douglas Fairbanks: First actor-resident of Beverly Hills, owner of Pick- fair. Caroline “Carrie” Canfi eld and Silsby Spalding: A daughter of Charles Canfi eld and her husband, the fi rst mayor of Beverly Hills. Amos Johnstone: Scion of a local real estate family. George Hamilton: Actor. Bernard Cornfeld: Retired mutual fund founder, entrepreneur. Steven Macallum Powers: Penny-stock manipulator, luxury home rede- veloper, playboy, best friend of Hugh Hefner. Philippe Boutboul: Tunisian-born French electronics retailer, special ad- visor to the president of Burkina Faso, mansion redeveloper. Mark, Suzan, and Darcy LaPier Hughes: Herbalife founder, nutritional supplement guru, alleged pyramid scammer, and his third and fourth wives, both beauty contest winners. Moussa and Mahnaz “Lilli” Mehdizadeh: Persian-born businessman and his wife, a member of the Elghanayan real estate dynasty of Tehran and New York. 9755 Sunset Boulevard (since demolished) Max Whittier: See Pioneers and Founders. Samuel Berch: Dairy and ice cream mogul, founder of Arden Farms. Leo Hartfi eld: Son-in-law of Samuel Berch. Dino Fabbri: Milanese publisher. Mohammed and Dena al-Fassi: Brother- and sister-in-law of Saudi Prince Turki bin Abdul Aziz al-Saud. Greenacres (1740 Green Acres Place) Harold Lloyd: Silent fi lm comedian. Nasrollah Afshani, Naim Perry, and Abdullah Moghavem: Persian-born investors (never occupied the house). Cast of Characters } xvii Bernard Solomon and Dona Powell: Budget record mogul and his jew- elry- and costume-collector wife. Ted and Susie Field: Marshall Field heir, race car team owner, and enter- tainment executive and his wife. Ron Burkle: Supermarket entrepreneur turned billionaire investor. Greystone (501 Doheny Road) Edward L. “Ned” Doheny Jr.: Son of the oilman. Lucy Doheny Battson: Ned Doheny’s wife; later, his widow and builder of The Knoll. Leigh Battson: Lucy Doheny’s second husband. Henry Crown: Chicago industrialist, partner of Conrad Hilton, alleged Mafi a associate (never moved in). The Knoll (1130 Schuyler Road) Lucy Doheny and Leigh Battson: See Greystone. Dino De Laurentiis: Film producer. Kenny Rogers: Singer; owner of fi rst lot sold in Beverly Park. Marvin and Barbara Davis: Oilman and owner of Twentieth Century Fox and his socialite wife. Eric Smidt: Harbor Freight Tools hardware mogul. 9481 Sunset Boulevard (Sunset House) Francisca Bernard (Mrs. Dionicio) Botiller: Builder, wife of heir to a Spanish land grant fortune. Frank and Cecilia Botiller and Ida Botiller Lindley: Children of Fran- cisca and Dionicio Botiller. Jack Royal Young Lindley: Brother of Loretta Young, informally adopted son of Ida Botiller Lindley. Dorothy Wellborn “Dolly” Green: See Pioneers and Founders. Neil Steere McCarthy: Lawyer for Howard Hughes, L. B. Mayer, and others; polo player; cofounder of the Beverly Hills Speedway. Lover of Dolly Green. Mary Beich McCarthy: Candy heiress, second wife of Neil, painter. xviii { Cast of Characters Stewart and Lynda Resnick: Former owners of the Franklin Mint; own- ers of FIJI Water, Telefl ora, fruit and nut farms, and other enterprises. Bel Air 750 Bel-Air Road (the “Beverly Hillbillies mansion”) Lynn Atkinson: Public works builder. Arnold S. Kirkeby: Hotelier. A. Jerrold Perenchio: Agent, event promoter, entertainment mogul. 10644 Bellagio Road (later Casa Encantada and Bellagio House) Hilda Olsen Boldt Weber: Former nurse, widow of glass bottle mogul Charles Boldt, later married to Joseph Otto Weber. Builder and fi rst owner. Conrad N. Hilton: Hotelier, great-grandfather of Paris Hilton. Nicky and Barron Hilton: Sons of Conrad. The former briefl y married actress Elizabeth Taylor. The latter is the grandfather of Paris Hilton. David Murdock: Conglomerateur and head of Dole Food Company. Gary Winnick: Former Drexel Burnham Lambert investment banker, founder of the defunct telecommunications fi rm Global Crossing. 10539 Bellagio Road Sol Wurtzel: Movie mogul. Builder and fi rst owner. Woody Feuert: Business partner of costume designer Adrian. Anthony Norvell: Astrologer, psychic, metaphysician.
Load more

Recommended publications
  • IN the CIRCUIT COURT of COOK COUNTY, ILLINOIS COUNTY DEPARTMENT, CHANCERY DIVISION FEDERAL HOME LOAN BANK of CHICAGO, Plaintiff
    IN THE CIRCUIT COURT OF COOK COUNTY, ILLINOIS COUNTY DEPARTMENT, CHANCERY DIVISION FEDERAL HOME LOAN BANK OF ) CHICAGO, ) Plaintiff, ) No. 10 CH 45033 ) v. ) CORRECTED AMENDED COMPLAINT ) FOR RESCISSION AND DAMAGES BANC OF AMERICA FUNDING ) CORPORATION; BANC OF AMERICA ) SECURITIES LLC; BANK OF AMERICA, ) JURY TRIAL DEMANDED NATIONAL ASSOCIATION; BANK OF ) AMERICA CORPORATION; ) SECURITIZED ASSET BACKED ) RECEIVABLES, LLC; BARCLAYS ) CAPITAL INC.; CITIGROUP MORTGAGE ) LOAN TRUST INC.; CITIGROUP ) GLOBAL MARKETS INC.; CITIGROUP ) FINANCIAL PRODUCTS, INC.; ) CITIGROUP INC.; COUNTRYWIDE ) SECURITIES CORPORATION; ) COUNTRYWIDE FINANCIAL ) CORPORATION; CREDIT SUISSE ) SECURITIES (USA) LLC F/K/A CREDIT ) SUISSE FIRST BOSTON LLC; FIRST ) HORIZON ASSET SECURITIES, INC.; ) FIRST TENNESSEE BANK, NATIONAL ) ASSOCIATION; RESIDENTIAL ASSET ) MORTGAGE PRODUCTS, INC.; ) RESIDENTIAL ASSET SECURITIES ) CORPORATION; RESIDENTIAL ) FUNDING MORTGAGE SECURITIES I, ) INC.; RESIDENTIAL FUNDING ) SECURITIES LLC F/K/A RESIDENTIAL ) FUNDING SECURITIES CORPORATION; ) RESIDENTIAL FUNDING ) CORPORATION; GMAC MORTGAGE ) GROUP LLC F/K/A GMAC MORTGAGE ) GROUP INC.; ALLY FINANCIAL INC. ) F/K/A GMAC INC.; GS MORTGAGE ) SECURITIES CORP.; GOLDMAN, SACHS ) & CO.; GOLDMAN SACHS MORTGAGE ) COMPANY; THE GOLDMAN SACHS ) GROUP INC.; FINANCIAL ASSET ) SECURITIES CORP.; RBS ACCEPTANCE ) INC. F/K/A GREENWICH CAPITAL ) ACCEPTANCE, INC.; RBS SECURITIES ) INC. F/K/A GREENWICH CAPITAL ) MARKETS, INC.; RBS HOLDINGS USA ) INC. F/K/A GREENWICH CAPITAL ) HOLDINGS, INC.; SAND CANYON ) ACCEPTANCE CORPORATION F/K/A ) OPTION ONE MORTGAGE ) ACCEPTANCE CORPORATION; ) AMERICAN ENTERPRISE INVESTMENT ) SERVICES, INC.; AMERIPRISE ) FINANCIAL SERVICES, INC.; ) AMERIPRISE ADVISOR SERVICES, INC. ) F/K/A H&R BLOCK FINANCIAL ) ADVISORS, INC.; SAND CANYON ) CORPORATION F/K/A OPTION ONE ) MORTGAGE CORPORATION; H&R ) BLOCK, INC.; HSBC SECURITIES (USA) ) INC.; INDYMAC MBS, INC.; J.P.
    [Show full text]
  • Digestive Diseases We Are Now in the Midst of a Transition David Geffen School of Medicine at UCLA in Leadership
    DigestiveUCLA Division of Diseases Spring 2008 Newsletter David Geffen School of Medicine at UCLA Probiotics: In this issue page 2.....Letter from the Chief page 3.....First-Rate Fellows From Bugs to Drugs page 5.....Why Philanthropy Matters page 6.....Obesity and the Digestive Tract page 7.....Passing Two Hats page 8.....In Memoriam Specialists in Pancreatic Cancer page 9.....Meet our Alumni page 10...UCLA Clinic Treats Genetic Disorder page 11...Meet a Pioneering Researcher Grocery products containing probiotics. ncreasingly, we see rows upon rows of refrigerated health. Probiotics are live microorganisms that, when products containing live bacteria in supermarkets consumed in proper amounts, can provide you with I and health food stores. What could live bacteria health benefits and a protective effect against potentially possibly do for you? Advertisers tout the benefits of harmful bacteria that also live in the GI tract. Including yogurt and other foods containing live cultures that you probiotics in your diet can support healthy gut flora, and can eat to shorten or prevent illness. With the myriad some can help in treating diseases. claims many commercial enterprises make, how do you There is plenty of “food for thought” as you face the know what to believe? Although “good bugs” can protect heavy advertising of probiotics. Dr. Fergus Shanahan your stomach from a variety of ills, there is more than says, “Everything has to be put in perspective. In healthy meets the eye when you look deeper into the science people, they probably aren’t necessary, but probiotics surrounding their potential use. would be helpful if you are taking antibiotics.” Dr.
    [Show full text]
  • Bezinning Op Het Buitenland
    Duco Hellema, Mathieu Segers en Jan Rood (red.) Bezinning op het buitenland Het Nederlands buitenlands beleid Zijn de traditionele ijkpunten van het naoorlogse Nederlandse buitenlandse beleid in een onzekere wereld nog up to date? In hoeverre kan het bestaande buitenlandse beleid van Nederland nog gebaseerd worden op de traditionele consensus rond de drie beginselen van (1) trans-Atlantisch veiligheidsbeleid, (2) Europese economische integratie volgens de communautaire methode, en (3) ijveren voor versterking van de internationale (rechts)orde en haar multilaterale instellingen? Is er sprake van een teloorgang van die consensus en verwarring over de nieuwe werkelijkheid? Recente internationale ontwikkelingen op veiligheidspolitiek, economisch, financieel, monetair en institutioneel terrein, als mede op het gebied van mensenrechten en Duco Hellema, Mathieu Segers en Jan Rood (red.) ontwikkelingssamenwerking, dagen uit tot een herbezinning op de kernwaarden en uitgangspunten van het Nederlandse buitenlandse beleid. Het lijkt daarbij urgent een dergelijke herbezinning nu eens niet louter ‘van buiten naar binnen’, maar ook andersom vorm te geven. Het gaat derhalve niet alleen om de vraag wat de veranderingen in de wereld voor gevolgen (moeten) hebben voor het Nederlandse buitenlands beleid. Ook dient nagegaan te worden in hoeverre de Nederlandse perceptie van de eigen rol in de internationale politiek (nog) adequaat is. In verlengde hiervan zijn meer historische vragen te stellen. In hoeverre is daadwerkelijk sprake van constanten in het
    [Show full text]
  • Collateral Damage (Part 2): the Subprime Crisis and the Terrorist Attacks on September 11, 2001
    Collateral Damage (Part 2): The Subprime Crisis and the Terrorist Attacks on September 11, 2001 By E.P. Heidner Abstract: The U.S. Subprime and global financial crises of 2008 was the direct result of a covert monetary policy implemented by the U.S. financial institutional caretakers of the World War II Black Eagle Gold Fund. Major growth in this fund occurred in 1986 when the Reagan/Bush administration ousted Ferdinand Marcos and confiscated the Philippines holdings of Japanese pre-WWII treasury, buried in the Philippines due to the U.S. Naval blockade of Japanese ports. Not being able to publicly acknowledge the illegal confiscation of multiple national treasuries, U.S. officials and their banker-agents have released major portions of this fund to the money market in excess of monetary demand, expanding the money supply by $3.5 to $7 trillion. The individuals responsible for releasing this gold were also responsible for deliberately opening the subprime mortgage market to national banks, thus creating inflationary demand in the high risk, subprime housing market. In addition to the ‘coincidence’ that virtually all of the troubled mortgages which are at the source of the 2008 economic crisis seem to come from a timeframe and monetary growth spurt linked to the ‘9/11 bond dump’ this report will document that the primary source of funds for the liar’s loans and troubled subprime loans comes from banks that are in lock-step with the covert funding operations. Given that these same individuals covertly financed the collapse of the ruble in 1991 using these same funds, and then orchestrated the buy-out of key Russian industries for pennies on the dollar, this analysis provides evidence that a similar gambit is being made for the takeover of key U.S.
    [Show full text]
  • SPRING 2009 • YU REVIEW Yeshiva College Bernard Revel Graduate School Ferkauf Graduate School of Psychology Benjamin N
    Albert Einstein College of Medicine Stern College for Women class notes Wurzweiler School 1950s pediatrics at Einstein. He is a past director of newborn services at the YUReview welcomes Classnotes submissions that are typewritten or neatly Mazal tov to Dr. Mel ’57YC and Debby Weiler Hospital of the Albert Einstein ’55YUHS Adler, and Arthur and Niki College of Medicine. printed. Relevant information (name, maiden name, school, year of graduation, Fuchs on the birth of twin grandsons, Mazal tov to Libby Kahane ’55YUHS, Yaakov Yehoshua and Shmuel Reuven. who just completed “ Rabbi Meir and a contact phone number) must be included. The magazine is not The proud parents are Zevi ’92YC and Kahane: His Life and Thought,” a Leslie (Fuchs) ’94SCW Adler. responsible for incomplete or in correct informa tion. Graduates of Cardozo, book on the life of her late husband. Mazal tov to Rabbi Aaron ’55YC, IBC, Mazal tov to Meyer Lubin, ’58FGS on Wurzweiler, Ferkauf, and Einstein may also direct notes to those schools’ ’59BRGS, RIETS and his wife Pearl the publication of his collection of ’52YUHS Borow on the marriages of essays, “Thrilling Torah Discoveries.” alumni publications. In addition to professional achievements, YUReview their grandsons Chaim and Uri to Tzivia Nudel and Dina Levy, Mazal tov to Seymour Moskowitz Classnotes may contain alumni family news, including information on births, respectively. ’54YC, ’56RIETS on the recent publi - cation of two books: “Falcon of the marriages, condolences, and ba r/bat mitzvahs. Engagement announcements The accomplishments of Dr. Leon Quraysh,” a historical novel depicting Chameides ’51YUHS, ’55YC, TI, IBC, the eighth century Muslim conquest of are not accepted.
    [Show full text]
  • Obama Truthers--He's Gay and His BC Is a Total Forgery
    Obama truthers--he's gay and his BC is a total forgery NewsFollowUp.com Franklin Scandal Omaha search pictorial index sitemap home .... OBAMA TOP 10 FRAUD .... The Right and Left Obama Truthers Obama's public personal records The Right and are a total fraud. We agree. It's most importantly a blackmail issue and the public's duty to uncover deception. Left Obama MORE and Donald Trump: Trump's video, $5 million to charities if he releases personal records. http://www.youtube.com/watch?v=MgOq9pBkY0I&feature=youtu.be&hd=1 Truthers Selective Service card VP Joe Biden Purple Hotel Spencer, Bland & Young Limbaugh, Corsi more 14 Expert Reports on technical analysis of the Obama public records Jerome Corsi believes Obama is Gay. Rush Limbaugh's Straight Entertainment says Obama is gay. HillBuzz interview with Larry Sinclair (gay tryst with Obama) Israel Science & Technology says Obama's birth certificate is a forgery based on expert analysis of the typography and layout of elements in the long-form birth certificate. ... layers Maricopa County Sheriff Joe Arpaio (Arizona) determined in 2012 there is probable cause to suspect the document released by the White House as Barack Obama’s birth certificate is a forgery MORE News for the 99% ...................................Refresh F5...archive home NFU MOST ACTIVE PA Go to Alphabetic list 50th Anniversary of JFK assassination Academic Freedom "Event of a Lifetime" at the Fess Conference Parker Double Tree Inn. Obama Death List JFKSantaBarbara. Rothschild Timeline Bush / Clinton Body Count Back to Obama Home Obama Gay Chicago Spencer, Bland and Young Examiner Who is Barack Hussein Obama/Barry Chicago 2012 Campaign Soetoro? It is alleged that Barack Obama has spent $950,000 to $1.7 million with 11 law firms in 12 Lawsuit dismissed below states to block disclosure of his personal records; which includes birth information, K-12 education, Stuart Levine, Ashley Turton below Occidental College, Columbia University, and Clinton, Sinclair Harvard Law School.
    [Show full text]
  • Under Scrutiny, Ameriquest Details Procedures
    EBSCOhost http://web.ebscohost.com.proxygw.wrlc.org/ehost/delivery?hid=18&sid=... Record: 1 Title: Under Scrutiny, Ameriquest Details Procedures. (cover story) Authors: Bergquist, Erick Source: American Banker; 6/30/2005, Vol. 170 Issue 125, p1-11, 3p, 3 Color Photographs, 1 Black and White Photograph, 2 Graphs Document Type: Article Subject Terms: *MORTGAGE brokers *FINANCIAL services industry *MORTGAGE loans *STRATEGIC planning *GOVERNMENT regulation Geographic Terms: CALIFORNIA UNITED States Company/Entity: AMERIQUEST Capital Corp. NAICS/Industry Codes: NAICS/Industry Codes 522291 Consumer Lending 522292 Real Estate Credit 522310 Mortgage and Nonmortgage Loan Brokers People: ARNALL, Roland MITAL, Aseem Abstract: Offers a look at Ameriquest Capital Corp., a leading subprime mortgage lender in the U.S., based in California. Report that the company is owned by its only shareholder, Roland Arnall; Importance of advertising in Ameriquest's business strategy; Report that regulators are investigating Ameriquest's retail lending practices; Details of corporate strategy as described by Ameriquest executives; Comments of Aseem Mital, CEO of the umbrella group over Ameriquest's mortgage unit, on regulatory attention given to the company's activities. Full Text Word Count: 3071 ISSN: 0002-7561 Accession Number: 17495771 Database: Business Source Premier Section: Mortgages Under Scrutiny, Ameriquest Details Procedures Despite its ubiquitous brand -- advertised everywhere from major league ballparks to this summer's Rolling Stones tour -- and its phenomenal growth since 2002, little is known about the inner workings of Ameriquest Capital Corp. The nation's top subprime mortgage lender operates out of a 12-story high-rise in southern California, barely distinguishable from the others that dot Orange County's maze of freeways.
    [Show full text]
  • Villaraigosa Claims Credit for Addressing Housing Crisis He Profited From
    FOR IMMEDIATE RELEASE Contact: Chiang for California WEDNESDAY, MAY 2, 2018 [email protected] VILLARAIGOSA CLAIMS CREDIT FOR ADDRESSING HOUSING CRISIS HE PROFITED FROM LOS ANGELES, CA – Antonio Villaraigosa’s campaign for governor recently released its first television ad — called “Three Buses” — in which Villaraigosa takes credit for building affordable housing in Los Angeles when he was the mayor, but the ad purposefully leaves out how, at the same time, Villaraigosa was receiving donations from Ameriquest — a company that not only targeted vulnerable communities with its predatory lending practices, but was also one of the mortgage firms that helped fuel the U.S. housing crisis, which led to the Great Recession. “Antonio Villaraigosa can try to backpedal all he wants, but all voters need to do is follow the money to see he made a deal with predatory lenders that were responsible for the housing crisis,” said Fabien Levy, Deputy Campaign Manager and Communications Director for John Chiang’s campaign. “There’s a clear pattern of selling out to the highest bidder, and in this case that highest bidder specifically hurt California’s communities of color and our state’s most vulnerable. How can Californians now trust Antonio to lead on affordable housing when he profited from the very same companies that created the problem in the first place?” When Villaraigosa was speaker of the California Assembly, Ameriquest contributed $75,000 to a political committee that Villaraigosa controlled. That financial relationship continued, with Ameriquest and its employees contributing more than $21,000 to Villaraigosa’s mayoral campaigns, in addition to paying Villaraigosa for consultant work between 2001 and 2002.
    [Show full text]
  • How Securitization Caused the Subprime Meltdown
    University of Connecticut OpenCommons@UConn Connecticut Law Review School of Law 2009 The Great Collapse: How Securitization Caused the Subprime Meltdown Kurt Eggert Follow this and additional works at: https://opencommons.uconn.edu/law_review Recommended Citation Eggert, Kurt, "The Great Collapse: How Securitization Caused the Subprime Meltdown" (2009). Connecticut Law Review. 27. https://opencommons.uconn.edu/law_review/27 CONNECTICUT LAW REVIEW VOLUME 41 MAY 2009 NUMBER 4 Article The Great Collapse: How Securitization Caused the Subprime Meltdown KURT EGGERT This Article argues that one of the primary causes of the subprime meltdown and the resulting economic collapse was the structure of securitization as applied to subprime and other non-prime residential loans, along with the resecuritization of the resulting mortgage-backed securities. Securitization weakened underwriting by discouraging originators from gathering “soft information” about the likelihood of borrower default and instead caused loan originators and other market participants to focus almost exclusively on such “hard information” as FICO scores and loan to value ratios. At each stage of the loan and securitization process, securitization encouraged market participants to push risk to the very edge of what the applicable market standards would tolerate, to make the largest, riskiest loans that could be sold on Wall Street, to bundle them using the fewest credit enhancements rating agencies would permit, and then to repeat the securitization process with many of the lower-rated
    [Show full text]
  • SENATE—Wednesday, November 9, 2005
    November 9, 2005 CONGRESSIONAL RECORD—SENATE 25483 SENATE—Wednesday, November 9, 2005 The Senate met at 9:30 a.m. and was SCHEDULE is extremely important to the State I called to order by the Honorable SAM Mr. MCCONNELL. Mr. President, represent, the State of Louisiana, and BROWNBACK, a Senator from the State today we are going to begin with a 1- to the gulf coast and also to call atten- of Kansas. hour period for morning business, and tion to a small but important victory then we will resume consideration of we achieved this week that I hope will PRAYER the Department of Defense authoriza- signal a turning or a course correction The Chaplain, Dr. Barry C. Black, of- tion bill. We made good progress on that Congress should take to help pre- fered the following prayer: that measure yesterday by disposing of vent the destruction we have seen on Let us pray. a very large number of amendments. the gulf coast in the last several weeks. O God, who reigns forever, You are a Today, we hope to work through the re- Mr. President, you are from Kansas, shelter for the oppressed and a refuge maining amendments, and it is possible and you know the power of tornadoes in times of trouble. Give our Nation that we could finish the bill this and Mother Nature. There is not any- the shield of Your favor that it may evening. The chairman and ranking thing we can do to prevent the fury of bless our world. Guide our Nation’s leg- member are expected to line up addi- nature, but we can minimize the dam- islative branch with wisdom, integrity, tional rollcall votes throughout today, age.
    [Show full text]
  • LIST of CHIEFS of MISSION As of September 25, 2007
    LIST OF CHIEFS OF MISSION as of September 25, 2007 POST NAME TITLE AND STATE CATEGORY AFGHANISTAN, Islamic William B. Wood AMB CMSFS-M-C NY Republic of, Appt 03-28-07 Kabul Oath 4-4-07 ALBANIA, REPUBLIC OF, John L. Withers II AMB CMSFS-C MD Tirana Appt 07-2-07 Oath 07-25-07 ALGERIA, DEMOCRATIC AND Robert S. Ford AMB CMSFS-C MD POPULAR REPUBLIC OF, Appt 05-30-06 Algiers Oath 08-11-06 ANDORRA, Andorra La Eduardo Aguirre, Jr. AMB NC TX Vella Appt 06-21-05 (Resident Madrid) Oath 06-24-05 --Also Amb to Spain ANGOLA, REPUBLIC OF, Vacant AMB Luanda Appt Oath ANTIGUA AND BARBUDA, Mary Martin Ourisman AMB NC FL 1/ St. John’s Appt 09-15-06 (Resident-Bridgetown) Oath 10-11-06 --Also Amb to Barbados, the Commonwealth of Dominica, Grenada, St. Kitts and Nevis, and St, Vincent and Grenadines ARGENTINA, Buenos Aires Earl Anthony Wayne AMB CMSFS-CM MD Appt 08-01-06 Oath 11-02-06 l/ No mission exists at St. John’s Category Abbreviations: Appt Appointment Date NC Non-Career NC* Retiring Career Member of the Foreign Service converted to a Presidential Appointment CMSFS-CA Career Member of the Senior Foreign Service, Personal Rank of Career Ambassador CMSFS-CM Career Member of the Senior Foreign Service, Class of Career Minister CMSFS-M-C Career Member of the Senior Foreign Service, Class of Minister-Counselor CMSFS-C Career Member of the Senior Foreign Service, Class of Counselor CMSES Career Member of the Senior Executive Service **Assigned Chief of Mission under Sec 502(c) of the Foreign Service Act 2 POST NAME TITLE AND STATE CATEGORY ARMENIA, REPUBLIC OF, Vacant AMB Yerevan Appt Oath AUSTRALIA, Canberra Robert M.
    [Show full text]
  • Campuses, American Jewish University Archives (Institutional Records)
    http://oac.cdlib.org/findaid/ark:/13030/c8g73gx9 Online items available Guide to the Campus Records of the American Jewish University Archives (Institutional Records) Prepared by Sivan Siman-Tov, American Jewish University Ostrow Library and University Archives, American Jewish University Bel and Jack M. Ostrow Library 15600 Mulholland Dr. Bel-Air. California 90077 310-440-1238 URL: http://library.aju.edu/ Archives URL: http://callimachus.org/cdm/landingpage/collection/p15008coll11 E-mail: [email protected] E-mail: [email protected] © May, 2014 All rights reserved. Guide to the Campus Records of CaLaAJUL1_2 1 the American Jewish University Archives (Institutional Records) Campuses, American Jewish University Archives (Institutional Records) Collection number: CaLaAJUL1_2 American Jewish University Bel-Air, CA 90077 Date Completed: 2014 Encoded by: American Jewish University Archives © 2014. All rights reserved. Descriptive Summary Identifier/Call Number: CaLaAJUL1_2 Title: Campuses, American Jewish University Archives (Institutional Records) Date (inclusive): 1948-2014 inclusive Collector: American Jewish University; University of Judaism; Brandeis-Bardin Institute (Brandeis, Simi Valley, Calif.) Repository: University Archives and Ostrow Library, American Jewish University 15600 Mulholland Dr. Bel-Air. California 90077 Extent: 1 Box Location: Physical files are housed at the Ostrow Library of the American Jewish University. Abstract: The records in this series include materials related to the various campuses that have housed the University since 1948. The University's first year in 1947 took place in classrooms at Sinai Temple. Starting from 1948, the campuses included 612 South Ardmore Avenue, 6525 Sunset Blvd., and 15600 Mulholland Drive. Subseries in this collection include the South Ardmore Avenue Campus, Sunset Blvd. Campus, 15600 Mulholland Drive: The Familian Campus (FC), and the Brandeis-Bardin Campus.
    [Show full text]