Roland Arnall, founder of former subprime lender Ameriquest Mortgage of Orange, died at the age of 68.

A family statement said Arnall died Monday morning. Arnall was diagnosed last week with esophageal cancer that had spread to other parts of his body. He died at UCLA Medical Center, a spokesman for the family said.

Arnall was one of the pioneers of the subprime mortgage industry. Ameriquest and related companies under his Orange-based ACC Capital Holdings Corp. once were the top lenders to borrowers with imperfect credit.

President Bush named him ambassador to the Netherlands in 2006, a post he held until stepping down earlier this month.

Born in Paris, Arnall came to California in the 1950s by way of Montreal. He sold flowers on street corners in Los Angeles before he started investing in real estate in the 1970s.

From there, he built Ameriquest and Argent Mortgage into the nation's leading subprime lender during the boom earlier this decade.

Last year, Arnall closed Ameriquest and sold Argent to Citigroup. Arnall, who lived in Los Angeles, owned Ameriquest and related companies with wife Dawn.

Forbes recently estimated Arnall's wealth at $1.5 billion. Last year, the Business Journal estimated his wealth at $2 billion, taking into consideration other investments and dividends he received during the mortgage boom.