It absolutely contributed to the housing bubble, but you’re misunderstanding the incentives: companies loaned to people who couldn’t pay not because of housing policy, but because there was massive market demand for the product. https://twitter.com/ALambertarian/status/1040373206178312193 …
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Mozilo and Killinger didn't have to believe in anything. They weren't taking on any risk- as soon as the loan was inked they were reselling it. From that point forward the debtor owed his debt to Freddie, Fannie and various mutual and pension funds, not to CW, WM or the banks.
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But ... when music stopped playing in 2008, both mortgage lenders Countrywide and Washington were left holding vast # of mortgages that they hadn't been able to securitize and went under. More reasonable that Mozilo & Killinger saw Latinos as untapped market due to prejudice.
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Countrywide told me and my wife in 2006 that we qualified for a $1 million mortgage. At the time, we were making a combined $70,000 a year. that’s when I knew they were cooked.
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Dude, WaMu and countrywide were horrific actors in the mortgage market. Please do not assign their predatory money grubbing to anything other than greed. They did this because they could. Pure and simple.
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Angelo Mozilo wanted to triple Countrywide's share of mortgage market to 30%, and he saw Hispanics as the horse he could ride to that goal. Mozilo said Latinos were New Italians who, like him, had been denied opportunities due to WASP prejudice.http://takimag.com/article/the-wisdom-of-dan-quayle/#.W5w10SRtPqo.twitter …
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GOP strategists actually believed that if Hispanics bought houses, they would vote Republican.
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Jesus, that's racist.
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