Angelo Mozilo of Countrywide used Henry Cisneros to mouth Social Justice rhetoric about promoting GW Bush's goal of 5.5 million more minority homeowners to warn feds to not ask so many questions about down payments and documentation in Latino Sand State. http://takimag.com/article/the-wisdom-of-dan-quayle/#.W5w10SRtPqo.twitter …https://twitter.com/mtaibbi/status/1040708644776693765 …
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Angelo Mozilo of Countrywide spoke at Harvard in Feb 2003 on racial gap in homeownership. If fed regulators would let Countrywide be lax on downpayment and documentation requirements, Mozilo pledged $600 billion to minority and lower income borrowers https://isteve.blogspot.com/2009/02/countrywide.html …pic.twitter.com/FC7VL3Keyv
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Matt, give up. Cart and horse. You can’t package mortgages unless you make the mortgages first. Standards had to fall to increase the pool of mortgage-worthy borrowers. The poor and middle class were in the midst of income stagnation and growing inequality in early 2000s.
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In a debt based economy the fallacy that having a mortgage = homeownership is carefully inculcated in to the population.
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This is the part I don’t understand- why did countrywide (or other lenders) need regulators to rubber stamp their lending? Pre crash, I’ve never heard of regulators being concerned with lending standards being too lax
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