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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Connie Bruck's 2009 New Yorker article on Angelo Mozilo of Countrywide makes clear that Mozilo felt that persuading the feds to let him make dubious loans to Hispanic without traditional downpayments or documentation would benefit both himself & Latinos. https://vdare.com/articles/countrywide-s-angelo-mozilo-he-warned-us-but-washington-didn-t-want-to-know …pic.twitter.com/QKdSdhZWho
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GOP economists overstate ability of Community Reinvestment Act to "force" banks to lend to bad risks. But CRA influence on merger approvals had subtle Darwinian selection impact: lenders most optimistic on minorities, like WaMu, got more mergers approved: https://vdare.com/articles/the-minority-mortgage-meltdown-contd-how-the-community-reinvestment-act-fits-in …pic.twitter.com/OSf6uRvzkn
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Here's 1/13/2005 Countrywide Financial press release pledging $1 TRILLION in minority and lower income mortgages to close the racial homeownership gap. Mozilo used politically correct rhetoric to intimidate regulators into rubber stamping his lending. https://www.inman.com/2005/01/14/countrywide-sets-1-trillion-goal-real-estate-loan-program/amp/ …pic.twitter.com/hCl1YU9Apg
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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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