After GWB denounced traditional downpayment and documentation credit standards at his 10/15/02 White House Conference on Increasing Minority Homeownership, Mozilo of Countrywide pledged $600 bn in 2003 in "multicultural" lending if regulators cut him slack on his dubious loans.
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Mozilo used Diversity rhetoric about "race gaps" and "redlining" to intimidate regulators and GSEs into letting him profiteer off trashy loans to marginal borrowers. That's what Bush wanted in his "ownership society" to make Hispanics into GOP-voting homeowners.
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Strikingly, GW Bush apologized in his 2010 memoir for how his "ownership society" initiative set off the Housing Bubble/Bust. But almost nobody has noticed: http://www.unz.com/isteve/george-w-bush-launches-mortgage-bubble/ …
@mtaibbipic.twitter.com/Sw8c2q75T9
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Here's GW Bush launching the Housing Bubble at his 10/15/2002 White House Conference on Increasing Minority Homeownership, in which he told his federal regulators that old-fashioned credit standards like down payments & documentation caused race gaps: https://youtu.be/mJphsJYkfmE pic.twitter.com/oMAKmN4WYc
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End of conversation
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Blue check marks seem reluctant to discuss the role of race, much easier to cover their ears and scream heretic(racist)
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