Mozilo of Countrywide and his board member Henry Cisneros (Clinton Cabinet secretary) campaigned long and hard to persuade regulators that CW's shoddy down payment and documentation standards were actually Fighting Racism By Closing Homeownership Gap: https://vdare.com/articles/countrywide-s-angelo-mozilo-he-warned-us-but-washington-didn-t-want-to-know …https://twitter.com/mtaibbi/status/1040742820385050624 …
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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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