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 …
GW Bush at his 2002 WH Conference on Increasing Minority Homeownership demanded 5.5 million more nonwhite homeowners. He told lenders and regulators to stop worrying so much about down payments and income documentation. That opened loan floodgates, including to marginal whites.
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Oh he “demanded 5.5 million new black homeowners” and immediately everyone followed his marching orders because that’s how things work in your imagination, I mean in America.
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GWB was boss of regulators whose job it is to keep lenders from running amok and needing bailouts by giving out too many stupid mortgages to deadbeats. GWB told his bureaucrats in 2002 that old-fashioned down payment and documentation credit standards caused racial inequality.
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Your implication is now that regulators under Republicans avoided bailouts before 2008, which is absolutely hilarious, unless you have amnesia and forgot about 1989. I’m sure you have some convoluted reason why blacks and Hispanics are responsible for that one also though.
End of conversation
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