Let's remember this lesson, always....
He must have known our nanny state gov’t would bail them out if they defaulted.
Stop the mortgage crisis . Make your own F$#@*%G house payment .
What a load of horseshit that man spewed out at Harvard. Basically, he said let’s jigger the rules to give loans to minority borrowers even if they are by traditional measures are bad credit risks and then continues on to say that he would screw them with high interest rates to help them become homeowners.” It’s a recipe for disaster.
Of course, Mazilo and the Dem class-baiters were responsible for the sub-prime fiasco. Mortgage lenders weren’t checking to see if borrowers even had a job, for crying out loud.
Today Bank of America announced it was negotiating to take over Countrywide. Let’s hope the “Opportunity Bank” doesn’t have the same screwy philosophy that bankrupted Countrywide.
Ive always said the Democrat Party is for people who are bad at math...
maybe I’m dreaming but I could have sworn I saw a TV spot last night about Countrywide being in financial trouble.
If you create a society of people via low expectations then every facet of their lives has to be managed via low expectations. So in this sense he’s just playing his part in the broken lives of minorities who are owned by the liberal establishment.
THIS GUYS influence had at least as much influence on the Sub-Prime Crisis when he ran THIS COMPANY as did Mozilo w/ Countrywide (if not moreso) ...
This fiasco knows no political bounds ...
Self congratulation has always been the basis of liberal social policy.
Never trust a man with a fake tan (who isn’t in show biz).
“With respect to predatory lending, enough of the mania. Let’s be mindful that reputable lenders cannot operate under hundreds of laws that only have one thing in common — the word ‘predatory.’ Subprime lending and predatory lending are not the same thing.”
according to Angelo R. Mozilo, chairman, CEO and president of Countrywide Financial Corporation, Inc., and yet, in unison 4 years later that - predatory lending - is exactly the charge his liberal supporters hit his industry with. Who was right? Neither of them. Who was wrong? Both he and his liberal supporters.
Why? Compassion cannot replace ability to pay - it either exists or it doesn’t and short-circuiting the due diligence to determining it does not change the outcome from the lack of it. The lenders were no more predatory (greedy) than the unqualified mortgage applicants that got a free pass.
Bump for the general election.
OK, for all you unedjimicated folks, this is only a tiny part of the credit problem.
A year ago we were all talking about Banks giving home loans to Illegals. Now we’re talking about Default loans and the sub-prime “Crisis”.
It was PC business practices, irresponsible lending and a vain attempt by lending institutions to make a political statement.
They made their statement. Now they want bailed out of the mess that was inevitable.
screw ‘em
There’s a better smoker here -
http://www.thefreelibrary.com/Assault+on+the+mortgage+lenders:+in+the+name+of+racial+justice,+the...-a014779796
“QUIETLY, behind the scenes, the Clinton Administration is preparing for the biggest regulatory crackdown of recent years. Attorney General Janet Reno is linking up with banking regulators and with HUD Secretary Henry Cisneros to end the supposed epidemic of discrimination against minorities in making home loans. The implications for society at large are ominous.”
This is nothing more than scapegoating of the worst kind.
Countrywide is racist in their lending policies........I know this because that is who our mortgage is with. 18 months ago we wanted to refinance for a lower rate, they strung us along for over 4 months and then denied the refinance because the house didn’t appraise for what they said it needed to appraise at for our refi amount.
Had they bothered to tell us that the appraisal had to come in at over $20K more than we knew the property to be worth we would have just dropped it.
Of course they don’t want to allow us to drop our interest rate..........stable income, never a late mortgage payment, etc., etc.............
However, we are NOT considered a “minority”
“Countrywide taps Henry Cisneros to help lead $1 trillion home initiative”
http://www.bizjournals.com/sanantonio/stories/2005/01/10/daily37.html
Then, when the feces impacted the air accelerator,
he resigns from the Board.
http://seekingalpha.com/article/51289-countrywide-s-henry-cisneros-was-a-useless-board-member
I have such contempt for this man and the other idiot, criminally negigent CEO’s of companies like Citi Group, BofA, Merrill Lynch, etc etc.
In fact I have utter contempt for the greedy bastards on the front lines: the scumbag mortgage brokers, many of whom are just out-and-out criminals—perfectly dressed and magnificently coifed and manicured to be sure, but still criminals!
Then I go right up the greed trough:
(1) The banks that enabled these scumbag mortgage brokers;
(2) The ‘quasi-government’ agencies, specifically Fannie Mae and Freddie Mac run (and destroyed) by incompetent clinton lackies who bought those guaranteed-to-default “loans” from the big giant banks like WAMU, BofA, Wells, etc;
(3) The investment bankers and harvard MBA-types that packaged and securitized these shit-sandwich mortgage-backed securities, and;
(4) The vaunted Wall Street investment firms and investors who willingly invested in these bonds and securities that offered ridiculous returns with no thought of the danger of taking the risk required for that return. And I’m not talking about folks whose life savings were tied up in retirement funds that their employers or stockbrokers put them in, with no real choice to the participant, or those who were just plain dumb enough not to know better—ah well, a fool and his money...
And to top it off, these incompetent bank CEOs tell the Wall Street Masters of the Universe that they underestimated the amount of their writeoffs by just a bit (Citi Group for example, who started out a few months ago lowballing the writeoff to a couple billion... then it went to $6 billion, now it’s upwards of $16 billion, and you KNOW it ain’t stoppin’ there!)
WHO ARE THESE PEOPLE?!?!
Recall Mozilo’s statement a few months ago that “gee, boo-hoo, we really got hurt by this really awful economy! Poor me!” Of course, he and his counterparts are the CAUSE of the economy being where it is at in terms of the sub-prime mortgage disaster.
As if we all didn’t know it was going to be this way!!!
I just feel like the Mozila’s of the world need to do major hard time for their criminal negligence (probably closer to full criminal intent actually!)
And these scumbag mortgage brokers on the front lines... HATE ‘EM! Yes, I do know that there are plenty of good, capable mortgage lenders that do not deserve to be painted with the brush that a large percentage of them deserve to be painted with.
But I really have no opinion of this one way or another.
Countrywide’s Board of Diresctors recently included Henry Cisneros (Former Clinton HUD Secretary) and Kathleen Brown (sister of Berkely nut job and former California Governor... Jerry Brown).
Notice a pattern?