tag:blogger.com,1999:blog-9430835.post6890858499422983926..comments2024-03-28T16:22:14.888-07:00Comments on Steve Sailer: iSteve: CountrywideUnknownnoreply@blogger.comBlogger10125tag:blogger.com,1999:blog-9430835.post-82550172057988632172009-02-24T15:22:00.000-08:002009-02-24T15:22:00.000-08:00As a victim of Countrywide's race to the billions,...As a victim of Countrywide's race to the billions, we are horrified to learn just how unsavory the lending business really is. We'd like to point out that our property always magically met the mark and we got our money. Isn't that amazing? We finally discovered the ugly truth when everything crashed and we were left unable to move to a senior living community. We will be here until the rafters tumble down. At least we'll save money on a burial lot. We're living on it now.Modern momhttps://www.blogger.com/profile/10179934916352913516noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-64910730011816675962009-02-06T01:08:00.000-08:002009-02-06T01:08:00.000-08:00The unfortunate thing is everybody is only going t...The unfortunate thing is everybody is only going to get serious when the money is gone. And that includes potential taxpayer money. Maybe then some investors are going to ask some hard questions they should have been asking since the Civil Rights days. But then again. maybe we are just resetting to a lower level of civilization, like Ballmer wants us to. As long as the elites stay in place on the ride down, what to they care?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-21833434620685266782009-02-05T14:21:00.000-08:002009-02-05T14:21:00.000-08:0011 Racist Lies Conservatives Tell to Avoid Blaming...<I>11 Racist Lies Conservatives Tell to Avoid Blaming Wall Street for the Financial Crisis</I><BR/><BR/>Holy Cow, check out the comments. Those people have rocks in their heads. Seriously! And people call Stormfronters stupid... (okay, most of that is fanatical, willful ignorance, but still)<BR/><BR/>I need to go wash my eyeballs after that.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-57772250242582270482009-02-05T13:43:00.000-08:002009-02-05T13:43:00.000-08:00Second, Countrywide's celebrated CEO Angelo Mozilo...<I>Second, Countrywide's celebrated CEO Angelo Mozilo, who provided so many politicians in the Friends of Angelo club, such as Sen. Chris Dodd, with "superprime" low interest mortgages, announced in a fancy 2003 speech at Harvard that Countrywide was pledging $600 billion for "previously underserved Americans" over ten years -- exactly like so many CRA-covered banks did (e.g., Bank of America pledged <B>$1500 billion</B> and WaMu $375 billion).</I><BR/><BR/>This actually makes WaMu look somewhat rational.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-23057292661848753142009-02-05T09:25:00.000-08:002009-02-05T09:25:00.000-08:00"It started with the New Deal" - and ended with th..."It started with the New Deal" - and ended with the New Depression.<BR/><BR/>I remember seeing Countrywide's $600 billion commitment back when it was announced and wondering how the hell they got the money to make all those loans. I didn't realize they weren't lending against their own assets, and were pawning the loans of on naive investors.<BR/><BR/><I>most acted as if they were under the CRA, which is a very loosely written statute intended more to put the fear of regulators and community organizers into banks rather than to spell out the banks' precise duties.</I><BR/><BR/>Which is a nice way of saying that it's the perfect law for tyrants - nothing spelled out; all at the whim of regulators. "I didn't know I was speeding, officer. The sign says 65 and that's what I was doing." "Well today I decided the limit is 25, so I'm get to...er, have to write you a ticket."<BR/><BR/><I>The past few years have been remarkable ones for our industry. Lower interest rates, the push for greater diversity in homeownership, and <B>massive immigration into the U.S.</B>...</I><BR/><BR/>I'm shocked. Shocked! I never suspected that the homebuilding/-lending industry wanted more immigrationas a way to boost business.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-9202795184471267122009-02-05T06:37:00.000-08:002009-02-05T06:37:00.000-08:00I thought Countrywide was on my side.I thought Countrywide was on my side.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-89398550900642124552009-02-05T06:05:00.000-08:002009-02-05T06:05:00.000-08:00Steve needs to write another book with lots of App...Steve needs to write another book with lots of Appendices. And someone needs to subsidize mailing copies to every bank, newspaper and politician!RobertHumehttps://www.blogger.com/profile/03913525250329418444noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-53918389957052298602009-02-05T04:55:00.000-08:002009-02-05T04:55:00.000-08:00Is it coincidence you chose to post this on the da...Is it coincidence you chose to post this on the day when AOL's top news story was "The Biggest Snake Ever Discovered?" (2,500 pounds, as big as a school bus)<BR/><BR/>I love Mozillo's argument that down payments have nothing to do with risks on housing loans. Those hard-hearted New Dealers must have just made this one up. Down payments have nothing to do with: 1) the borrower's habit of self-discipline and limiting consumption spending for a medium-term purpose; and 2) the lender's cushion against loss if the borrower defaulted.<BR/><BR/>If down payments were the big housing hurdle for poor people, it would mean they would, on average, only have been able to buy houses three to five years later, and they would have had more manageable mortgage payments when they did buy.<BR/><BR/>Red-lining is the other bogeyman of the CRA. Isn't it just short for, "we are a little more careful in lending money backed by assets in a block were we would never dream of opening a branch?"<BR/><BR/>Is it a coincidence that the biggest purely financial crisis in 75 years, which has cratered the world economy, is occurring because of massive losses in the one financing sector that is most heavily and obviously influenced by government pressure? The investment banks could have used their sophisticated models to underestimate the risks of all sorts of assets, but apparently these models only blew up when used on mortgage-backed securities. <BR/><BR/>The "CRA deniers" have yet to explain why, so far at least, the only massive losses on underlying assets have occurred in housing, with only a barely avoided default by the auto companies controlled by the UAW.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-72328672793665788872009-02-05T03:36:00.000-08:002009-02-05T03:36:00.000-08:00Great digging Steve. Should make that AlterNet chi...Great digging Steve. Should make that AlterNet chick Evans go purple in the face. But of course liberals will just cram all this down the memory hole and throw a few more stolen trillions after it in order to make sure the hole is closed. Or so they think...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-14057990547373677542009-02-05T03:18:00.000-08:002009-02-05T03:18:00.000-08:00From Mozilo's speech:We need an ongoing educationa...From Mozilo's speech:<BR/><BR/><I>We need an ongoing educational process...</I><BR/><BR/>Indeed.Anonymousnoreply@blogger.com