How Fannie led mortgage market to collapse
Published on Forum: News/Activism | shared via feedly mobile
"We are delighted to participate in this historic event, and we are particularly proud that a substantial portion of the $8 billion commitment will directly benefit lower income Americans," Countrywide Financial President Angelo Mozilo said at a July 8, 1992, press conference. "We look forward to the rapid fulfillment of this commitment so that Countrywide can sign another record-breaking agreement with Fannie Mae," Mozilo finished.Mozilo's almost 20-year-old quote is relevant again thanks to the uproar New York Mayor Michael Bloomberg caused last week when he criticized Occupy Wall Street's view of the financial crisis.Bloomberg said, "it was not the banks...
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