Facts show Fannie, Freddie led mortgage market to the collapse – Conn Carroll
“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 that created the mortgage crisis. It was, plain and simple, Congress, who forced everybody to go and give mortgages to people who were on the cusp. … They were the ones who pushed Fannie and Freddie to make a bunch of loans that were imprudent, if you will.” […]
Story continues at Washington Examiner.