October 24, 2012

A trillion dollars here, a trillion dollars there, pretty soon you're talking about down the Memory Hole

Today's announcement of the government suing Bank of America for a billion dollars over mortgage frauds committed by Countrywide Financial reminds me of how much one of the key events of the Housing Bubble/Bust remains ignored: namely, Countrywide's January 2005 press release boasting of its We House America initiative to lend One ... Trillion ... Dollars to minorities and lower-income borrowers. (This followed 23 months after Angelo Mozilo's Harvard speech in which he pledged Countrywide to lend $600 billion to minorities and lower-income borrowers.) 

I just did a Google search on 


and got a grand total of about 18 results back from Google. Here they all are. I realize these dozen and a half pages will be boring -- just PR releases, me, and a few random folks -- but that's the point.

About 18 results (0.30 seconds) 

Countrywide sets $1 trillion goal for real estate loan program | Inman ...
www.inman.com/.../countrywide-sets-1-trillion-goal-real-estate...
Jan 14, 2005 – Countrywide Home Loans today announced an expansion of its We House America initiative to fund $1 trillion in home loans to minorities and ...

Countrywide Expands Commitment to $1 Trillion in ... - PR Newswire
www.prnewswire.com/.../countrywide-expands-commitment-t...
Countrywide Expands Commitment to $1 Trillion in Home Loans to Minority and Lower-Income Borrowers. - We House America Challenge Leads the Industry in ...

Countrywide Bank Announces $770,000 in Financial Support to ...
www.prnewswire.com/.../countrywide-bank-announces-77000...
Among them is Countrywide's $1 Trillion We House America(R) Challenge, an aggressive goal to fund $1 trillion in home loans to minorities and lower-income ...

Countrywide Ups Minority Lending Goal to $1 Trillion
www.realtor.org/.../7a760e487a50da4886256fb30055957d?...
Countrywide Home Loans Inc. has extended its minority and low-income lending goal by $400 billion to $1 trillion over the next five years.

Steve Sailer: iSteve
isteve.blogspot.com/
5 minutes ago – Countrywide Home Loans today announced an expansion of its We House America initiative to fund $1 trillion in home loans to minorities and ...
You shared this

I am shocked, SHOCKED to learn that Countrywide ... - Steve Sailer
isteve.blogspot.com/.../i-am-shocked-shocked-to-learn-that.ht...
1 hour ago – Countrywide Home Loans today announced an expansion of its We House America initiative to fund $1 trillion in home loans to minorities and ...
You shared this

Steve Sailer: iSteve: Obama's Popguns of Singapore
isteve.blogspot.com/2011/.../obamas-popguns-of-singapore.ht...
Dec 21, 2011 – Countrywide also steered more than 10,000 minority borrowers into costly subprime ..... The dollar sum of student loans is ~1 trillion dollars.
You shared this

Countrywide Expands Commitment to $1 Trillion ... - The Free Library
www.thefreelibrary.com › ... › PR Newswire › January 14, 2005
Jan 14, 2005 – Free Online Library: Countrywide Expands Commitment to $1 Trillionin Home Loans to Minority and Lower-Income Borrowers; - We House ...

Michael Detwiler's Blog: Totally ridiculous!!
michaeldetwiler.blogspot.com/2012/01/totally-ridiculous.html
Jan 5, 2012 – Countrywide's Other Bill. When BofA bought Countrywide in 2008, it committed a record $1.5 trillion to minority lending and urban reinvestment.

BofA Must Pay Excess Settlement Funds To Acorn Clones ...
www.freerepublic.com/focus/f-news/2829495/posts
Jan 4, 2012 – When BofA bought Countrywide in 2008, it committed a record $1.5trillion to minority lending and urban reinvestment. The 10-year accord ...

Your Lying Eyes: December 2011
lyingeyes.blogspot.com/2011_12_01_archive.html
Dec 21, 2011 – Given Countrywide's "$Trillion Pledge," some serious recruitment ofminority candidates was needed. To really ramp up minority lending, you ...

Countrywide sets $1 trillion target for home loans to poor, minorities ...
www.highbeam.com/doc/1G1-127172336.html
Jan 17, 2005 – Byline: Gregory J. Wilcox Jan. 17--CALABASAS, Calif. -- CountrywideHome Loans Inc. on... | Article from Daily News (Los Angeles, CA) ...

Top Spot - Tags: COUNTRYWIDE Home Loans Inc. MINORITIES ...
connection.ebscohost.com/c/abstracts/14738782/top-spot
ABSTRACT. Reports the favorite mortgage provider of minority groups is Countrywide.... Countrywide's Mozilo Expects to See a Trillion Dollar Servicer by 2005.

DEPARTMENT OF JUSTICE - Punta Gorda Tea Party
pgteaparty.org/22.html
When BOA bought Countrywide in 2008, it committed a record $1.5 trillion to minoritylending and urban reinvestment. The 10-year accord replaced the bank's ...

Countrywide's Angelo Mozilo: He Warned Us—But Washington Didn ...
www.vdare.com/.../countrywides-angelo-mozilo-he-warned-us...
Jun 22, 2009 – “Anti-Model Minority” Leftists Inventing An Anti-White Pan-Asian Identity.... The roots of Countrywide's catastrophic trillion dollar pledge go back ...

Discuss the ethical issues that caused the downfall of Countrywide
www.solutioninn.com › ... › Business EthicsShare
May 4, 2012 – In 1993, loan transactions reached the $1 trillion mark. Additionally, it was the number-one provider of home loans to minorities in the United ...

BofA Must Fund Acorn 'Clones' - Investors.com
news.investors.com/010412-596657-bofa-must-fund-acorn-cl...
Jan 4, 2012 – Countrywide's Other Bill. When BofA bought Countrywide in 2008, it committed a record $1.5 trillion to minority lending and urban reinvestment.

Battered Bank Syndrome - Investors.com
news.investors.com/.../010612-596992-bank-of-america-victi...
Jan 6, 2012 – Neither did the record $1.5 trillion minority lending and urban ... pledge it made to such groups in 2008, when it took over Countrywide.

Results for similar searches
$335 Million Settlement on Countrywide Lending Bias - NYTimes.com
www.nytimes.com/.../us-settlement-reported-on-coun...
More results for countrywide trillion minorities

Please note that the New York Times result at the bottom is for "More results for countrywide trillion minorities." (In other words, the NYT has never mentioned the word trillion in an article with Countrywide and minorities.)

If you do the search for 


you get 23 results instead of 18.

I dunno. I must be nuts. I personally think that a trillion dollars is a big deal, but what do I know? The implications of Countrywide's trillion dollar pledge don't favor one party over the other, they don't favor one ideology over another, and they don't favor the sacred fetish of Diversity, so who wants to know about it?

Nobody.

21 comments:

peterike said...

I searched on "Countrywide minority fraud" and got

About 6,920,000 results

Anonymous said...

What is Angelo Mozilo google gaydar?

Steve Sailer said...

"What is Angelo Mozilo google gaydar?"

Zero.

But he scores 29 on Google Tandar.

Steve Sailer said...

Disappointingly, Mozilo scores zero on Google Oompa-Loompadar.

Steve Sailer said...

Which is odd, because

angelo mozilo oompa-loompa

brings up 2,220 results, including 300 images.

I guess the explanation for the failure of Google Oompa-Loompadar is that nobody searches on

angelo mozilo oompa-loompa

Hail said...

The Diversity Recession meets the Memory Hole.

Matthew said...

$1 trillion is roughly twice the GDP of South Africa, which has about as many people as the USA has blacks, and which is basically* the richest country in Africa (thanks almost entirely to whites, Asians, and God's decision to put a lot of diamonds there); it is 60% of the GDP of Mexico, which has about 33% more NAMs than the USA does (and Mexican NAMs are probably smarter on average than our NAMs).

One single company was promising to lend that much to a population that, on its own, produces a level of wealth somewhere between that of Sub-Saharan Africa and Central America. That doesn't count all the other money lent to this poplation from other banks, mortgage lenders and, especially, payday lenders.

I realize that GDP != assets, but there is a strong connection between the two. Homes are only worth what a population can afford to pay from its earnings.

* I exclude Equatorial Guinea, a very tiny nation with very large oil reserves.

Matthew said...

"I searched on "Countrywide minority fraud" and got about 6,920,000 results."

The only acceptable storyline is that these lenders were robbing minorities, rather than the US goverment. It's still a hatefact to suggest that banks shouldn't have been leding to these people, i.e., lenders weren't lending them too much, they were just charging them too much.

JI said...

It's weird what gets turned into news in America and what gets ignored. It really seems that the news media picks stories based more on supporting their predominant ideologies than in a genuine desire to make money.

Eric said...

It really seems that the news media picks stories based more on supporting their predominant ideologies than in a genuine desire to make money.

I think that's absolutely true. People buy media outlets (especially newspapers) because of the power that goes along with it, not for the money. The NYT has lost $300m since 2005, and yet the publisher doesn't want to make any changes that would reduce the paper's visibility.

Reportedly, the New York Post loses $40m every year, but it gives Rupert Murdock a big megaphone in NYC, so he doesn't care.

Kyle kopelovich said...

Steve,

You are absolutely wrong about this. More whites have defaulted on their mortgages than have minorities. Look it up.

Also many of these banks practice racist practices such as denying homeownership to people based solely on the color of their skin. That is why I am glad the great conservative George Bush helped more minorities then ever before own homes.

eah said...

Of course the real mistake wasn't lax lending to 'minorities' -- that was, and would still be today, applauded. The mistake was packaging those loans into MBS and selling them on to private investors. They should've just quietly QE'd that money into existence. When's the last time you checked what's on the Fed's balance sheet? Ron Paul is ridiculed for trying to audit the Federal Reserve.

Dumb 'diversity' pimps.

Anonymous said...

You are absolutely wrong about this. More whites have defaulted on their mortgages than have minorities. Look it up.

I'm confused. Are you pulling this out of the air, or do you actually have numbers demonstrating this?

Anonymous said...

In fact this is terrible news, since the USA is only just beginning its slide into the 'minority/majority' paradigm.
As Steve says the fact the one trillion dollars has gone 'walkies' without anyone apparently noticing or caring (and crashed half the world in the process, threatening civil war in Spain and Greece, of all places), is beyond elephant in the room ridiculous, it's more like having Godzilla in the lounge laying down dino sized coprolites every 5 seconds and pretending he's not there.
But, alas, 'miorities' and all that pertain to them are beyond reproach. What this madness bodes for the future, who knows?, even if California living standards are crashed down to sub-Bolivian dirt farming ( with a thriving bit of porn on the side), the proerbial Nelson's eye will keep being turned.
No whitey involved, you see.

The Anti-Gnostic said...

As Steve says the fact the one trillion dollars has gone 'walkies' without anyone apparently noticing or caring (and crashed half the world in the process, threatening civil war in Spain and Greece, of all places), is beyond elephant in the room ridiculous, it's more like having Godzilla in the lounge laying down dino sized coprolites every 5 seconds and pretending he's not there.

Supposedly, we didn't miss a beat because the Fed intervened on the supply side and papered over a trillion or so in asset values. Recall that the Fed recently committed to buying up $40 BILLION a month in MBS's from now to 2013. The Godzilla-poop is apparently still out there. They're buying up over half of UST's every year too.

That's a lot of new money but so far, no $20 loaves of bread. Do the Keynesians really have it all figured out?

peterike said...

Also many of these banks practice racist practices such as denying homeownership to people based solely on the color of their skin. That is why I am glad the great conservative George Bush helped more minorities then ever before own homes.

I gotta say, for a troll, kopelovich is an interesting case. He's kind of taking trolling to a different place.

First, we get a blatant bit of racial demagoguery, a bald-faced lie. But a typical one. Kopes sounds like a standard-issue Leftist robot at first.

But then he follows this with a shout-out to George Bush. And the shout out is just straight-up enough to feel like it might be sarcastic.

These are very carefully trimmed hedges here. Makes me wonder if Kope is a reasonably smart guy who has been media and university brainwashed and is hence confused and wrong about almost everything, but he means what he says. Or is he deliberately playing some kind of new troll game where he bounces around ideologically.

Either way, he sure comes out with a load of really dumb shit.

hailtoyou said...


"banks practice racist practices such as denying homeownership to people based solely on the color of their skin"

Assuming you are correct, for the sake of discussion, and that such a conspiracy does exist:

You are implying Arbitrary Racism. Why would Whites have wanted to avoid bringing-in Blacks into White neighborhoods? Is it wrong to want to associate with one's own people? Is the self-declared Black man, Ol' Barry Hussein Obama, a racist for choosing a Black church?

IHTG said...

This Kyle guy is hilarious. Unfortunately I think too many people here won't get it.

Jon Smythe said...

Hey, where's that big blusterin' bullshitter Barry Ritholz been lately? Barry, you out there? Ritholz? Ritholz? Ritholz?

Jon Smythe said...

Hey, where is that big blusterin' chickenshit bullshitter Barry Ritholz on this? Anyone seen him lately? Barry? Barry? Hello?

Svigor said...

This Kyle guy is hilarious.

I know. The "Israel is our greatest ally in the world" thing was classic.