Ten Years After:The Secret History of the 2000s, And The Minority Mortgage Meltdown

Here`s a beautiful brochure from ten years ago that is Exhibit A in the Secret History of the 2000s:

The American Dream of Homeownership: From Cliché to Mission

Presentation by Angelo R. Mozilo

Chairman, President and Chief Executive Officer,

Countrywide Financial Corporation & Chairman, Countrywide Home Loans, Inc.

The Joint Center for Housing Studies of Harvard University

John T. Dunlop Lecture

Sponsored by The National Housing Endowment

Washington, DC February 4, 2003

And here`s another document of that era, from the New York Stock Exchange magazine, May 2005:

American Dream Builder: CEO Angelo Mozilo targets U.S. “multicultural market communities” as core Countrywide customers.

When I call this kind of thing the “Secret History of the 2000s,” I don`t mean that Mozilo`s Harvard address or Bush`s mortgage speeches were given in a secure location dug out deep under the Greenbrier Country Club. No, they were heavily publicized to all interested parties. But they might as well be secret today because they don`t fit into any of the standard, respectable models of “Who Are the Good Guys and Who Are the Bad Guys?” There`s no pre-existing team to push this analysis of What Just Happened, so it might as well be secret.