Like a Zombie, You Just Can’t Kill Countrywide Financial

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Back at the height of the housing bubble, Countrywide Financial was responsible for about 15 percent of all the mortgage loans in America. This turned out to be disastrous because the people who ran Countrywide showed no interest at all in the quality of the loans they originated. Thanks to this, their business eventually imploded and in 2008 they were acquired by Bank of America.

But fear not. The executives behind Countrywide are still around, and they’re still shoveling out the loans:

PennyMac, AmeriHome Mortgage and Stearns Lending have several things in common.

All are among the nation’s largest mortgage lenders — and none of them is a bank. They’re part of a growing class of alternative lenders that now extend more than 4 in 10 home loans.

All are headquartered in Southern California, the epicenter of the last decade’s subprime lending industry. And all are run by former executives of Countrywide Financial, the once-giant mortgage lender that made tens of billions of dollars in risky loans that contributed to the 2008 financial crisis.

This time, the executives say, will be different.

You betcha! I’m sure these folks have all learned their lessons and will never push the mortgage envelope again. We can all breathe easy.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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