Posted on 01/22/2009 8:43:28 PM PST by Brooklyn Bob
What’s this for?
Can we kick out Gloomberg?
It looks liek Andrew may not get picked anyway. Report are that Paterson is picking Rep. Kristen Gillebrand.
Here’s what the wild right wingers at the Village Voice had to say:
“Andrew Cuomo, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to the country’s current crisis. He took actions that—in combination with many other factors—helped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded “kickbacks” to brokers that have fueled the sale of overpriced and unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why.”
“What he did is important—not just because of what it tells us about how we got in this hole, but because of what it says about New York’s attorney general, who has been trying for months to don a white hat in the subprime scandal, pursuing cases against banks, appraisers, brokers, rating agencies, and multitrillion-dollar, quasi-public Fannie and Freddie.”
(...)
“It is also worth remembering that the motive for this bipartisan ownership expansion probably had more to do with the legion of lobbyists working for lenders, brokers, and Wall Street than an effort to walk in MLK’s footsteps. Each mortgage was a commodity that could be sold again and again—from the brokers to the bankers to the securities market. If, at the bottom of this pyramid, the borrower collapsed under the weight of his mortgage’s impossible terms, the home could be repackaged a second or a third time and either refinanced or dumped on a new victim.”
“Those are the interests that surrounded Cuomo, who did more to set these forces of unregulated expansion in motion than any other secretary and then boasted about it, presenting his initiatives as crusades for racial and social justice.”
Andrew Cuomo is perhaps the most toxic waste of the mortgage/lending meltdown. Under former HUD Secretary Andrew Cuomo tenure between 1997 and 2001:
“At the time we discontinued our audit work, a total of 42 adjustments totaling about $17.6 billion had been processed in this manner to adjust fiscal year 1998 ending balances. An additional 242 adjustments totaling about $59.6 billion, were made to adjust fiscal year 1999 activity.” -SUSAN GAFFNEY, INSPECTOR GENERAL HUD, BEFORE THE HOUSE OF REPRESENTATIVES; COMMITTEE ON GOVERNMENT REFORM; SUBCOMMITTEE ON GOVERNMENT MANAGEMENT,
INFORMATION AND TECHNOLOGY; MARCH 22, 2000
=> The book keeping chicanery more than tripled under Andrew Cuomo.
Note that 59.6 billion is 6.8 million dollars per hour in fiscal year 1999 activity -off books.
In 2000 it appears to become a criminal enterprise:
“For its audit in 2000, Cuomo’s last year in office, HUD declined to make public the amount of undocumentable adjustments required to balance the books.”
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