It was widely believed that his tenure at HUD was a disaster---and that millions of federal dollars (cough) disappeared offshore. Read on, taxpayers.
August 05, 2008
Andrew Cuomo and Fannie and Freddie, How the youngest HUD secretary caused the mortgage crisis
The Village Voice | Wayne Barrett
FR Posted Sept 08, 2008 by joinedafterattack
(Excerpt) There are as many starting points for the mortgage meltdown as there are fears about how far it has yet to go, but one decisive point of departure is the final years of the Clinton administration, when a kid from Queens without any real banking or real-estate experience was the only man in Washington with the power to regulate the giants of home finance, the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), better known as Fannie Mae and Freddie Mac.
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. Read more at villagevoice.com........
PING
I have never seen so much anger after the same-sex bill was passed in NY. Some gay people are even threatening pro-traditionalists, who signed a petition for traditional marriage, with vandalism.
Andy Cuomo is a DIVIDER!