To me it’s an indication that after waves of immigration (legal and otherwise)the US has become enough like Mexico to make the trip north not worth much.
HERE'S HOW THE SAP-HAPPY CRIMINAL LIBERAL MIND WORKS HObama sued lenders to force them to give out toxic loans, and now, as President, he is suing them for complying, and actually lending the money.
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FYI---under the new HObam'ed "non-existent mtge standards," lenders could no longer turn down a loan from someone who received welfare, unemployment compensation, child support as their "primary income." One couple receiving only SSI---applied for a mtge w/ a fraudulent app prepared by a greedy latino realty agent.
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REFERENCE Clinton appointee Andrew Cuomo's Social Engineering as HUD Chief Contributed to Subprime Crisis / originally published on Examiner.com
New Yorkers voted Andrew Cuomo as governor---but Cuomo's gargantuan political ambitions know no bounds.
As Americans continue to struggle with the loss of their homes, savings and retirement resources, thieving/opportunistic politicans that were complicit in deregulating govt sponsored enterprises (GSEs) in the secondary market----namely Fannie Mae and Freddie Mac---that caused the subprime loan bomb to detonate---are still jockeying for power.
BACKSTORY In 1993 President Bill Clinton appointed Andrew Cuomo to the Department of Housing and Urban Development (HUD) as Assistant Secretary.In 1997 Cuomo took over as HUD chief replacing Clinton appointee Henry Cisneros. Latino Cisneros tenure championed Clinton's goal of social engineering via the housing market forcing lenders to issue loans to those that would not financially qualify for standard-laden lending.
Cisneros left office in a scandal involving lying to the FBI over payouts to a mistress, Cisneros subsequently pleaded guilty to a misdemeanor and though never sent to prison received a pardon from Bill Clinton in 2001.
Andrew Cuomo took the HUD reins and not only furthered Cisneros and Clinton's policies but greatly expanded them.
Henry Cisneros moved the GSEs toward a requirement that 42 percent of their mortgages serve low and moderate income families. Andrew Cuomo raised that number to 50 percent and dramatically hiked GSE mandates to buy mortgages for the "very- low-income."
These bad loans were purchased and sold throughout the secondary market and the pyramid grew and the bottom collapsed resulting in the subprime crisis we are still reeling from today.c
In 2008, the Village Voice published a compelling report detailing Andrew Cuomo's policy decisions "that gave birth to the country's current crisis."
The report touched on how Cuomo's 187-page rules "opened the door to abuse." The rules explicitly rejected the idea of imposing any new reporting requirements on the GSEs. In other words, HUD wanted Fannie and Freddie to buy risky loans, but the department didn't want to hear just how risky they were.
Many New York voters are failing to see the actual harm to the minority community directly caused by Cuomo's policies...matter.
Cuomo's top HUD aide said, "We believe that there are a lot of loans to black Americans that could be safely purchased by Fannie Mae and Freddie Mac if these companies were more flexible."
Andrew Cuomo doubled down and had this to say about his HUD standards, "GSE presence in the subprime market could be of significant benefit to lower-income families, minorities, and families living in underserved areas."
How's that working out for the minority community, where foreclosures and unemployment rates have hit the hardest as a result of such failed policies and blatant social engineering? ///2012 Obama talks a lot about the economy, but says only things that make him look good. The whoppers keep on coming-—now seeking reelection he says taxpayers got back every dime used for TARP to rescue the financial system, and also passed a “historic law” to end taxpayer-funded Wall Street bailouts for good.He keeps forgetting to say US taxpayers are still owed big bucks for the billion dollar bailout of the financial industry. Fannie Mae and Freddie Mac together owe taxpayers over $140 billion.