---SNIP---In 1993 President Bill Clinton appointed Andrew Cuomo (now NY governor) 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. During Cisneros tenure he championed Clinton's goal of social engineering within the housing market forcing lenders to issue loans to those that would not financially qualify for the 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.
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 have been distracted by the gubernatorial candidate Carl Paladino's racist joke email forwards, what some are failing to see is the actual harm to the minority community directly caused by Cuomo's policies...and that is no laughing matter.
Cuomo's top 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?
SOURCE http://voices.yahoo.com/cuomos-social-engineering-as-hud-chief-contributed- 7077218.html
I think it’s drier than that. Cuomo realizes that the whole state is rapidly moving in the direction of Detroit, and that they are driving out all the people and corporations with wealth who create jobs.
In effect, Cuomo is just another leftist junkie, who needs to rob people to get his spending fixes, and if they are tired of getting robbed and leave, he is in deep trouble.
Hey! Sfacheme Jr! Open up to drilling and fracking and you will have more money than you can imagine.
But NO. stupid Marxist buttwad.
“Mmmmmmm.....is Cuomo flexing his nasty pro-abortion muscles?”
It seems so. Was watching Fox earlier this morning and a clip of Cuomo was shown with him stating that there’s no place in NY for conservative Republicans; as defined by him as those who are right to life, pro assault weapon, and anti-gay. Personally, I would like to see a mass migration out of the state along with their businesses and jobs (tax dollars) too. That would be fantastic. :)
It’s so easy to spend and fight over OTHER peoples’ money.
Lol!