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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.

- Cuomo - the punk you want to blame for the mortgage crisis - more

Cuomo is among the scumbags to blame for the mortgage crisis which burdened taxpayers w/ billion dollar bailouts....he was hand-picked by then-pres Clinton, without any real banking or real-estate experience, but Cuomo at the head of HUD had inordinate power to regulate the giants of home finance, Fannie Mae and Freddie Mac.

HUD is a known garbage dump for crooked pols. Reportedly, when Cuomo left HUD he was $18 million richer (not counting what stashed offshore).

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REFERENCES---Cuomo is on the loser fast-track....his tenure at HUD is infamous for his loony policies that precipitated the subprime meltdown. Now as Gov, Cuomo is using his HUD schemes WRT the Empire State Development Corp. This govt agency offers few details to the public to justify its billions of dollars in grants.....(such as where they're going).

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.

Cuomo got lucky-- New York voters were distracted by his gubernatorial opponent's racist jokes; and failed to see the actual harm to the minority community directly caused by Cuomo's policies..

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."

NOT TO MENTION MASSIVE BAILOUTS W/ OUR TAX DOLLARS 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