Prosecutor, Charge Thyself (Cuomo's role in the meltdown)

Entitled, "Highlights of HUD Accomplishments 1997-1999," the document chronicles the "accomplishments under the leadership of Secretary Andrew Cuomo, who took office in January 1997."

Andrew Cuomo .HUD's Web visitors learn that in 1999 "Secretary Cuomo established new Affordable Housing Goals requiring Fannie Mae and Freddie Mac—two government sponsored enterprises involved in housing finance—to buy $2.4 trillion in mortgages in the next 10 years. This will mean new affordable housing for about 28.1 million low- and moderate-income families. The historic action raised the required percentage of mortgage loans for low- and moderate-income families that the companies must buy from the current 42 percent of their total purchases to a new high of 50 percent—a 19 percent increase—in the year 2001."

CUOMO AND BILL CLINTON CREATED CONDITIONS FOR MELTDOWN

(From Village Voice 8-5-08)

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. . .

http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/

Bebe Cuomo has a long history of suspect dealings. His tenure at HUD was filled with corruption and seemingly nothing has changed.

He’s dishonorable seems to be following in Spitzer’s footsteps with high profile charges against Wall St. firms.

He’s just another ‘effing steamroller’ and with luck he’ll be out of a job sooner rather than later.

I can’t believe the people of NY have forgotten his odious father.

NYers seem the most destructive voters in the country.

I suppose there is hope in Schumer’s falling numbers tho.

Patterson is not the entire problem. The NY legislature is beyond corrupt and yet the people don’t seem to care at all.

Until Rudy came along there was no part of New York that was governable. it is again on the path to destruction. Bloomers is part of the problem. Kelly is no Bratton.

Billions of homeland security dollars down the toilet.

No one is willing or able to step up and take on the special interests in that state.

And don’t forget----Andy was married to a Kennedy at the time.

REFERENCE Highlights of HUD Accomplishments 1997-1999.
Chronicles the "accomplishments under the leadership of HUD Secy Andrew Cuomo, who took office January 1997."

HUD's Web visitors learn that in 1999: "Secretary Cuomo established new Affordable Housing Goals requiring Fannie Mae and Freddie Mac—two government sponsored enterprises involved in housing finance—to buy $2.4 trillion in mortgages in the next 10 years. This will mean new affordable housing for about 28.1 million low- and moderate-income families.

Cuomo's historic action raised the required percentage of mortgage loans for low- and moderate-income families that the companies must buy from the current 42% of their total purchases to a new high of 50%—-----a 19% increase—in the year 2001."

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(From Village Voice report 8-5-08) Andrew Cuomo, the youngest HUD Secy in history, made a series of decisions between 1997 and 2001 that gave birth to the country’s current crisis.

Cuomo 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.

Cuomo 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. (There were rampant rumors that Cuomo himself pocketed greatly from his HUD position.)

Three to four million families are facing foreclosure (as of 2008), and Cuomo is one of the reasons why....

SOURCE http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/

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