Congresswoman Gillibrand served as Special Counsel to Andrew Cuomo, Pres Clinton's appointee as Secy of HUD. Gillibrand played a key role in furthering HUD’s Labor Initiative and *New Markets initiative (sub-prime mortgages); Gillibrand worked to strengthen the Davis-Bacon Act and drafting new markets legislation for public and private investment in building infrastructure to revitalize lower income areas across the nation."
"Sure, I know how I got the HUD job. Clinton needed my daddy in his corner,
so I got the HUD job. HUD is where I got the $18 million to run for Governor."
CUOMO AND BILL CLINTON CREATED CONDITIONS FOR MELTDOWN (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 sub-prime 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.......
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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Raines says housing bubble won't burst
Washington Post Biz Journals, June 2003, Jeff Clabaugh
FR Posted by STARWISE
(Excerpt) With home prices in the District up almost 78 percent in the past five years, there is growing concern there is a housing bubble that is about to burst - both locally and nationwide.
Fannie Mae CEO Frank Raines, however, is dispelling those concerns. In an interview with Bloomberg News, Raines, a former budget director in the Clinton administration, says the housing rally won't end like the stock market did three years ago. "We do not see any sign of a housing price decline nationwide, let alone the bursting of a bubble," Raines is quoted as saying. Read more at washington.bizjournals.com ...
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ANALYSIS And this would have made a difference, how? Raines was on the wrong side of history, but he was hardly alone. Housing cheerleaders were everywhere. And back in 2003, the fun had barely even started.
Many of the laws requiring government oversight of the market written after the last great market crash-----in 1929---- were eliminated during the Clinton administration---one of many ignorant moves by the self-absorbed liberal Clintons.
Quota-pimp Clinton made stupid PC appointments----he put know-nothing Franklin Raines into Fannie Mae where the crook proceeded to loot the agency while fraudulently cooking the books.
(Wonder what Clinton's cut was?) Thanks to sap-happy Clinton, 2008 markets are devastated, and multi-billion dollar bailouts will crush the backs of working class taxpayers.
More on Raines below.