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A major myth about the financial crisis plaguing the nation-----calculatedly perpetuated by the Financial Crisis Inquiry Commission (staffed with political appointees tasked to do a cover-up)-----is that Wall Street led the sub-prime lending debacle, and Fannie and Freddie followed. "Reckless Endangerment" authors show it was exactly the reverse. Dem political appointees saw that F/F lending policies to low-income borrowers would curry favor with vote-crazed Congress; the ruinous "affordable-housing requirements" were enacted by Congress, and were tightened and expanded by opportunistic HUD Democrats.

Village Voice 8-5-08
ANDREW CUOMO CREATED CONDITIONS FOR MELTDOWN

Clinton's appointee, Andrew Cuomo, the youngest HUD Secy in US history, made a series of opportunistic decisions between 1997 and 2001 that gave birth to the country’s current crisis. He took actions that helped plunge Fannie and Freddie into the sub-prime markets without putting in place the means to monitor the increasingly risky investments. Andrew Cuomo turned the FHA mortgage program into a sweetheart lender with sky-high loan ceilings and no money down.....Cuomo 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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Feb 8, 2010
Editorial, The Wall St Journal
FR Posted February 08, 2010 by The Raven ...

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." ... (Excerpt) Read more at online.wsj.com ...

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REFERENCE 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." 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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Do you know how you got the lucrative HUD job?

"Sure, I know how I got the job. Clinton needed my daddy in his corner,
so I got the HUD job. HUD is also where Dems load up on campaign loot.
I myself got $18M to run for Governor...and enough to finance higher office."

Concurrently, Eliot Spitzer ousted the Chairman of AIG and intimidated the company into developing products to insure the rotten bundling of mortgage backed securities.

The Democrat party is a criminal enterprise

” Sure, I know how I got the job. Clinton needed my daddy in his corner,
so I got the HUD job. HUD is also where Dems load up on campaign loot.
I myself got $18M to run for Governor...and enough to finance higher office.”

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