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Andrew Cuomo and Fannie and Freddie, How the youngest HUD secretary caused the mortgage crisis
The Village Voice ^
| August 05, 2008
| Wayne Barrett
Posted on 09/08/2008 7:06:36 AM PDT by joinedafterattack
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.
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.
(Excerpt) Read more at villagevoice.com ...
TOPICS: Extended News; News/Current Events
KEYWORDS: andrewcuomo; cuomo; fanniemae; freddiemac; govwatch; housingbubble; subprime
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To: driftdiver
Home (aka property) ownership is generally considered a good thing. It makes the country more stable helps people to create wealth. As long as the people owning the homes are qualified to do so.
41
posted on
09/08/2008 3:47:14 PM PDT
by
dfwgator
To: dfwgator
“As long as the people owning the homes are qualified to do so. “
Unless its my money backing the loan I don’t care if they are qualified as long as they aren’t committing fraud. It should be the lenders worry as to whether they can pay the money back. Its their profit and it should be their risk.
The govt needs to be seizing assets of the bankers and mortgage people to help pay for this.
42
posted on
09/08/2008 5:54:06 PM PDT
by
driftdiver
(No More Obama - The corruption has not changed despite all our hopes.)
To: EagleUSA
43
posted on
09/22/2008 10:58:56 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
To: EagleUSA
44
posted on
09/22/2008 10:59:06 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
To: EagleUSA
45
posted on
09/22/2008 10:59:24 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
To: EagleUSA
46
posted on
09/22/2008 10:59:27 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
To: EagleUSA
47
posted on
09/22/2008 10:59:28 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
To: EagleUSA
48
posted on
09/22/2008 10:59:31 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
To: EagleUSA
49
posted on
09/22/2008 10:59:31 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
To: EagleUSA
50
posted on
09/22/2008 10:59:31 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
To: EagleUSA
51
posted on
09/22/2008 10:59:31 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
To: EagleUSA
52
posted on
09/22/2008 10:59:35 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
To: EagleUSA
53
posted on
09/22/2008 10:59:38 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
To: EagleUSA
54
posted on
09/22/2008 10:59:42 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
To: EagleUSA
55
posted on
09/22/2008 11:00:19 AM PDT
by
GOPJ
( Bigots are defined by beliefs - not by choice of victim. Dems are the new bigots - ask Sarah.)
To: rabscuttle385
Can you ping the “Hell No To Juan McCain” list?
This is important!
Thanks.
56
posted on
09/22/2008 11:03:23 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
To: Checkers
11 bumps?!
Something is up with the site. Or down.
57
posted on
09/22/2008 11:04:56 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
To: Checkers
Someone needs to bump this up McCain's butt.
Click here
58
posted on
09/22/2008 11:07:47 AM PDT
by
bmwcyle
(Vote McWhatshisname and PALIN)
To: rabscuttle385
Lemme get this straight:
McCain wants to replace Cox with Cuomo?!
And I should vote for McCain...uhh...why?
59
posted on
09/22/2008 11:08:10 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
To: bmwcyle
No room.
Ted Kennedy is already there.
60
posted on
09/22/2008 11:11:03 AM PDT
by
Checkers
(Voting for McCain? Then don't complain. (Hey, that rhymes.))
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