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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: bmwcyle

No room.

Ted Kennedy is already there.


61 posted on 09/22/2008 11:11:06 AM PDT by Checkers (Voting for McCain? Then don't complain. (Hey, that rhymes.))
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To: Checkers

LOL


62 posted on 09/22/2008 11:12:53 AM PDT by bmwcyle (Vote McWhatshisname and PALIN)
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To: Sunnyflorida; 6323cd; roamer_1; AmericanInTokyo; 383rr; djsherin; GunsareOK; calcowgirl; ...
Thanks to Checkers for the ping!

McCain wants to replace Cox with Cuomo?!
And I should vote for McCain...uhh...why?

Because otherwise you get Obama! /sarcasm

The Just Say No to Juan McCain Ping List.

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63 posted on 09/22/2008 12:15:50 PM PDT by rabscuttle385 (No, no se puede, Juan! No to bailouts, no to amnesty, no to carbon credits, no to Big Government!)
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To: rabscuttle385; Sunnyflorida; 6323cd; roamer_1; AmericanInTokyo; 383rr; djsherin; GunsareOK; ...
Because otherwise you get Obama! /sarcasm

So we've now been reduced to deciding if we want a smooth skinned cocoa-colored socialist or a wrinkled, liver-spotted one?

(Real conservatives have known for a long time that enemies of The Republic aren't just on the left.)

64 posted on 09/22/2008 1:04:50 PM PDT by E. Cartman (Welcome to The People's Republic of Wall Street.)
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To: rabscuttle385; Sunnyflorida; 6323cd; roamer_1; AmericanInTokyo; 383rr; djsherin; GunsareOK; ...
Because otherwise you get Obama! /sarcasm

So we've now been reduced to deciding if we want a smooth skinned cocoa-colored socialist or a wrinkled, liver-spotted one?

(Real conservatives have known for a long time that enemies of The Republic aren't just on the left.)

65 posted on 09/22/2008 1:05:59 PM PDT by E. Cartman (Welcome to The People's Republic of Wall Street.)
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To: Checkers
Andrew Cuomo and Fannie and Freddie, How the youngest HUD secretary caused the mortgage crisis

And MacQueeg wants to make him the head of The SEC????Mrs. Palin needs to take him out behind the woodshed and knock some sense into him.

66 posted on 09/22/2008 1:11:01 PM PDT by E. Cartman (Welcome to The People's Republic of Wall Street.)
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To: Liz; neverdem; TigerLikesRooster; ex-Texan
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.

ping

67 posted on 09/22/2008 3:01:19 PM PDT by GOPJ ( Bigots are defined by beliefs - not by choice of victim. Dems are the new bigots - ask Sarah.)
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To: GOPJ

Thanks for the heads-up.


68 posted on 09/22/2008 3:20:06 PM PDT by Liz (Taxpayer: one who works for the govt but doesn't have to take a civil service test. R. Reagan.)
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To: joinedafterattack

bump

McCain has suggested Cuomo could replace Cox.

Maybe it’s a ploy by McCain to draw attention to Cuomo’s sorry record.


69 posted on 09/22/2008 4:05:57 PM PDT by syriacus (Under Bush, Dems controlled the Senate for MOST of the 107th Congress and for ALL of the 110th)
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.


70 posted on 09/22/2008 4:42:47 PM PDT by Coleus (Abortion and Physician-assisted Murder (aka-Euthanasia), Don't Democrats just kill ya?)
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To: mathprof

ping


71 posted on 09/22/2008 7:08:36 PM PDT by GOPJ ( Bigots are defined by beliefs - not by choice of victim. Dems are the new bigots - ask Sarah.)
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To: SJackson; Alamo-Girl
Franklin Raines, the Fannie chairman and first black CEO of a Fortune 500 company, warned that Cuomo's rules were moving Fannie into risky territory: "We have not been a major presence in the subprime market," he said, "but you can bet that under these goals, we will be." Fannie's chief financial officer, Timothy Howard, said that "making loans to people with less-than-perfect credit" is "something we should do." Cuomo wasn't shy about embracing subprime mortgages as a possible consequence of his goals. "GSE presence in the subprime market could be of significant benefit to lower-income families, minorities, and families living in underserved areas," his report on the new goals noted.

From the Village Voice - still a great read.

72 posted on 09/22/2008 7:23:51 PM PDT by GOPJ ( Bigots are defined by beliefs - not by choice of victim. Dems are the new bigots - ask Sarah.)
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To: Liz

Sure - can you add me to your ping list? Thanks.


73 posted on 09/22/2008 8:11:38 PM PDT by GOPJ ( Bigots are defined by beliefs - not by choice of victim. Dems are the new bigots - ask Sarah.)
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To: GOPJ

Thanks for the ping!


74 posted on 09/22/2008 9:15:18 PM PDT by Alamo-Girl
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To: Fred Nerks

ping


75 posted on 09/23/2008 7:27:58 PM PDT by GOPJ (Let free markets work - stupid companies SHOULD go belly-up - including Frannie and Freddie.)
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To: mewzilla

BTTT.


76 posted on 12/08/2008 7:01:34 AM PST by mewzilla (In politics the middle way is none at all. John Adams)
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To: joinedafterattack

btttt


77 posted on 03/29/2009 11:59:10 PM PDT by dennisw (0bomo the subprime president)
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To: mewzilla

BTTT.


78 posted on 12/28/2009 6:53:19 AM PST by mewzilla (Rick Santelli for Man of the Year!)
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To: EagleUSA

Bookmarked.


79 posted on 12/28/2009 7:07:11 AM PST by CommieCutter ("You wanted the presidency, you got it, now FIX THE DAMN ECONOMY!!!!" ----YankeeReb)
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Bumpin the thread to keep it alive...Cuomo’s running for governor!


80 posted on 01/23/2010 8:07:50 PM PST by MadelineZapeezda (Promoted by God to be a mother!!!!!!!!!!!!!!!!...................Thanks, Susan!)
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