Andrew Cuomo and Fannie and Freddie, How the youngest HUD secretary caused the mortgage crisis

The Village Voice ^ | August 05, 2008 | Wayne Barrett

[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.

[Checkers]

No room.

Ted Kennedy is already there.

[bmwcyle]

LOL

[rabscuttle385]

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. "It's like traveling around with a circus." —Lindsey Graham, on McCain's campaign To join: FReepmail rabscuttle385 to subscribe or to unsubscribe from this ping list. This can be a very high-volume ping list at times. This list is pinged by rabscuttle385 and AmericanInTokyo. Take care to check the "mccainlist", "mccaintruthfile", "mcbama", "mcqueeg", and "mccain" keyword search links for related threads, since we can not possibly ping you to every relevant article that is posted. To flag a relevant thread, please add the keywords "mccainlist" and "mccaintruthfile". Republican Commissar’s Warning: By joining this ping list, you may be subjected to the irrational rants and ramblings of McCainiacs, of "moderate" Republicans, of deeply confused conservatives resigned to voting for the lesser of two Democrats, and of countless trolls who simply want to meet a new overlord. Per FR posting guidelines, we kindly ask that you be civil and polite in your comings and goings. Bonus points for being optimistic and in good cheer.

[E. Cartman]

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.)

[E. Cartman]

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.)

[E. Cartman]

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.

[GOPJ]

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

[Liz]

Thanks for the heads-up.

[syriacus]

bump

McCain has suggested Cuomo could replace Cox.

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

[Coleus]

.

[GOPJ]

ping

[GOPJ]

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.

[GOPJ]

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

[Alamo-Girl]

Thanks for the ping!

[GOPJ]

ping

[mewzilla]

BTTT.

[dennisw]

btttt

[mewzilla]

BTTT.

[CommieCutter]

Bookmarked.

[MadelineZapeezda]

Bumpin the thread to keep it alive...Cuomo’s running for governor!