VIDEO OF ANDREW CUOMO STARTING THE HOUSING MELT DOWN!

Hot Air ^ | 10/12/2008 | HotAir

[Mr. K]

CUOMO: To take a greater risk on these mortgages, yes. To give families mortgages that they would not have given otherwise, yes. Q: [unintellible] … that they would not have given the loans at all? CUOMO: They would not have qualified but for this affirmative action on the part of the bank, yes. Q: Are minorities represented in that low and moderate income group? CUOMO: It is by income, and is it also by minorities? Yes. CUOMO: With the 2.1 billion, lending that amount in mortgages — which will be a higher risk, and I’m sure there will be a higher default rate on those mortgages than on the rest of the portfolio …

[Tzimisce]

Cuomo wins in landslide!

-Headline Nov 3

[estrogen]

And yes, everyone was in on the take. The FANNIE and FREDIE execs, real estate brokers, property developers, construction company owners, property flippers, appraisers, your local government that adds taxes and fees to the transaction. "Everyone" was in on the game, probably the biggest Ponzi scheme ever foisted on human kind. And, the game is still going on because idiots like you don't understand the game and the fact that you are one of the marks

The one thing you don't mention is the govt. pushing subpar loans. I was the mortgage officer of a community bank for over 20 yrs and I saw how this all went down. All of a sudden the Feds decided we needed a CRA officer under the employ of our bank. I was monitored once monthly to see how many minorities I was lending to. I failed miserably in that due to the following reasons:

Our community only had a small percentage of minorties of Spanish or Black makeup

Credit scores of the ones that did apply were dismal, had they been white I would of turned them down at the first meeting

Income levels at first glance were enough to decline them......

So don't put the blame strictly on the banks who were subject to large fines and in my case even the fear of losing my job. This whole fiasco can be placed at the foot of the Dems with their CRA and affordable lending programs. It never had anything to do with discrimination ,it had to do with qualifications. We were doing just fine being prudent in our lending until the govt. stepped in

[StAnDeliver]

"You are 100% correct- but it was Cuomo who sued them and won the biggest settlement ever for $2.1 bilion (a lot of money at the time) and sent the signal to the rest of them...

This, while at the same time FANNIE and FREDDIE moved to guarantee them against loss -- you had a double whammy.

Banks knew they were bad loans but they were forced to do it under threat of lawsuit. And they were guaranteed not to lose money, so.. whammo. Housing price rose and rose while they loaned and loaned, and everyone pocketed money all around -- especially the thieves Harold Raimes and AIG and Goldman Sachs."

Good post, bro.

[metmom]

neverdem holds the NY ping list

[hoosiermama]

Thanks metmom (how are you feeling?)
Neverdem, will you make sure the freepers in NY see this thread?

[metmom]

I’m feeling fine, but nothing has changed as far as eating.

If I behave myself with food, I’m OK.

[Mr. K]

thanks- I was called an idiot for trying to explain this before

[Mr. K]

hope you feel better too

[metmom]

Thanks. Did you see this about a movie that’s out?

It’s come out just in time for the elections.

http://www.iwantyourmoney.net/about/

[AndyJackson]

They want them ignorant and flailing at strawman targets so they can keep the fleecing going. This time the problem is structural and not cyclical though and no amount of "animal spirits" boosterism is going to mask the rot and and keep it going.

I am glad that not everyone here is so willfully ignorant as a couple of my would be interlocutors.

[AndyJackson]

The one thing you don't mention is the govt. pushing subpar loans....don't put the blame strictly on the banks who were subject to large fines and in my case even the fear of losing my job. This whole fiasco can be placed at the foot of the Dems with their CRA and affordable lending programs

The democrats did everything that folks here have said they did, and more. But that is only part of the story. It also took the fed pushing liquidity to make the funds available to do this. It took compromised RINOs to pass TARP to try to make everyone whole at taxpayer expense. Unfortunately, the whole fiasco cannot be placed at the feet of just the Dems, but rather at the feet of all the willing participants, including the wives of my submarine buddies who became real estate agents in the late 1970s and suggested that housing had nowhere to go but up.

It was the world's greatest ponzi scheme ever, a towering house of cards promising untold wealth and happiness to many of us, but at the expense at all of us. Some got rich and will stay rich. Overall, it is the most massive fraudulently invented scheme for malinvestment foisted on human kind, and we are all the poorer for it.

[Mr. K]

All these threads need...

MORE COWBELL!

[Mr. K]

and more cowbell for you!!

[Mr. K]

This CAN NOT be repeated too many times

[Mr. K]

That was excellent information
Keep this bumped

[Mr. K]

please email this to all your friends!! this video has to go viral this weekend

The media has completely ignored his role in the housing melt down

Barney Frank and Chris Dodd may have set up FANNIE and FREDDIE laws to enable the housing meltdown, but Andrew Cuomo LIT THE FUSE by bringing the biggest lawsuit in history against the first bank.

[amom]

I sent this out. Thanks!