Posted on 09/21/2008 6:35:28 PM PDT by silverleaf
Andrew Cuomo and Fannie and Freddie
How the youngest Housing and Urban Development secretary in history gave birth to the mortgage crisis By Wayne Barrett ...... http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/ 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 ...
I think its silly to blame Andrew Cuomo for the current financial crisis. Its everyone’s fault from the President down to John Doe who bought a house he couldn’t afford.
We’re doomed if this is the best McCain can come up with.
Good God!!
Yes indeed! Is that not hilarious!
And no, McCain was not joking.....I tried to tell you people. I tried......
This all started when the Black Caucus got their hooks into Fanny, and they used it as a vote buying cash cow.
Bumpity-bump.
There’s a whole lotta stupid in that article. More inaccuracies than I can even enumerate here. This one should go in the trash bin immediately.
So? Why didn't Republicans stop all this?
Interesting read.
Could he possibly have been spurring the press to look into how Cuomo, ACORN, etc. brought us into this mess?
Is it... possible?
Bookmark
Remember what happened when Clinton tried to limit CEO salaries?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.