NY Gov. David Paterson drops bid for election under pressure from concerned Democrats

NEW YORK (Associated Press) -- Less than a week after declaring he would seek a full four-year term, New York Gov. David Paterson abruptly dropped his election bid Friday under pressure from fellow Democrats concerned about his faltering agenda and his handling of a domestic abuse case involving a trusted aide.

Paterson cited a litany of distractions that prompted him to end his campaign, but said he had never abused his office.

Andrew Cuomo, Clinton's HUD Secretary, made a series of decisions between 1997 and 2001 that gave birth to the country’s financial meltdown.

Feb 8, 2010
Editorial, The Wall St Journal
FR Posted February 08, 2010 by The Raven ...

HUD's Web visitors learned that in 1999 Clinton's then-HUD Secretary Andrew Cuomo established the new "Affordable Housing Goals" requiring Fannie Mae and Freddie Mac—two government sponsored enterprises involved in housing finance—to buy $2.4 trillion in mortgages in the next 10 years. Will mean new affordable housing for about 28.1 million low- and moderate-income families.....who eventually defaulted leaving US taxpayers holding the bag.

Cuomo’s historic action raised the required percentage of mortgage loans for low- and moderate-income families that the companies must buy from the current 42 percent of their total purchases to a new high of 50 percent—a 19 percent increase—in the year 2001." ... (Excerpt) Read more at online.wsj.com ...

And don’t forget----Andy was married to a Kennedy at the time.

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REFERENCE Entitled, "Highlights of HUD Accomplishments 1997-1999," the document chronicles the "accomplishments under the leadership of Secretary Andrew Cuomo, who took office in January 1997."

HUD's Web visitors learn that in 1999: "Secretary Cuomo established new Affordable Housing Goals requiring Fannie Mae and Freddie Mac—two government sponsored enterprises involved in housing finance—to buy $2.4 trillion in mortgages in the next 10 years. This will mean new affordable housing for about 28.1 million low- and moderate-income families.

Cuomo's historic action raised the required percentage of mortgage loans for low- and moderate-income families that the companies must buy from the current 42% of their total purchases to a new high of 50%—-----a 19% increase—in the year 2001."

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From Village Voice report 8-5-08) 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.

Cuomo 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.

Cuomo 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. (There were rampant rumors that Cuomo himself pocketed greatly from his HUD position.)

Three to four million families are facing foreclosure (as of 2008), and Cuomo is one of the reasons why....

SOURCE http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/

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CUOMO AND BILL CLINTON CREATED CONDITIONS FOR MELTDOWN (From Village Voice 8-5-08) 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 sub-prime 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. . . SOURCE http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/

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