Skip to comments.1998: Sec. Cuomo pushes 'affirmative action' mortgage loan policy (video)
Posted on 10/17/2010 2:48:48 AM PDT by Upstate NY Guy
President Bill Clinton's Secretary of Housing and Urban Development Andrew Cuomo answered questions in 1998 at a press conference regarding HUD policy that would ensure that banks could not discriminate against low-income minorities when considering individuals from this group for housing loans. In this video (h/t Eyeblast) he says:
"To take a greater risk on these mortgages...yes. To give families mortgages they who they would not have given otherwise?...yes."
Mr. Cuomo is then asked if this people in this group could have gotten the loans at all in the first place. In a telling response, he answers:
"They would not have qualified, but for this affirmative action on the part of the bank...yes."
Mr. Cuomo then confirms for a reporter that the affirmative action is indeed for minorities and that he expects the default rate to be higher than the rest of the portfolio:
"It is...by income it is mostly by minorities...yes.
(Excerpt) Read more at washingtontimes.com ...
The Democrats forced the banks to lend to unqualified borrowers, forced them to give mortgages to people who could not afford to pay. This created the housing crisis, toxic assets crisis, financial crisis, and current economic crisis. They cannot continue to blame Bush. They own this.
This attitude is wholly responsible for the Housing Bubble and its failure today! When will these Liberal idiots learn that if you can’t afford to buy a house, you should NOT!
This idea of a chicken in every pot - ie a House for every family is idiotic and caused this depression. I’ve had this argument with others (even Republicans)... If you can’t afford a House, rent for goodness sakes...
this was freeped all over yesterday
wow the washington times picked this up today!!
THE PALADINO CAMPAIGN IS IN TOTAL LOCKDOWN TODAY DOING DEBATE PREP FOR TOMORROW!
It is up to us to spread this around
This will make some great campaign commercials.
Where have they been for the past 2 Years
This is a prime example of the “fiscal conservatism” Mr. Cuomo would bring to Albany. He’ll say anything to get elected and then revert to the mean.
When they roasted Paladino on the gay comments I am surprisd that no one brought out the campaign slogan Andy used in his fathers race for governor against Koch, “VOTE FOR CUOMO NOT THE HOMO” The big question is oh where oh where does the rebbi go now that he denounced Paladino for backtracking and Cuomo comes out the next day to support gay marriage in NY. HE HE HE HE!!!