Skip to comments.VIDEO OF ANDREW CUOMO STARTING THE HOUSING MELT DOWN!
Posted on 10/16/2010 2:57:25 AM PDT by 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 Im sure there will be a higher default rate on those mortgages than on the rest of the portfolio
Mark Levin is a FReeper, but I just can’t remember his screen name!!!
Oh no! Now I can’t remember it, either!
Barney Frank wants voters to believe that the Bush administration got us into the present financial mess. This is a toxic lie, as shown by these CSPAN excerpts from ....2004 ..... Congressional hearings on tighter regulation of Fannie and Freddie. Note that the Democrat members are challenging Republicans attempts to raise alarms about a subprime-related housing meltdown and, in particular, excoriating government regulators ....
Something we do very well.
Thank you! It hurt my head trying to remember. ;)
When Cuomo was Housing and Urban Development Secretary under Clinton, he was the prime mover behind programs that destabilized Freddie Mac and Fannie Mae, and his programs to mandate banks loan to low-income and bad-credit homebuyers were a significant factor in the housing collapse.
Congresswoman Gillibrand served as Special Counsel to Andrew Cuomo, Pres Clinton's appointee as Secy of HUD. Gillibrand played a key role in furthering HUDs Labor Initiative and *New Markets initiative (sub-prime mortgages); Gillibrand worked to strengthen the Davis-Bacon Act and drafting new markets legislation for public and private investment in building infrastructure to revitalize lower income areas across the nation."
"Sure, I know how I got the HUD job. Clinton needed my daddy in his corner,
so I got the HUD job. HUD is where I got the $18 million to run for Governor."
CUOMO AND BILL CLINTON CREATED CONDITIONS FOR MELTDOWN (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 countrys current crisis. He took actions thatin combination with many other factorshelped 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.......
STATEMENT FROM NY GOVERNOR DAVID A. PATERSON
Appoints Kirsten Gillibrand to Hillary's Senate seat
FOR IMMEDIATE RELEASE: January 23, 2009
EXCERPT New York State laws empower the Governor to appoint a new Senator if a seat should come open. It is my privilege and my responsibility to make this choice on behalf of the people of New York."
That is why I am proud to announce my appointment of Congresswoman Kirsten Gillibrand to represent New York in the United States Senate. I am appointing Kirsten Gillibrand because she is the right leader for this decisive moment in our history. Kirsten Gillibrand, the next junior Senator from New York will have big shoes to fill. This seat has been held by icons of New York State: Robert Francis Kennedy, Daniel Patrick Moynihan, Hillary Rodham Clinton."
" During the administration of President Clinton, Congresswoman Gillibrand served as Special Counsel to Andrew Cuomo, Pres Clinton's appointee as U.S. Secretary of Housing and Urban Development."
"At HUD, Congresswoman Gillibrand played a key role in furthering HUDs Labor Initiative and *New Markets initiative, working to strengthen enforcement of the Davis-Bacon Act and drafting new markets legislation for public and private investment in building infrastructure to revitalize lower income areas across the nation."
Following federal service, Congresswoman Gillibrand entered the private sector, joining one of the Countrys premier law firms.
READ MORE AT: http://www.state.ny.us/governor/press/press_0123091.html
The Government filed suit against F/M head Franklin Raines when the depth of the F/M accounting scandal became clear. READ IT HERE http://housingdoom.com/2006/12/18/fannie-charges/
The Government noted, "The 101 charges reveal how the individuals improperly manipulated earnings to maximize their bonuses, while knowingly neglecting accounting systems and internal controls, misapplying over twenty accounting principles and misleading the regulator and the public. The Notice explains how they submitted six years of misleading and inaccurate accounting statements and inaccurate capital reports that enabled them to grow Fannie Mae in an unsafe and unsound manner."
These charges were made in 2006. The Court ordered Raines to return $50 Million Dollars he received in bonuses based on the mis-stated Fannie Mae profits. (Soon going to trial.)
Franklin Raines looted and pillaged Fannie Mae as Clinton's appointee. Raines famously bought into the climate control scam w/ F/M funds. Now he's hooked up with Ohaha's Chicago mob who organized the Chicago Climate Exchange.
REFERENCE Ex-Fannie CEO Franklin Raines should be behind bars for life. He is a crook of the first order. This thief Raines cooked the FM books precipitating losses of $9B (that we know of) for the single purpose of creating bonuses for himself and other F/M insiders. The SEC said Raines broke accounting rules by playing with risky derivatives.
RAINES COOKS THE F/M BOOKS---WALKS AWAY A MULTI-MILLIONAIRE After Raines was outed for cooking the books, Raines walked away w/ $90 million dollars, a $26 million parachute,
Raines gets a MONTHLY pension of $116,300 for life. Raines had already collected $4.87 million in special performance shares.
Raines owns options giving him $5.8 million in net profit after redemptions, plus another $8.7 million in deferred compensation for six years at the F/M helm.
Raines keeps $5 million of paid-up life insurance. He and his spouse get free medical and dental benefits for life, worth over $1 million.
Raines earned $20 million in salary, bonuses and stock awards (that we know of) in one year.
After he was fired, Raines told the F/M board that he's entitled to get paychecks until June 22 giving him another $600,000, which triggers a $2,000 monthly raise in his lifetime pension. He also said he's entitled to disputed options with a gross value of about $5.6 million.
To keep Raines happy within philanthropic circles, Fannie Mae will match Raines' charitable contributions by $10,000 a year.
VERY IMPORTANT PING!!! CUOMO KNEW!
That video clip was from 2004!!
Mr.K - Did you see Post #49? This needs to get into PALADINO’S hands.
Another important ‘Cuomo knew’ ping at Post 49.
You are the most uninformed financial idiot around here. That is exactly the point. The banks did not stand to loose on their loans for the simple reason that they thought they had sold the loans on where they were securitized and divided into tranches which were further securitized and insured by the likes of AIG - recall that name?
So the banks made their fees up front, originating the loans and selling them on for others to be at risk for the losses. By others, I mean the pension funds that ultimately hold these things, and oh yes, the taxpayer, who it turns out underwrote AIG even when we did not know we were going to do so.
I know exactly what the "RATs" did. But they were only part of a much bigger story which the RINOs also played a major part in.
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.