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
THIS IS THE ROOT OF THE HOUSING MELT DOWN
And now he wants to be governor of NY
CUOMO = OBAMA (without the business sense)
Watch the video before it is pulled!!!
“For those who want a smoking gun to show the genesis of the financial collapse, this short sequence from a longer video I posted this week will do it. Clinton HUD Secretary Andrew Cuomo announced a settlement of a lending discrimination complaint with Accubanc, a Texas lender whose prerequisites for mortgages came under attack from community organizers at the Fort Worth Human Relations Commission and the city of Dallas. I clipped out this sequence to underscore its importance:” see the video at the link
Capture it and email the link to Drudge and then Paladino.
how do I do that??? do you know??
If Carl is playing by the Alynski book he will smack Andy in the last days and not give him the chance to respond. Lets hope so. Although how does Andy spin himself out of this? Lets go to the video tape!
Excellent. This video needs to go viral. Also it should be used against all Dems. Their policies created the financial and economic mess we have today.
It is unpopular to say that the mortgage meltdown was a multi-player event. Dem and Pub Presidents and Congresses all had a hand in it. I call it a failure of the Fed-Gov period. Yes it started with the Dems, but the Repubs were enablers at the least.
email it to all your friends!!!
It wont go viral if no one starts passing it along
WE HAVE TO STOP CUOMO!
Thanks for this Mr. K
The GOP doesn't come close to the DUms in the pocket of Freddie/Fannie. Of all people, McCrisis saw the damage forthcoming and tried to fix it:
"JOHN GIBSON: Alright Heather. Lehman Brothers collapse is traced back to Fannie Mae and Freddie Mac, the two big mortgage banks that got a federal bailout a few weeks ago. Freddie and Fannie used huge lobbying budgets and political contributions to keep regulators off their backs...which politicians get Fannie and Freddie political contributions. The top three U.S. Senators getting big Fannie and Freddie political bucks were Democrats and number two is Senator Barack Obama. Now, remember, he has only been in the Senate four years but still managed to grab the number two spot ahead of John Kerry, decades in the senate, and Chris Dodd who is chairman of the Senate banking committee. Fannie and Freddie have been creations of the Congressional Democrats and the Clinton White House, designed to make mortgages available to more people, and as it turned out, some people who couldnt afford them. Fannie and Freddie have also been places for big Washington democrats to go to work in the semi-private sector and pocket millions. The Clinton Administrations White House budget director Franklin Raines ran Fannie and collected 50 million dollars. Jamie Gurilli, Clinton Justice Apartment Official, worked for Fannie and took home 26 million dollars. Big Democrat Jim Johnson, recently on Obamas VP search committee has hauled in millions from his Fannie Mae C.E.O. job.
Now remember, Obamas ads and stump speeches attack McCain and Republican policies for the current financial turmoil. It is demonstrably not Republican policy and worse, it appears the man attacking McCain, Senator Obama, was at the head of the line when the piggys lined up at the Fannie and Freddie trough for campaign bucks...." - FoxNews, Sept. 2008
"McCain spoke forcefully on May 25, 2006, on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005 (via Beltway Snark): "Mr. President, this week Fannie Maes regulator reported that the companys quarterly reports of profit growth over the past few years were illusions deliberately and systematically created by the companys senior management, which resulted in a $10.6 billion accounting scandal. The Office of Federal Housing Enterprise Oversights report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Maes former chief executive officer, OFHEOs report shows that over half of Mr. Raines compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulators examination of the companys accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform."
If Boehner’s first act isn’t to make Dodd do a perp walk in front of a Congressional inquiry on “Fast Times at Freddie/Fannie” I’m gonna lose interest in the Demogeddon reaaalll fast...
This video will sink him. It's over Andy.
Here's an email address for Paladino.
I dont know how to capture it
Obama was one of the first beneficiaries.
So now we have millions of people with college degrees who can barely read them (but all is good with the world, because minority college graduation rates are UP!)
Why isn’t Carl Paladino blasting TV and radio with this?
...and that is precisely why the RINOS/Ruling Class Republicans need to be defeated with the Demoncrats. PERIOD!
It’s also at http://www.youtube.com/watch?v=ivmL-lXNy64
I’m downloading it through Orbit and KeepTube(Mozilla add-on). If anyone wants it, please let me know an e-mail address via Freepmail to send it to.
I just spoke w/ someone at the Paladino HQ, told him about the video and emailed it to him. He also took my name and number. I also emailed it to Rush, but I highly think he’ll be reading my little email, lol!!
But at least Paladino HQ is aware of it and is hopefully looking at it right now!
> I dont know how to capture it
Tubesucker. It’s free.
Call the HQ 585-473-2729....I just spoke w/ someone there and emailed him the video.
If a few of us do the same, they will take notice of it and get it to Carl immediately!!
Onward Christian Soldiers!!!!!!!!
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
published: August 05, 2008
The American dream house - Fannie Mae gives minorities a chance
The Washington Times - Friday, December 10, 1999
Author: Franklin D. Raines
A decade after the Berlin Wall collapsed, a wall of injustice still divides minority families from the American dream of owning a home. We must tear down this wall, and the free market is the greatest bulldozer.
For instance, Fannie Mae brings private capital, management and efficiency to the task of expanding affordable homeownership in America. At the center of the housing finance system, Fannie Mae is a major force in the expansion of minority homeownership.
Since Fannie Mae doesnt make home loans ourselves, we back mortgage lenders by buying or securing loans they make in the primary market; the company does not serve minority borrowers directly. Nevertheless, Fannie Mae outperforms the overall market when it comes to financing minority lending, according to data provided to the U.S. Department of Housing and Urban Development (HUD), and Federal Reserve data gathered under the Home Mortgage Disclosure Act. Last year, Fannie Mae financed $46 billion in home loans for more than 450,000 minority families, 77 percent more than the previous year.
By far, Fannie Mae is the largest single source of funds for minority homebuyers in the nation. Notably, Fannie Mae finances more minority homeowners than the federal government does through the FHA.
In his column, Minority housing gap: Fannie Mae, Freddie Mac fall short, which ran Nov. 17, Martin Luther King III called for more progress in mortgage lending to minorities. We couldnt agree more. Yet Mr. King suggests that Fannie Mae does less than the primary market when it comes to lending to minorities. Not so. Evidence to support this assertion, sourced to an Urban Institute study, was based on interviews with a handful of lenders, not solid loan data analysis. Another source, a U.S. General Accounting Office study, relied on outdated HUD data.
In fact, when HUD Secretary Andrew Cuomo recently proposed to increase the percentage of the business Fannie Mae and Freddie Mac does with underserved families, as tough as the new targets are, Fannie Mae immediately signed up. This means we will devote 50 percent of our business to low- and moderate-income homebuyers.
However, Fannie Maes commitment to underserved families goes well beyond the HUD mandate. Five years ago, Fannie Mae launched our Trillion Dollar Commitment, a pledge to invest $1 trillion to help 10 million underserved families become homeowners or obtain decent rental housing by 2001. We targeted lower-income families, residents of central cities and rural areas and others for whom mortgage finance has always been difficult to obtain. No company in the world has ever made such a commitment, but next year we will meet our goal ahead of schedule. Furthermore, over the 1990s Fannie Mae has carefully studied, surveyed and identified the specific barriers to minority homeownership, including income, credit, misinformation and even discrimination. Then weve systematically developed breakthrough strategies to dismantle the barriers. They include 3 percent down payment mortgages, technology that reduces closing costs and nearly $10 billion in experimental mortgages to challenge outdated assumptions about credit. Thirty-three percent of borrowers using our special community lending products were minority families.
To reach families where they live, Fannie Mae has opened 44 local Partnership Offices across the nation and launched over $300 billion in local investment plans with lenders, city housing agencies, non-profit organizations and others. Fannie Mae also helps banks meet their Community Reinvestment Act requirements. Over past two years, we purchased over $3 billion in CRA loans; by 2002, well buy $10 billion more. The Wall Street Journal Business and Race column described our impact on the housing finance industry this way: Fannie Maes moves have rewritten the business plans of major lenders. To fight the information barrier, the Fannie Mae Foundation has pioneered consumer outreach to help families understand what it takes to buy a home and feel comfortable and confident with the process. An astounding 7.3 million consumers have responded, and 40 percent are minorities. Indeed, the Foundations new homebuyer education campaign, `Your Credit Matters, brought 24,000 responses fromminority families in the first 60 days.
These strategies have helped minority homeownership grow at a faster rate than that of white families, and minority homebuyers report they feel less discrimination. The racial divide still exists. Bridging it must be the first priority of the housing finance system. On this 50th anniversary of the National Housing Act, Fannie Mae is proud to lead the market to make the American dream of homeownership as diverse as the nation itself. Yet we will not be satisfied until the wall is down and the minority housing gap is closed.
Franklin D. Raines is chairman and CEO of Fannie Mae.
No direct link - related link:
70.5 million families, or 67%, now own homes
Tulsa World - November 13, 1999
Author: DANA SIMON, World Staff Writer
In July, Cuomo announced a policy to require the nations two largest housing finance companies to buy $2.4 trillion in mortgages over the next 10 years to provide affordable housing for about 28.1 million low- and moderate-income families. The historic action by HUD raised the required percentage of mortgage loans for low- and moderate-income families that finance companies Fannie Mae and Freddie Mac must buy from the current 42 percent of their total purchases to a new high of 50 percent in 2001. The percentage will first increase to 48 percent in 2000.
In addition, the Federal Housing Administration (FHA), which is part of HUD, insured nearly 1.3 million home mortgages in the 1999 fiscal year many of them going to minorities and central city residents. FHA has insured more than 6.8 million home mortgages since 1993. Without FHA insurance, many families would be unable to get mortgages to become homeowners. On Jan. 1, FHA began insuring home mortgages loans of up to $115,200 in communities where housing costs are relatively low and up to $208,800 in communities where housing costs are high. This was the second increase in the loan limits since October 1998 and will open up homeownership to more families in the years ahead.
The National Partners in Homeownership a coalition of 66 national groups representing the housing industry, lenders, nonprofit groups and all levels of government has also helped boost homeowner- ship. The Partners group was created in 1995. It has implemented initia- tives to make buying a home more affordable, faster and easier. Activi- ties to increase homeownership also are being carried out by 157 local homeownership partnerships established to support the national strategy. Amongthe activities developed by the Partners are homeownership counseling sessions, homebuying fairs, and help with locating homes.
On top of these initiatives, the Community Reinvestment Act a federal law that requires lenders to make loans to all segments of the communities they serve has resulted in more loans to people in low- and moderate-income neighborhoods since it was enacted in 1977. A significant portion of these funds has been used for mortgage lending that has boosted homeownership. Community groups estimate that lenders have pledged more than $1 trillion in CRA loans since 1977.
GAPS SEEN IN LOANS TO BLACKS AND HISPANICS
Boston Globe - September 16, 1999
Author: Bruce Butterfield, Globe Staff
But ACORN officials said their study should raise concerns about the long-term commitment of big banks everywhere. Other housing advocates in Boston agree, though they note that minority lending by major banks has shown signs of improving recently.
The ACORN study agreed. Minority home lending in Greater Boston improved between l997 and l998, particularily for Hispanic borrowers, it found.
The number of Hispanic loans rose dramatically, by 37 percent in Greater Boston, outdistancing for the first time the increase in loans to whites, which was 12 percent.
Loans to African-Americans reversed their downward trend in the final year of the four-year study, posting gains as well. But the gain was just 5 percent.
In Washington, Housing Secretary Andrew Cuomo , citing the ACORN study and another by the Urban Institute that disclosed wide discrimination in minority lending, said he would use the findings to help fight Congress over proposed cuts in spending for housing discrimination laws.
The ACORN study was based on a survey of mortgage data from major lenders in 41 cities.
MORTGAGE-LOAN DISCRIMINATION IS STILL COMMON, STUDIES FIND
Miami Herald, The (FL) - September 16, 1999
Author: TONY PUGH, Herald Washington Bureau
At a time of record home ownership, two new reports suggest mortgage lenders still routinely discriminate against minorities.
Last year, blacks were twice as likely to be rejected for conventional loans as whites in each of 41 cities examined by the grassroots housing activist organization ACORN , the Association of Community Organizations for Reform Now. The same study found Hispanics were at least 11/2 times more likely than whites to be denied a mortgage loan.
A study commissioned by the Department of Housing and Urban Development found that the discrimination typically begins early in the process of buying a house, sometimes in pre-application inquiries in which minority buyers receive less time and information from loan officers and are quoted higher interest rates.
In Miami, ACORN said, blacks make up 20.6 percent of the population but got only 6 percent of conventional mortgage loans in 1998. But Hispanics, who make up about 49 percent of the population, got 57.1 percent of the loans in 1998.
The studies, released Wednesday, contain information obtained through the Home Mortgage Disclosure Act and also relied on white and minority ``testers, who posed as home buyers with similar credit and income but received vastly different treatment.
``Nothing else can explain it, HUD Secretary Andrew Cuomo said. ``All the numbers are same. All the facts are the same. The only difference is the color of the skin.
$7.5 MILLION STUDY WILL TARGET HOUSING BIAS
Contra Costa Times (Walnut Creek, CA) - November 17, 1998
Author: Tony Pugh
Warning the housing industry to think twice before you discriminate, HUD Secretary Andrew Cuomo announced Monday a $7.5 million study to document the extent of housing bias against blacks, Hispanics, Asians and American Indians.
The yearlong study by the Department of Housing and Urban Development will include more than 3,000 individual tests of mortgage lenders, rental agents and real estate agents to see if customers are treated differently because of their race or ethnic origin.
Cuomo said the effort would be the most comprehensive and sophisticated analysis of housing discrimination ever conducted.
Testers will look for evidence that lenders and others steered minorities to certain neighborhoods and lending institutions, provided less favorable credit assistance, quoted higher security deposits and fees to minority renters and withheld information about the availability of homes or rental units.
If proven to be racially motivated, such activity would violate federal fair housing laws.
We will not hesitate to enforce the law, Cuomo said. And if youre a large organization, dont think youre immune from the law. Were serious.
Local housing advocates with the Oakland-based nonprofit group Acorn have for years called for HUD and other agencies to monitor the rate of lending to minorities in the East Bay.
Also, Freecorder toolbar ...
... also free.
When you include some miniscules and some sense, you will come to the realization that this is not the root of the housing meltdown. The root of the housing meltdown is 30 years of rampanant financial skullduggery that inflated the price of real estate to high multiples of its economic value. The Federal Reserve created the liqudity entirely intentionally and the banking system participated, not becaus there was a gun to their heads, but because they could make lots of money securitizing this junk and passing the risk on to others (the taxpayers it turns out).
Everyone played a part. Cuomo sure played a part as did other politicians, but everyone who knowingly and willingly participated in this ponzi scheme is responsible, and that happens to be most of the American public who still thought you could get something for nothing, all the geniuses in California or Boston or Chicago or Washington who thought you could borrow money, buy a house, and make a gazillion when it doubled in "value." Well, the value of this stuff has not changed,except through what is now an oversupply, but its price sure has, up and then whoops, who knew, back down again.
Actually it isn't down as much as it should be because Uncle Ben is rapidly running the printing press trying to keep the falling pieces from landing on our collective heads.
It’s very old video- just uncovered, not sure if the campaign knows about this yet.
I think it is up to us to spread it around
Banks do not loan money they think they will lose.
It was ONLY after a lawsuit by Cuomo, and then the GUARANTEE by FANNIE and FREDDIE that they would cover these loans that they jumped into this.
THEN the back and forth sales and inflation of prices happened. If you were to look at a price graph and compare the dates to this info you will see a massive upturn after Cuomo and Barney Frank and Dodd and CLinot did this.
What are you here for? To help democraps?
"..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 thatin combination with many other factorshelped 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...."
Cuomo is right at ground zero for the the crash of Freddie and Fannie. He should pay like the rest of us!
He just called back, still didnt get the video. So I went to you tube and emailed that one, along w/ sending it to myself to see how quickly he would get it.
I got mine immediately....so he’s probably watching it right now!!!
Thank YOU!! Maybe Mark Levin, also?
I say ... a job for you in his admin!
I guess you didn’t see CPAN in ‘04 when the R’s where confronted Barney about these loans and he and a few other ‘rats defended their actions - quite nastily, also!
So you are most UNINFORMED with your attempt to bring ‘everyone’ into it. You must be the last to know - even the ‘rats know what they did.
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.