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Posts by TOM QUIN BBC

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  • Fannie and Freddie may need another $215 billion

    10/23/2010 6:12:32 AM PDT · 27 of 27
    TOM QUIN BBC to Red in Blue PA

    From Wikipedia, found at http://en.wikipedia.org/wiki/Andrew_Cuomo - Early life, education and career Andrew Cuomo was born in Queens, New York, the elder son of Mario Cuomo, the first Italian American to be elected Governor of New York and his Sephardic Jewish wife Matilda Raffa, daughter of Charlie Raffa (See Jewish Genealogy in Sicily at http://www.italian-family-history.com/jewish/_Sicilia.html). He is the older brother of ABC News journalist Chris Cuomo.

    During the administration of former New York City Mayor David Dinkins, Cuomo served as Chairman of the New York City Homeless Commission, which was charged with developing policies to address the homeless issue in the city and to develop more housing options.

    Cuomo, as HUD Secretary holding a press conference with then Treasury Secretary Larry SummersAndrew Cuomo was appointed to the Department of Housing and Urban Development as Assistant Secretary in 1993, as a member of President Bill Clinton’s administration. After the departure of Secretary Henry Cisneros at the end of Clinton’s first term under the cloud of an FBI investigation, Cuomo succeeded him as HUD Secretary in January 1997 after being unanimously confirmed by the Senate, serving until 2001 when Clinton’s administration ended. In 1998, Cuomo’s lauded work in the department garnered speculation that he could challenge Senator Al D’Amato but he ultimately declined, saying that he had more things to revamp in the Department. Instead, Congressman Charles Schumer won the Democratic nomination and ultimately defeated D’Amato. Cuomo was also mentioned as a candidate for U.S. Senator in 2000 but deferred to First Lady Hillary Rodham Clinton.

    During Cuomo’s tenure as HUD Secretary, he called for an increase in home ownership.[4] He also pushed government-sponsored lenders Fannie Mae and Freddie Mac to buy more home loans issued to poor homeowners, in an attempt to end discrimination against minorities.[5] Some believe that this helped lead to the current subprime mortgage crisis.[4][5][6] Edward J. Pinto, former chief credit officer at Fannie Mae, said “they should have known the risks were large. Cuomo was pushing mortgage bankers to make loans and basically saying you have to offer a loan to everybody.”[4] But others disagree with the assesment that Cuomo caused the crisis. Dean Baker, co-director of the Center for Economic and Policy Research, said Cuomo “was a contributor in terms of him being a cheerleader, but I don’t think we can pin too much blame on him.”[4]

    In other words, apparently this man Andrew Cuomo caused the entire financial crisis/great depression this country is facing now.