Democrat candidate for governor in New York Andrew Cuomo was behind programs that destabilized Freddie Mac and Fannie Mae and gave birth to the mortgage crisis that led to the market crash of 2008.
Housing and Urban Development Secretary Andrew Cuomo today announced a policy to require the nation’s 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.
Cuomo said the historic action by HUD raises 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 – a 19 percent increase – in the year 2001. The percentage will first increase to 48 percent in 2000.—HUD News Release No. 99-131
His programs forced banks to loan to low-income and bad-credit customers that led to the housing collapse and 3-4 million families facing foreclosure.
“Andrew Cuomo … made a series of decisions between 1997 and 2001 that gave birth to the country’s current crisis. He took actions that … 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.”—Wayne Barrett
The first 3:45 or this 8:28 video below shows Andrew Cuomo explaining how he forced banks to loan money to unqualified people who couldn’t pay it back under the Clinton administration’s bank affirmative-action plan.
“This action will transform the lives of millions of families across our country by giving them new opportunities to buy homes or move into apartments with rents they can afford. It will strengthen our economy and create jobs by stimulating more home construction, it will help ease the terrible shortage of affordable housing plaguing far too many communities, and it will help reduce the huge homeownership gap dividing whites from minorities and suburbs from cities.”—Andrew Cuomo, Housing and Urban Development Secretary
A vote for Andrew Cuomo is a vote for more of the Democrats’ redistributive agenda. New Yorkers need to seriously think about that when casting their ballots for governor this November.
I.M. Kane
For more on Cuomo’s part in the mortgage crisis, see Andrew Cuomo and Fannie and Freddie by Wayne Barrett and HUD News Release No. 99-131.
EVIDENCE FOUND!!! Clinton administration’s “BANK AFFIRMATIVE ACTION” 8:28 Video
[…] more information about Cuomo’s involvement in the financial meltdown, see ANDREW CUOMO BIRTHED THE MORTGAGE CRISIS AND THE MARKET CRASH OF 2008 by Jerry A. Kane and The quotes that explain the entire financial meltdown by Ed […]
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