Andrew Cuomo

THE ECONOMIC COLLAPSE OF 2008! The Fannie Mae testimony that will make you scream in anger In 1997 President Clinton's HUD secretary, a man named Andrew Cuomo, claimed Fannie Mae had exhibited "racial discrimination" and proposed that 50 percent of the GSEs' (Fannie and Freddie) loan portfolio be made up of loans to low- and moderate-income borrowers by 2001. [Clinton appointee] 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 subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration...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. At the time, Democrat Cuomo said "GSE presence in the subprime market could be of significant benefit to lower-income families, minorities, and families living in underserved areas..." ...as Paul Krugman noted in the Times recently, "homeownership isn't for everyone," adding that as many as 10 million of the new buyers are stuck now with negative home equity... So many others have gone through foreclosure that there's been a net loss in home ownership since 1998... From 2001 to 2008, the Bush administration tried more than 18 times to bring Fannie and Freddie under heel. TWENTY=ONE REPUBLICANS SOUNDED THE WARNING ABOUT FREDDY MAC AND FANNY MAE! Federal Housing Enterprise Regulatory Reform Act of 2005 https://www.govtrack.us/congress/bills/109/s190