Served notice by who, exactly? And for what, exactly?
It's about time it was said.
- Thread starter bigrebnc1775
- Start date
Served notice by who, exactly? And for what, exactly?
Yet at the time, it seems that he didn't do enough. You guy's need to make up your mind.Another point, as I understand it, the "No Money Down" came from Cuomo, also the threat of Government Investigation, if the Loan applications were looked at too closely.
When Mel Martinez announced his candidacy for the Senate from his home state of Florida, it was inevitable that he would give a positive spin to his record as secretary of the U.S. Department of Housing and Urban Development. Martinez is claiming that on his watch HUD successfully promoted minority homeownership and faith-based initiatives, and eliminated waste and fraud. But housing advocates say his accomplishments have been ephemeral at best, as flimsy as a house of cards.
“I am disappointed that Mr. Martinez never got behind a new production program, as it appeared he might when he first arrived in Washington,” says Sheila Crowley, president of the National Low Income Housing Coalition (NLIHC). “He certainly acknowledged the need. But he followed orders from the White House and [Office of Management and Budget] and actually worked against the National Housing Trust Fund.”
And thatÂ’s not all he did.
“[W]hat I resent most about the Martinez agenda for HUD is the co-optation of the language of ending chronic homelessness,” observes Crowley. “First of all, it has been all too easy for his declaration to morph into ending homelessness,” she says. “But more egregiously, the rhetoric was never matched with deeds and, I fear, was simply adopted to be used in political campaigns to validate the Bush Administration’s claims to compassionate conservatism.”
Seven Republican candidates are jockeying for position in advance of the August 31 primary for the opportunity to compete for the seat currently held by Democrat Bob Graham, who is retiring. FloridaÂ’s Senate race is being heralded as one of the most important in the nation for two reasons. First, the seat is up for grabs, with neither party having a clear advantage. Second, it is likely that, in what is widely predicted to be a close presidential race, Florida will once again figure prominently. Florida, as the 2000 presidential contest revealed, is a closely divided state, and both the Bush and Kerry campaigns will be putting considerable effort into winning the Sunshine State.
Martinez, who has the support of President Bush and an apparently close relationship with him, is perceived as having an edge. A profile of Martinez that ran last year in Orlando magazine derided the importance of HUD, and quoted from a National Journal report card of Cabinet members that gave Martinez an overall C, but an A for carrying out the presidentÂ’s political agenda.
But even with the president’s support and as a member of the politically active Cuban-American community, Martinez is no shoo-in for the nomination. Earlier this year polls showed him running even with former U.S. Rep. Bill McCollum, a 20-year veteran of Congress. Martinez is running to McCollum’s right (even as he’s being attacked as a liberal by GOP gadfly and professional Clinton-hater Larry Klayman) but should he win the nomination he will have to move towards the center. He hopes his experience at HUD will help him do this. But if the Florida media examines the record – as the Orlando report suggests – the candidate might not get the bump he hopes for.
House of Cards: Mel Martinez's HUD Accomplishments
You sure are struggling to find some lame proof that Bush and his administration didn't contribute HUGELY to the housing crash. It's truly funny. I'd like to see something where Mario Cuomo had such influence on a major policy of George W. Bush. A liberal Democrat from New York? Sure. Incredible. Just incredible.
Maybe you could stand down wind Maggie.
Andrew Cuomo promised to "transform the lives of millions of families across our country"
when as HUD secretary he announced his historic plan to increase home ownership.
Eleven years later, many experts think that much-heralded transformation played a role in
the devastating subprime mortgage meltdown and the worst economic downturn since the Great
Depression.
"They should have known the risks were large," said Edward J. Pinto, former chief credit
officer at Fannie Mae. "Cuomo was pushing mortgage bankers to make loans and basically saying
you have to offer a loan to everybody."
Pinto argues that Cuomo, now running for governor of New York, helped create the framework
for the subprime crisis by pushing unrealistic and irresponsible affordable housing goals as
head of the U.S. Department of Housing and Urban Development.
"He was a contributor in terms of him being a cheerleader, but I don't think we can pin too
much blame on him," Dean Baker, co-director of the Center for Economic and Policy Research,
said of Cuomo's role in the subprime crisis.
Baker sees Cuomo as a contributor because he advocated a philosophy that almost everyone
should be able to own a home. And yet, he thinks others, most notably mortgage lenders and
brokers, were the real culprits.
The debate over Cuomo's culpability in the subprime crisis has its roots in his eight-year
record at HUD, most notably his role in:
New requirements that Fannie Mae and Freddie Mac, two of the nation's largest
finance companies, expand their purchase of mortgages held by low- and moderate-income
homebuyers.
A reform that allowed Fannie and Freddie to receive affordable-housing credit for
buying private subprime mortgage-backed securities.
Increased loan ceilings and looser underwriting standards at the Federal Housing
Administration.
President Bill Clinton's National Homeownership Strategy, an unprecedented
private-public partnership that made financing more available and flexible.
Of all the initiatives endorsed by Cuomo, first as assistant HUD secretary and later as the
agency's top guy, none is as controversial as the affordable housing goals he imposed on
Fannie and Freddie with the blessing of the White House and Congress.
In reality, what those goals meant was to increase from 42 percent to 50 percent the
percentage of affordable housing loans Fannie and Freddie were required to buy each year.
Cuomo's HUD career under scrutiny - City & Region - The Buffalo News
What that says to me is that the assistance is not to be used by folks of higher incomes to buy in neighborhoods of lower incomes.
Did I grab from the wrong brownie tray again?Mr. Cuomo was housing secretary at a critical moment for the nation, just as its subprime mortgage fever was beginning to spike. It was during his tenure that the banking industry began to embrace predatory loans, and these creations led to a housing bubble that badly damaged America’s banks and nearly toppled its financial system.
An examination of Mr. Cuomo’s tenure atop the agency shows he was quick to warn about Wall Street’s dangerous hunger for predatory subprime loans — generally more expensive mortgages sold to people with poor credit. He counseled caution when many influential players, including the Federal Reserve and Congress, resisted any suggestion that they slow the country’s stampede to home ownership.
He also called attention to a pernicious mortgage-broker incentive payment that drove up interest rates for borrowers — secretly, in many cases — and that helped put many home buyers into loans they later found they could not afford.
And, in an effort to reverse decades of discrimination against blacks and Latinos, Mr. Cuomo pushed the government-sponsored banks, Fannie Mae and Freddie Mac, to buy more home loans taken out by poor and working-class borrowers.
But when presented with chances to throttle back on the exploding subprime market, guard against predatory lending and reel in mortgage brokers and lenders, Mr. Cuomo several times faltered and backed down, interviews and records show.
He did not heed local officials and others who wanted him to make Fannie and Freddie publicly report details about the loans they bought.
And he chose not to impose penalties and other deterrents to ensure that the giant public banks did not promote dangerous lending.
He also reversed himself, under heavy lobbying pressure from mortgage brokers and bankers, on the arcane but costly mortgage-broker payments known as yield spread premiums. These were lucrative bounties that banks paid to brokers who found new clients; the unwitting borrowers paid higher-than-market interest rates as a result.
Yield spread premiums fueled the subprime frenzy, according to official post-mortems on the crisis.
Nearly every political leader whose hands touched the fiscal and housing crises has had decisions scrutinized, actions questioned. Already, Mr. Cuomo has heard such rumblings from supporters of his likely Republican opponent, Rick A. Lazio, a former congressman.
Mr. Cuomo, whose tenure at HUD ended in early 2001, refused repeated requests to talk about his experience running the nation’s housing agency and how he wrestled with such policy questions. He gave no reason for his reticence. Instead, his staff issued a statement, and his former chief of staff at HUD, Howard B. Glaser, took the role of surrogate for the candidate.
http://www.nytimes.com/2010/08/24/nyregion/24hud.html
An examination of Mr. Cuomo’s tenure atop the agency shows he was quick to warn about Wall Street’s dangerous hunger for predatory subprime loans — generally more expensive mortgages sold to people with poor credit. He counseled caution when many influential players, including the Federal Reserve and Congress, resisted any suggestion that they slow the country’s stampede to home ownership.
He also called attention to a pernicious mortgage-broker incentive payment that drove up interest rates for borrowers — secretly, in many cases — and that helped put many home buyers into loans they later found they could not afford.
And, in an effort to reverse decades of discrimination against blacks and Latinos, Mr. Cuomo pushed the government-sponsored banks, Fannie Mae and Freddie Mac, to buy more home loans taken out by poor and working-class borrowers.
But when presented with chances to throttle back on the exploding subprime market, guard against predatory lending and reel in mortgage brokers and lenders, Mr. Cuomo several times faltered and backed down, interviews and records show.
He did not heed local officials and others who wanted him to make Fannie and Freddie publicly report details about the loans they bought.
And he chose not to impose penalties and other deterrents to ensure that the giant public banks did not promote dangerous lending.
He also reversed himself, under heavy lobbying pressure from mortgage brokers and bankers, on the arcane but costly mortgage-broker payments known as yield spread premiums. These were lucrative bounties that banks paid to brokers who found new clients; the unwitting borrowers paid higher-than-market interest rates as a result.
Yield spread premiums fueled the subprime frenzy, according to official post-mortems on the crisis.
Nearly every political leader whose hands touched the fiscal and housing crises has had decisions scrutinized, actions questioned. Already, Mr. Cuomo has heard such rumblings from supporters of his likely Republican opponent, Rick A. Lazio, a former congressman.
Mr. Cuomo, whose tenure at HUD ended in early 2001, refused repeated requests to talk about his experience running the nation’s housing agency and how he wrestled with such policy questions. He gave no reason for his reticence. Instead, his staff issued a statement, and his former chief of staff at HUD, Howard B. Glaser, took the role of surrogate for the candidate.
http://www.nytimes.com/2010/08/24/nyregion/24hud.html
bigrebnc1775
][][][% NC Sheepdog
- Thread starter
- #166
What you are saying does not match the facts and the timeline. If Bush thought something had to done with Freddy and Fanny why would he make it easier to get a loan through them?
Come on Guy's Housing kept rising, Wages stayed the same unless you were a Government Employee, Gasoline went over $4.50 a gallon for how long????? 5+ months maybe????? Confidence self destructed and the bottom fell out. Who is responsible for taking advantage of oil prices and reserves for political gain and power and control, caused the crisis. With all that ******* oil in the ground, our reserves, unless we are being lied to about them too, caused the collapse. Incompetent bumbling fools, caused the crisis. Were we to drill tomorrow, our debt would vanish.
bigrebnc1775
][][][% NC Sheepdog
- Thread starter
- #168
Yep
Here's a funny thought to chew on... maybe the concept behind Fanny & Freddie is sound and, who wouldn't torpedo their competition, ass-u-me-ing they had the connections and/or the resources? What if you could torpedo your competition and profit handsomely while you fucked with them? Wouldn't that be worth the salary and expenses of a shark with a greasy palm in the congressional lobby?
No.
No, you don't think it's funny?
No, you don't want to chew on it?
No you don't believe a shark with greasy palms would survive in D.C.?
I'm confused....
MaggieMae
Reality bits
- Apr 3, 2009
- 24,043
- 1,635
- 48
Yet at the time, it seems that he didn't do enough. You guy's need to make up your mind.
When Mel Martinez announced his candidacy for the Senate from his home state of Florida, it was inevitable that he would give a positive spin to his record as secretary of the U.S. Department of Housing and Urban Development. Martinez is claiming that on his watch HUD successfully promoted minority homeownership and faith-based initiatives, and eliminated waste and fraud. But housing advocates say his accomplishments have been ephemeral at best, as flimsy as a house of cards.
“I am disappointed that Mr. Martinez never got behind a new production program, as it appeared he might when he first arrived in Washington,” says Sheila Crowley, president of the National Low Income Housing Coalition (NLIHC). “He certainly acknowledged the need. But he followed orders from the White House and [Office of Management and Budget] and actually worked against the National Housing Trust Fund.”
And thatÂ’s not all he did.
“[W]hat I resent most about the Martinez agenda for HUD is the co-optation of the language of ending chronic homelessness,” observes Crowley. “First of all, it has been all too easy for his declaration to morph into ending homelessness,” she says. “But more egregiously, the rhetoric was never matched with deeds and, I fear, was simply adopted to be used in political campaigns to validate the Bush Administration’s claims to compassionate conservatism.”
Seven Republican candidates are jockeying for position in advance of the August 31 primary for the opportunity to compete for the seat currently held by Democrat Bob Graham, who is retiring. FloridaÂ’s Senate race is being heralded as one of the most important in the nation for two reasons. First, the seat is up for grabs, with neither party having a clear advantage. Second, it is likely that, in what is widely predicted to be a close presidential race, Florida will once again figure prominently. Florida, as the 2000 presidential contest revealed, is a closely divided state, and both the Bush and Kerry campaigns will be putting considerable effort into winning the Sunshine State.
Martinez, who has the support of President Bush and an apparently close relationship with him, is perceived as having an edge. A profile of Martinez that ran last year in Orlando magazine derided the importance of HUD, and quoted from a National Journal report card of Cabinet members that gave Martinez an overall C, but an A for carrying out the presidentÂ’s political agenda.
But even with the president’s support and as a member of the politically active Cuban-American community, Martinez is no shoo-in for the nomination. Earlier this year polls showed him running even with former U.S. Rep. Bill McCollum, a 20-year veteran of Congress. Martinez is running to McCollum’s right (even as he’s being attacked as a liberal by GOP gadfly and professional Clinton-hater Larry Klayman) but should he win the nomination he will have to move towards the center. He hopes his experience at HUD will help him do this. But if the Florida media examines the record – as the Orlando report suggests – the candidate might not get the bump he hopes for.
House of Cards: Mel Martinez's HUD Accomplishments
Maybe you could stand down wind Maggie.
Andrew Cuomo promised to "transform the lives of millions of families across our country"
when as HUD secretary he announced his historic plan to increase home ownership.
Eleven years later, many experts think that much-heralded transformation played a role in
the devastating subprime mortgage meltdown and the worst economic downturn since the Great
Depression.
"They should have known the risks were large," said Edward J. Pinto, former chief credit
officer at Fannie Mae. "Cuomo was pushing mortgage bankers to make loans and basically saying
you have to offer a loan to everybody."
Pinto argues that Cuomo, now running for governor of New York, helped create the framework
for the subprime crisis by pushing unrealistic and irresponsible affordable housing goals as
head of the U.S. Department of Housing and Urban Development.
"He was a contributor in terms of him being a cheerleader, but I don't think we can pin too
much blame on him," Dean Baker, co-director of the Center for Economic and Policy Research,
said of Cuomo's role in the subprime crisis.
Baker sees Cuomo as a contributor because he advocated a philosophy that almost everyone
should be able to own a home. And yet, he thinks others, most notably mortgage lenders and
brokers, were the real culprits.
The debate over Cuomo's culpability in the subprime crisis has its roots in his eight-year
record at HUD, most notably his role in:
New requirements that Fannie Mae and Freddie Mac, two of the nation's largest
finance companies, expand their purchase of mortgages held by low- and moderate-income
homebuyers.
A reform that allowed Fannie and Freddie to receive affordable-housing credit for
buying private subprime mortgage-backed securities.
Increased loan ceilings and looser underwriting standards at the Federal Housing
Administration.
President Bill Clinton's National Homeownership Strategy, an unprecedented
private-public partnership that made financing more available and flexible.
Of all the initiatives endorsed by Cuomo, first as assistant HUD secretary and later as the
agency's top guy, none is as controversial as the affordable housing goals he imposed on
Fannie and Freddie with the blessing of the White House and Congress.
In reality, what those goals meant was to increase from 42 percent to 50 percent the
percentage of affordable housing loans Fannie and Freddie were required to buy each year.
Cuomo's HUD career under scrutiny - City & Region - The Buffalo News
Whatever...he still had no authority to write law. You are obviously desperately looking for a scapegoat other than Bush and his personal economic advisors to blame when he OWNS this one, regardless of how many "Democrats" in high places also advocated affordable housing.
Samson
Póg Mo Thóin
No, you don't think it's funny?
No, you don't want to chew on it?
No you don't believe a shark with greasy palms would survive in D.C.?
I'm confused....
Yes.
MaggieMae
Reality bits
- Apr 3, 2009
- 24,043
- 1,635
- 48
I'm not a dumb Republican. You even missed that. The elephant IS still the GOP mascot, isn't it? Or have you extremists dismissed that too and maybe prefer the hissing snake instead...
Maybe you could stand down wind Maggie.
Andrew Cuomo promised to "transform the lives of millions of families across our country"
when as HUD secretary he announced his historic plan to increase home ownership.
Eleven years later, many experts think that much-heralded transformation played a role in
the devastating subprime mortgage meltdown and the worst economic downturn since the Great
Depression.
"They should have known the risks were large," said Edward J. Pinto, former chief credit
officer at Fannie Mae. "Cuomo was pushing mortgage bankers to make loans and basically saying
you have to offer a loan to everybody."
Pinto argues that Cuomo, now running for governor of New York, helped create the framework
for the subprime crisis by pushing unrealistic and irresponsible affordable housing goals as
head of the U.S. Department of Housing and Urban Development.
"He was a contributor in terms of him being a cheerleader, but I don't think we can pin too
much blame on him," Dean Baker, co-director of the Center for Economic and Policy Research,
said of Cuomo's role in the subprime crisis.
Baker sees Cuomo as a contributor because he advocated a philosophy that almost everyone
should be able to own a home. And yet, he thinks others, most notably mortgage lenders and
brokers, were the real culprits.
The debate over Cuomo's culpability in the subprime crisis has its roots in his eight-year
record at HUD, most notably his role in:
New requirements that Fannie Mae and Freddie Mac, two of the nation's largest
finance companies, expand their purchase of mortgages held by low- and moderate-income
homebuyers.
A reform that allowed Fannie and Freddie to receive affordable-housing credit for
buying private subprime mortgage-backed securities.
Increased loan ceilings and looser underwriting standards at the Federal Housing
Administration.
President Bill Clinton's National Homeownership Strategy, an unprecedented
private-public partnership that made financing more available and flexible.
Of all the initiatives endorsed by Cuomo, first as assistant HUD secretary and later as the
agency's top guy, none is as controversial as the affordable housing goals he imposed on
Fannie and Freddie with the blessing of the White House and Congress.
In reality, what those goals meant was to increase from 42 percent to 50 percent the
percentage of affordable housing loans Fannie and Freddie were required to buy each year.
Cuomo's HUD career under scrutiny - City & Region - The Buffalo News
Whatever...he still had no authority to write law. You are obviously desperately looking for a scapegoat other than Bush and his personal economic advisors to blame when he OWNS this one, regardless of how many "Democrats" in high places also advocated affordable housing.
You are Lost in space Maggie. You obviously don't like or respect me as a person, you have made that abundantly clear. You are not worth arguing with, facts are lost on you. Why are you wasting my time? You deny Cuomo set Policy? My links prove you wrong. It's a blood trail Maggie. That too is lost on you, like every thing else. Democrats can't Govern Maggie, like you, they ***** and moan, yet there is no substance, no depth. No Authority to Write Law? Only Policy as an Administrator. You are shooting blanks.
I'm not a dumb Republican. You even missed that. The elephant IS still the GOP mascot, isn't it? Or have you extremists dismissed that too and maybe prefer the hissing snake instead...
I'm conservative and Independent Maggie. Dumbo is no more the Symbol for the Republican Party Than Maggot is the correct spelling of your name. Get it? Good! When I think of you, my middle finger comes to mind.
MaggieMae
Reality bits
- Apr 3, 2009
- 24,043
- 1,635
- 48
Yet at the time, it seems that he didn't do enough. You guy's need to make up your mind.
When Mel Martinez announced his candidacy for the Senate from his home state of Florida, it was inevitable that he would give a positive spin to his record as secretary of the U.S. Department of Housing and Urban Development. Martinez is claiming that on his watch HUD successfully promoted minority homeownership and faith-based initiatives, and eliminated waste and fraud. But housing advocates say his accomplishments have been ephemeral at best, as flimsy as a house of cards.
“I am disappointed that Mr. Martinez never got behind a new production program, as it appeared he might when he first arrived in Washington,” says Sheila Crowley, president of the National Low Income Housing Coalition (NLIHC). “He certainly acknowledged the need. But he followed orders from the White House and [Office of Management and Budget] and actually worked against the National Housing Trust Fund.”
And thatÂ’s not all he did.
“[W]hat I resent most about the Martinez agenda for HUD is the co-optation of the language of ending chronic homelessness,” observes Crowley. “First of all, it has been all too easy for his declaration to morph into ending homelessness,” she says. “But more egregiously, the rhetoric was never matched with deeds and, I fear, was simply adopted to be used in political campaigns to validate the Bush Administration’s claims to compassionate conservatism.”
Seven Republican candidates are jockeying for position in advance of the August 31 primary for the opportunity to compete for the seat currently held by Democrat Bob Graham, who is retiring. FloridaÂ’s Senate race is being heralded as one of the most important in the nation for two reasons. First, the seat is up for grabs, with neither party having a clear advantage. Second, it is likely that, in what is widely predicted to be a close presidential race, Florida will once again figure prominently. Florida, as the 2000 presidential contest revealed, is a closely divided state, and both the Bush and Kerry campaigns will be putting considerable effort into winning the Sunshine State.
Martinez, who has the support of President Bush and an apparently close relationship with him, is perceived as having an edge. A profile of Martinez that ran last year in Orlando magazine derided the importance of HUD, and quoted from a National Journal report card of Cabinet members that gave Martinez an overall C, but an A for carrying out the presidentÂ’s political agenda.
But even with the president’s support and as a member of the politically active Cuban-American community, Martinez is no shoo-in for the nomination. Earlier this year polls showed him running even with former U.S. Rep. Bill McCollum, a 20-year veteran of Congress. Martinez is running to McCollum’s right (even as he’s being attacked as a liberal by GOP gadfly and professional Clinton-hater Larry Klayman) but should he win the nomination he will have to move towards the center. He hopes his experience at HUD will help him do this. But if the Florida media examines the record – as the Orlando report suggests – the candidate might not get the bump he hopes for.
House of Cards: Mel Martinez's HUD Accomplishments
Maybe you could stand down wind Maggie.
Andrew Cuomo promised to "transform the lives of millions of families across our country"
when as HUD secretary he announced his historic plan to increase home ownership.
Eleven years later, many experts think that much-heralded transformation played a role in
the devastating subprime mortgage meltdown and the worst economic downturn since the Great
Depression.
"They should have known the risks were large," said Edward J. Pinto, former chief credit
officer at Fannie Mae. "Cuomo was pushing mortgage bankers to make loans and basically saying
you have to offer a loan to everybody."
Pinto argues that Cuomo, now running for governor of New York, helped create the framework
for the subprime crisis by pushing unrealistic and irresponsible affordable housing goals as
head of the U.S. Department of Housing and Urban Development.
"He was a contributor in terms of him being a cheerleader, but I don't think we can pin too
much blame on him," Dean Baker, co-director of the Center for Economic and Policy Research,
said of Cuomo's role in the subprime crisis.
Baker sees Cuomo as a contributor because he advocated a philosophy that almost everyone
should be able to own a home. And yet, he thinks others, most notably mortgage lenders and
brokers, were the real culprits.
The debate over Cuomo's culpability in the subprime crisis has its roots in his eight-year
record at HUD, most notably his role in:
New requirements that Fannie Mae and Freddie Mac, two of the nation's largest
finance companies, expand their purchase of mortgages held by low- and moderate-income
homebuyers.
A reform that allowed Fannie and Freddie to receive affordable-housing credit for
buying private subprime mortgage-backed securities.
Increased loan ceilings and looser underwriting standards at the Federal Housing
Administration.
President Bill Clinton's National Homeownership Strategy, an unprecedented
private-public partnership that made financing more available and flexible.
Of all the initiatives endorsed by Cuomo, first as assistant HUD secretary and later as the
agency's top guy, none is as controversial as the affordable housing goals he imposed on
Fannie and Freddie with the blessing of the White House and Congress.
In reality, what those goals meant was to increase from 42 percent to 50 percent the
percentage of affordable housing loans Fannie and Freddie were required to buy each year.
Cuomo's HUD career under scrutiny - City & Region - The Buffalo News
A cheerleader. Maybe even a mover and a shaker. That hardly makes him culpable, and ESPECIALLY hardly makes him the number one bad guy here.
MaggieMae
Reality bits
- Apr 3, 2009
- 24,043
- 1,635
- 48
Are you all right? First you attempt to lay complete blame for the housing crisis on Andrew Cuomo, and now you're blaming whomever manipulates the price of oil? These are both new hypotheses. Perhaps you need to write your own book.
MaggieMae
Reality bits
- Apr 3, 2009
- 24,043
- 1,635
- 48
Maybe you could stand down wind Maggie.
Andrew Cuomo promised to "transform the lives of millions of families across our country"
when as HUD secretary he announced his historic plan to increase home ownership.
Eleven years later, many experts think that much-heralded transformation played a role in
the devastating subprime mortgage meltdown and the worst economic downturn since the Great
Depression.
"They should have known the risks were large," said Edward J. Pinto, former chief credit
officer at Fannie Mae. "Cuomo was pushing mortgage bankers to make loans and basically saying
you have to offer a loan to everybody."
Pinto argues that Cuomo, now running for governor of New York, helped create the framework
for the subprime crisis by pushing unrealistic and irresponsible affordable housing goals as
head of the U.S. Department of Housing and Urban Development.
"He was a contributor in terms of him being a cheerleader, but I don't think we can pin too
much blame on him," Dean Baker, co-director of the Center for Economic and Policy Research,
said of Cuomo's role in the subprime crisis.
Baker sees Cuomo as a contributor because he advocated a philosophy that almost everyone
should be able to own a home. And yet, he thinks others, most notably mortgage lenders and
brokers, were the real culprits.
The debate over Cuomo's culpability in the subprime crisis has its roots in his eight-year
record at HUD, most notably his role in:
New requirements that Fannie Mae and Freddie Mac, two of the nation's largest
finance companies, expand their purchase of mortgages held by low- and moderate-income
homebuyers.
A reform that allowed Fannie and Freddie to receive affordable-housing credit for
buying private subprime mortgage-backed securities.
Increased loan ceilings and looser underwriting standards at the Federal Housing
Administration.
President Bill Clinton's National Homeownership Strategy, an unprecedented
private-public partnership that made financing more available and flexible.
Of all the initiatives endorsed by Cuomo, first as assistant HUD secretary and later as the
agency's top guy, none is as controversial as the affordable housing goals he imposed on
Fannie and Freddie with the blessing of the White House and Congress.
In reality, what those goals meant was to increase from 42 percent to 50 percent the
percentage of affordable housing loans Fannie and Freddie were required to buy each year.
Cuomo's HUD career under scrutiny - City & Region - The Buffalo News
Whatever...he still had no authority to write law. You are obviously desperately looking for a scapegoat other than Bush and his personal economic advisors to blame when he OWNS this one, regardless of how many "Democrats" in high places also advocated affordable housing.
You are Lost in space Maggie. You obviously don't like or respect me as a person, you have made that abundantly clear. You are not worth arguing with, facts are lost on you. Why are you wasting my time? You deny Cuomo set Policy? My links prove you wrong. It's a blood trail Maggie. That too is lost on you, like every thing else. Democrats can't Govern Maggie, like you, they ***** and moan, yet there is no substance, no depth. No Authority to Write Law? Only Policy as an Administrator. You are shooting blanks.
The only thing "lost" is the fact that you refuse to own up to the fact that the Bush Administration policy, which it either designed or its agencies ignored (like the SEC regarding mortgage securities packaging) had just as much to do with the housing crisis as any other factor. My comments have nothing to do with whether or not I "like" you, it has to do with the fact that you're typical. Conservatives/Republicans can do no wrong...ever... and even when faced with inyourface truth, you will dig around for evidence that it's not true after all. And I will call you on it whenever I see it. I certainly don't single you out.
Mario Cuomo did not hold his position at HUD after 2001; the creeping housing crisis did not become evident until at least 2003.
An agency administration can offer draft policy, but it is up to Congress to WRITE LAW, and thereafter the agency must follow the guidelines within THAT LAW as enacted. And it is up to a President to SIGN IT INTO LAW. End of story.
edthecynic
Censored for Cynicism
- Oct 20, 2008
- 43,044
- 6,888
- 1,830
First of all you are swallowing the Bush bullshit that he wanted to do something about Fannie and Freddie!
As I pointed out in another post, Bush made it easier for unqualified minority buyers to get no down payment loans for more than the property was worth to get reelected in 2004. The GOP plan was to try to get minority voters to switch from the Dems to the GOP and Bush made his minority housing policy the centerpiece of his 2004 campaign.
Bush pushes home ownership opportunities for minorities - The Boston Globe
PHOENIX -- President Bush traveled to two swing states with sizable Hispanic populations yesterday and talked up his proposals to increase home ownership opportunities for minorities.
"Not enough minorities own their own homes," the president said during a stop at a carpenters' training center in Phoenix, which followed a talk about home ownership at the New Mexico State Fairgrounds in Albuquerque. "And it seems to me it makes sense to encourage all to own homes."
In New Mexico and Arizona, Bush gave a modified version of what has become his standard campaign speech, including two topics his administration considers of particular interest to Hispanics: immigration and housing. He announced that the minority home ownership rate edged above 50 percent for the first time at the end of last year, and told audiences that his administration will continue to work to close the "minority home ownership gap," in which the percentage of white homeowners exceeds the percentage of minorities who own their own homes.
White House officials have frequently noted the continuing increase in minority home ownership rates, linking it yesterday with the president's call in June 2002 to increase the number of minority homeowners by 5.5 million by the end of this decade.
Similar threads
New Topics
-
Does anyone actually believe that Trump was not aware of Noem's Advertising Campaign?- Started by Locke11_21
- Replies: 4
-
Who killed the first CIA agent (a martyr of the free world) in the line of duty?- Started by Litwin
- Replies: 0
-
(VOTE) Do you believe Congressman Thomas Massie is a traitor?- Started by Invisibleflash
- Replies: 2
-
-
Republican Senator Assaults a Military Veteran Protesting Iran War During Hearing
- Started by IM2
- Replies: 13
