Page 1 of 2 12 LastLast
Results 1 to 15 of 17

Thread: Andrew Cuomo and the Freddie/Fannie mess

  1. #1
    Member ILOVEDNY's Avatar
    Join Date
    Nov 2005
    Location
    San Antonio, Tx.
    Posts
    5,047

    Andrew Cuomo and the Freddie/Fannie mess

    A spot on analysis by The Village Voice
    http://www.villagevoice.com/2008-08-...d-freddie-mac/

    Andrew Cuomo and Fannie and Freddie
    How the youngest Housing and Urban Development secretary in history gave birth to the mortgage crisis

    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 that—in combination with many other factors—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 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.

    In 2000, Cuomo required a quantum leap in the number of affordable, low-to-moderate-income loans that the two mortgage banks—known collectively as Government Sponsored Enterprises—would have to buy.

    Cuomo's predecessor, Henry Cisneros, did that for the first time in December 1995, taking a cautious approach and moving the GSEs toward a requirement that 42 percent of their mortgages serve low- and moderate-income families. Cuomo raised that number to 50 percent and dramatically hiked GSE mandates to buy mortgages in underserved neighborhoods and for the "very-low-income." Part of the pitch was racial, with Cuomo contending that Fannie and Freddie weren't granting mortgages to minorities at the same rate as the private market.

    William Apgar, Cuomo's top aide, told The Washington Post: "We believe that there are a lot of loans to black Americans that could be safely purchased by Fannie Mae and Freddie Mac if these companies were more flexible."

    While many saw this demand for increasingly "flexible" loan terms and standards as a positive step for low-income and minority families, others warned that they could have potentially dangerous consequences. Franklin Raines, the Fannie chairman and first black CEO of a Fortune 500 company, warned that Cuomo's rules were moving Fannie into risky territory: "We have not been a major presence in the subprime market," he said, "but you can bet that under these goals, we will be."



    It's a lengthy article but worth the read.
    There's plenty of blame to go arround
    It will give you a detailed look as to how we got to where we are today.
    Hillary will NEVER be President
    Obama is a FORMER President
    Joe Biden is in Scranton eating paste.

  2. #2
    Member
    Join Date
    Mar 2007
    Posts
    2,758
    Doesnt Cuomo want to investigate these mortgage firms for illegalities when he himself set up all these things that caused the mortgage crisis? Talk about a hypocritical State Attorney General....

    Reminds me of Eliot!

  3. #3
    Member cookie's Avatar
    Join Date
    Oct 2007
    Location
    Over where the sun rises
    Posts
    3,592
    What ever became of those investigations???

  4. #4
    Member
    Join Date
    Dec 2003
    Posts
    17,449
    A spot on analysis by The Village Voice
    http://www.villagevoice.com/2008-08-...d-freddie-mac/
    This is freakin weird because I was, literally, just reading this article. Perhaps it's because it's the first thing that shows up on a Google search.

  5. #5
    Member justaxme's Avatar
    Join Date
    Sep 2005
    Location
    Seneca County
    Posts
    385

    And he will be our next Gov. How sad

    He hasn't done a freakin thing yet and he's already an overwhelming favorite. The new way to become NYS Gov is 1st become AG and beat up on big business to make a name for yourself and then run for Gov. If these clowns are so great why isn't the private sector offering them jobs. Most have never had a real job.

    Please vote ALL incumbents OUT. In other words, please flush.
    I thought gambling was illegal in NY

  6. #6
    Tony Fracasso - Admin
    Join Date
    May 2003
    Location
    Buffalo, New York, United States
    Posts
    64,947
    Maybe people are finally getting sick of lip service by the "political regulars".

  7. #7
    Member justaxme's Avatar
    Join Date
    Sep 2005
    Location
    Seneca County
    Posts
    385

    Has Cuomo ever had a real job?

    I suppose he was a lawyer hired by a firm because of his Dad. Then went to work for Clinton cause of his Dad. And now he's the overwhelming favorite to win the election as Gov for no apparent reason other than his Dad.

    I am afraid it's the same old same old. People think putting the same clowns back in office will change things. New York government & politicians are a joke.

    PLEASE vote all INCUMBENTS OUT!!! It's time to flush.
    I thought gambling was illegal in NY

  8. #8
    Member Bioguy231's Avatar
    Join Date
    Mar 2007
    Posts
    1,760
    Hey, he's Mario's little boy. That means he's entitled to be governor.
    Government is not the solution to our problem. Government is the problem. Ronald Reagan

  9. #9
    Member Save Us's Avatar
    Join Date
    May 2008
    Posts
    9,407
    Quote Originally Posted by ILOVEDNY View Post
    A spot on analysis by The Village Voice
    http://www.villagevoice.com/2008-08-...d-freddie-mac/

    Andrew Cuomo and Fannie and Freddie
    How the youngest Housing and Urban Development secretary in history gave birth to the mortgage crisis

    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 that—in combination with many other factors—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 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.

    In 2000, Cuomo required a quantum leap in the number of affordable, low-to-moderate-income loans that the two mortgage banks—known collectively as Government Sponsored Enterprises—would have to buy.

    Cuomo's predecessor, Henry Cisneros, did that for the first time in December 1995, taking a cautious approach and moving the GSEs toward a requirement that 42 percent of their mortgages serve low- and moderate-income families. Cuomo raised that number to 50 percent and dramatically hiked GSE mandates to buy mortgages in underserved neighborhoods and for the "very-low-income." Part of the pitch was racial, with Cuomo contending that Fannie and Freddie weren't granting mortgages to minorities at the same rate as the private market.

    William Apgar, Cuomo's top aide, told The Washington Post: "We believe that there are a lot of loans to black Americans that could be safely purchased by Fannie Mae and Freddie Mac if these companies were more flexible."

    While many saw this demand for increasingly "flexible" loan terms and standards as a positive step for low-income and minority families, others warned that they could have potentially dangerous consequences. Franklin Raines, the Fannie chairman and first black CEO of a Fortune 500 company, warned that Cuomo's rules were moving Fannie into risky territory: "We have not been a major presence in the subprime market," he said, "but you can bet that under these goals, we will be."



    It's a lengthy article but worth the read.
    There's plenty of blame to go arround
    It will give you a detailed look as to how we got to where we are today.

    He is perfect for NY

  10. #10
    Member blockclubof1's Avatar
    Join Date
    Apr 2008
    Posts
    495
    Quote Originally Posted by Bioguy231 View Post
    Hey, he's Mario's little boy. That means he's entitled to be governor.
    Guess you could say the same for George W. Bush!
    GO GREEN ... plant a garden!

  11. #11
    Member buffy's Avatar
    Join Date
    Mar 2005
    Posts
    15,329
    Quote Originally Posted by justaxme View Post
    I suppose he was a lawyer hired by a firm because of his Dad. Then went to work for Clinton cause of his Dad. And now he's the overwhelming favorite to win the election as Gov for no apparent reason other than his Dad.

    I am afraid it's the same old same old. People think putting the same clowns back in office will change things. New York government & politicians are a joke.

    PLEASE vote all INCUMBENTS OUT!!! It's time to flush.
    I remember when he won the AG race - newspapers were printing that he never so much as even prosecuted a SINGLE case before, now he's attorney general, go figure.

  12. #12
    Member
    Join Date
    Sep 2008
    Location
    Amherst
    Posts
    11,438
    Quote Originally Posted by blockclubof1 View Post
    Guess you could say the same for George W. Bush!
    Bush SR was never governor...
    "I know you guys enjoy reading my stuff because it all makes sense. "

    Dumbest post ever! Thanks for the laugh PO!

  13. #13
    Member Bioguy231's Avatar
    Join Date
    Mar 2007
    Posts
    1,760
    Cuomo of course will deny any blame for anything related to the sub-prime mess. He'll throw the blame on Clinton and others.

    Now that he's announced he is running for governor, if he's going to try and keep most of the promises he's already made, he's going to have to throw a lot of other people under the bus. This includes throwing his dad, his buddy Sheldon Silver and a bunch of other democrats under the bus.

    He's gonna need one really big bus!!!!!
    Government is not the solution to our problem. Government is the problem. Ronald Reagan

  14. #14
    Member justaxme's Avatar
    Join Date
    Sep 2005
    Location
    Seneca County
    Posts
    385

    Cuomo talking tough

    He's talking tough to the unions and budget. But NYS is so dysfunctional I am not sure anyone can do anything. Dems & Rep are a disgrace, putting themselves and reelection before the good of the citizens of NYS. Vote all the incumbent clowns out.
    I thought gambling was illegal in NY

  15. #15
    Member Bioguy231's Avatar
    Join Date
    Mar 2007
    Posts
    1,760
    Quote Originally Posted by justaxme View Post
    He's talking tough to the unions and budget. But NYS is so dysfunctional I am not sure anyone can do anything. Dems & Rep are a disgrace, putting themselves and reelection before the good of the citizens of NYS. Vote all the incumbent clowns out.
    I wouldn't recommend voting them all out as there are some really good ones. A number of recently elected people ran for office because they were sick of the way things were going, wanted to see things change, and decided the best way to make that happen was to run for elected office. These include Lee, Corwin, Collins, Hardwick and others.

    I'd recommend looking at why people want to be in office and vote accordingly. If they are motivated to fix things and make our quality of life better, vote for them. If their motivation is that they need a job and know they won't make it in the private sector, throw them out on their ears.
    Government is not the solution to our problem. Government is the problem. Ronald Reagan

Page 1 of 2 12 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •