You can't be this clueless for someone who claims to have all the answers.<quoted text>When Andrew Cuomo left HUD 86% of the high risk mortgages were current which, was at that time, just slightly lower than "all" conventional mortgages.
Carol, you're competing in the wrong club and at the wrong level, some posting here have compression skills and memories. You have neither__sucks to be you.
You can google this stuff moron.
In 1997 Cuomo took over as HUD chief replacing Clinton appointee Henry Cisneros. During Cisneros tenure he championed Clinton’s goal of social engineering within the housing market forcing lenders to issue loans to those that would not financially qualify for the lending.
Cisneros left office in a scandal involving lying to the FBI over payouts to a mistress, Cisneros subsequently pleaded guilty to a misdemeanor and though never sent to prison received a pardon from Bill Clinton in 2001.
Andrew Cuomo took the reins and not only furthered Cisneros and Clinton’s policies but greatly expanded them.
Henry Cisneros moved the GSEs toward a requirement that 42 percent of their mortgages serve low and moderate income families. Andrew Cuomo raised that number to 50 percent and dramatically hiked GSE mandates to buy mortgages for the "very-low-income."
These bad loans were purchased and sold throughout the secondary market and the pyramid grew and the bottom collapsed resulting in the subprime crisis we are still reeling from today.
In 2008, the Village Voice published a compelling report detailing Andrew Cuomo’s policy decisions “that gave birth to the country's current crisis.”
Arnold Kling, a former economist at Freddie Mac who wrote about the subprime crisis on behalf of the Cato Institute. "He [Cuomo] definitely played a role. Clearly, he decided to make a name for himself by trying to push the envelope."
Russ Roberts, an economics professor at George Mason University in Fairfax, Va.: "He [Cuomo] put the kindling on the fire. What the requirements on Freddie and Fannie did was to push up the price of housing and that made it possible to lend money to people with no money down."
...You can't seriously be saying all of these people are wrong and you aren't.