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Old 09-08-2008, 10:33 AM
 
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American Thinker Blog: Another Fine Mess

How did President Clinton bring this on? First, he appointed Andrew Cuomo as HUD Secretary in 1993. He served until the end of Clinton's second term in 2001. Not to put too fine a point on it, Andrew Cuomo "gave birth to the mortgage crisis." That's not me talking. That's not Rush Limbaugh or some other conservative talking. That's what Wayne Barrett at the very liberal Village Voice wrote:

"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."

We can rest assured that this will go down politically as another disaster given to us by President Bush.
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