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[bob ford <bobford79 AT yahoo.com>]

Andrew Cuomo and Fannie and Freddie: How the youngest Housing and Urban 
Development secretary in history gave birth to the mortgage crisis, 
 
Excerpt:
(Cuomo) "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." 


http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/1



----- Original Message ----
From: "paxamicus AT earthlink.net" <paxamicus AT earthlink.net>
To: homestead AT lists.ibiblio.org
Sent: Wednesday, September 24, 2008 11:19:45 AM
Subject: Re: [Homestead] Wrong admission

Although the sub prime loan debacle was the tip of the ice berg, this  
bail out isn't about mortgages and individuals. It's about the  
unregulated credit swaps between banking institutions, and Lynda, how  
'bout we just say, Gramm, period, and let's throw in Bank Suisse,  at  
any time. :  )

Moon


On Sep 24, 2008, at 11:56 AM, rayzentz AT aim.com wrote:

> There is one group of people who are being strangely left out of this
> blame game, and in my opinion, should not be.  That would be people
> who insist on purchasing things they cannot afford, and then not  
> having
> the integrity to meet their debts.  Yes, the bankers should not have
> given loan, yes, perhaps regulation could have improved things.
> However, it still boils down to too many people spending way beyond
> their means, and then expecting someone to rescue them from their own
> stupidity.
>
> I don't get it.  What ever happened to Darwins law.  I thought
> enlightened people believed in that.
>
> Ray
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