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
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