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Politics : Formerly About Advanced Micro Devices
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To: Brumar89 who wrote (423993)10/8/2008 11:54:04 PM
From: tejek  Read Replies (1) of 1587639
 
The HUD secretary is also required to produce voluminous rules that govern how the GSEs meet those goals, and the 187-page rules CUOMO issued opened the door to abuse.

Dude, it may have opened the door to the abuse but the abuse occurred on many different levels far from the purview of HUD and the GSEs. It was at the level of the real estate agent, mortgage lenders, mortgage brokers, appraisers, underwriters, mortgage packagers, hedge funds, investment banks etc. They all played a role. The major fault of the GSEs was buying the financial derivatives that banks and hedge funds were peddling without doing the appropriate due diligence.

And all of this crap started about the time Bush took over the presidency. A coincidence? I don't think so.
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