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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth -- Ignore unavailable to you. Want to Upgrade?

To: American Spirit who wrote (153595)	2/1/2009 11:33:15 AM
From: Brumar89	5 Recommendations Read Replies (1) \| Respond to of 173976

Fannie and Freddie didn't MAKE any loans. They did begin buying subprime mortgages during the Clinton adm and continued during the Bush adm. Andrew Cuomo and Fannie and Freddie How the youngest Housing and Urban Development secretary in history gave birth to the mortgage crisis By Wayne Barrett published: August 05, 2008 ..... 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. ....... villagevoice.com