Cuomo’s social engineering as HUD chief contributed to subprime crisis

Cuomo’s social engineering as HUD chief contributed to subprime crisis

Have those New Yorkers, residents of one of the highest taxed states in the union, voting for Andrew Cuomo to be their next governor allowed their ideology to trump sound reasoning?

Andrew Cuomo took the reins and not only furthered Cisneros and Clinton’s policies but greatly expanded them.

Henry Cisneros moved the GSEs toward a requirement that 42 percent of their mortgages serve low and moderate income families. Andrew Cuomo raised that number to 50 percent and dramatically hiked GSE mandates to buy mortgages for the "very-low-income."

These bad loans were purchased and sold throughout the secondary market and the pyramid grew and the bottom collapsed resulting in the subprime crisis we are still reeling from today.

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