Sunday, October 12, 2008

Andrew Cuomo 'higher risks'

In 1998, Clinton administration HUD Secretary Andrew Cuomo explained that the administration's policies involved a "greater risk" of default, because of "affirmative action" that encouraged loans to those who would not have qualified otherwise. "I’m sure there will be a higher default rate on those mortgages than on the rest of the portfolio," Cuomo says:

Via Hot Air, where Ed Morrissey gives background:
Clinton HUD Secretary Andrew Cuomo announced a settlement of a lending discrimination complaint with Accubanc, a Texas lender whose prerequisites for mortgages came under attack from "community organizers" at the Fort Worth Human Relations Commission and the city of Dallas.
Remember when John McCain tried to blame SEC Chairman Chris Cox for the mortgage meltdown? And remember that McCain wanted to replace Cox with . . . Andrew Cuomo?

That's not the kind of change I can believe in!

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