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Yet more video evidence
that the Clinton Administration was the nexus for the subprime mortgae
failure that's brought this nation to its knees. As reward for his part
in the scheme, Cuomo thinks he should be governor of New York.
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President
Bill Clinton's Secretary of Housing and Urban Development Andrew Cuomo
answered questions in 1998 at a press conference regarding HUD policy
that would ensure that banks could not discriminate against low-income
minorities when considering individuals from this group for housing
loans.
"To take a greater risk on these mortgages...yes. To
give families
mortgages they who they would not have given otherwise?...yes."
Mr. Cuomo is then asked if this people in this group could have gotten
the loans at all in the first place. In a telling response, he answers:
"They would not have qualified, but for this
affirmative action on the part of the bank...yes."
Mr. Cuomo then confirms for a reporter that the affirmative action is
indeed for minorities and that he expects the default rate to be higher
than the rest of the portfolio:
"It is...by income it is mostly by minorities...yes.
With the $2.1 billion lending that amount in
mortgages which will
be a higher risk and I'm sure there will be a higher default rate on
those mortgages than the rest of the portfolio."
(WaTimes)
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