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"An in-depth, media-rich timeline that tracks the story of America's economic collapse, highlighting key moments and players"
Chapters:
Greenspan's Cheap Money
The Great Housing Boom
Subprime Explosion
Inflating the Bubble
Warning Signs
Housing market Decline
Banks Go Into Panic Mode
Financial Collapse
Global Recession
Massive Government Action
Being CNBC, they kind of left off the critical first step. I don't expect accurate and concise critical analysis from NBC/MSNBC/CNBC, but the information is out there and easy to find:
Andrew Cuomo didn't like to see criticisms of HUD by the department's inspector general, Susan Gaffney. Gaffney, who had a very good reputation, was subject to a smear campaign by Cuomo's staff that aimed to undermine her and force her out. Cuomo was reported to be angry with Gaffney over some of her audit reports that reflected poorly on him. One audit suggested that HUD's determination of which cities were designated "empowerment zones" under a billion-dollar program were subject to political manipulation. An aide to Cuomo told a reporter, "That was his baby—when the audit report came out, he went crazy." Another report by Gaffney's office found widespread mismanagement in billions of dollars of HUD contracts.
Like Cisneros, Cuomo's main policy legacy was to promote federal subsidies and regulations that distorted housing markets, particularly in the direction of weakening safeguards against excessive risk. For example, Cuomo successfully advocated that Congress raise the ceiling on Federal Housing Administration–insured mortgages while lowering down-payment requirements.
I guess it is pretty easy for him to identify mortgage fraud. He is one of the main folks responsible for setting up the process that allows it to happen.
And Obama wants Patterson to step aside so Cuomo can be the Democratic nominee for Governor of New York. Guess it helps keep the glare off of Obama's own personal mortgage favoritism when buying his home in Chicago a few years ago:
Shortly after joining the U.S. Senate and while enjoying a surge in income, Barack Obama bought a $1.65 million restored Georgian mansion in an upscale Chicago neighborhood. To finance the purchase, he secured a $1.32 million loan from Northern Trust in Illinois. The freshman Democratic senator received a discount. He locked in an interest rate of 5.625 percent on the 30-year fixed-rate mortgage, below the average for such loans at the time in Chicago.
Being CNBC, they kind of left off the critical first step. I don't expect accurate and concise critical analysis from NBC/MSNBC/CNBC, but the information is out there and easy to find:
Andrew Cuomo didn't like to see criticisms of HUD by the department's inspector general, Susan Gaffney. Gaffney, who had a very good reputation, was subject to a smear campaign by Cuomo's staff that aimed to undermine her and force her out. Cuomo was reported to be angry with Gaffney over some of her audit reports that reflected poorly on him. One audit suggested that HUD's determination of which cities were designated "empowerment zones" under a billion-dollar program were subject to political manipulation. An aide to Cuomo told a reporter, "That was his baby—when the audit report came out, he went crazy." Another report by Gaffney's office found widespread mismanagement in billions of dollars of HUD contracts.
Like Cisneros, Cuomo's main policy legacy was to promote federal subsidies and regulations that distorted housing markets, particularly in the direction of weakening safeguards against excessive risk. For example, Cuomo successfully advocated that Congress raise the ceiling on Federal Housing Administration–insured mortgages while lowering down-payment requirements.
I guess it is pretty easy for him to identify mortgage fraud. He is one of the main folks responsible for setting up the process that allows it to happen.
And Obama wants Patterson to step aside so Cuomo can be the Democratic nominee for Governor of New York. Guess it helps keep the glare off of Obama's own personal mortgage favoritism when buying his home in Chicago a few years ago:
Shortly after joining the U.S. Senate and while enjoying a surge in income, Barack Obama bought a $1.65 million restored Georgian mansion in an upscale Chicago neighborhood. To finance the purchase, he secured a $1.32 million loan from Northern Trust in Illinois. The freshman Democratic senator received a discount. He locked in an interest rate of 5.625 percent on the 30-year fixed-rate mortgage, below the average for such loans at the time in Chicago.
Just wanted to toss in a wee bit of accuracy into the MSNBC story, so touching...
Actually the MSNBC piece *does* give links concerning Cuomo-era HUD's involvement, at Part 2, "Lower Rates Make American Dreams Come True". So....
I see at freerepublic of all places that Cuomo was McCain's pick for SEC chairman
(They were so nonplussed at freerepublic that this was a Village Voice article -- evidently being unfamiliar with the VV's purpose for existence, muckracking journalism -- that the thread falls apart in confusion and disarray shortly.)
Not sure about the Susan Gaffney relevance. Was there an investigation of the "widespread mismanagement in billions of dollars of HUD contracts"?
Obama's home loan: back during the campaign when that loan was being scrutinized Northern Trust Bank shrugged and said the Obamas were a good credit risk, that this was SOP. Not sure how Andrew Cuomo or HUD relates to it.
"The Obamas got a discount on their mortgage, but most folks in their position would have gotten the same deal, according to a report released Thursday by the Federal Election Commission." - Politico | Judicial Watch
The Susan Gaffney issue at HUD has significant relevance, as the HUD Inspector General she had signficant problems with Cuomo in maintaining appropriate independence and initiating audits and investigations:
Testimony at a Senate Governmental Affairs Committee hearing turned ugly Wednesday as Susan Gaffney, inspector general at the Department of Housing and Urban Development, accused HUD Secretary Andrew Cuomo of "harassing and undermining" her.
Cuomo, said Gaffney, has a "hostility" to the concept of an independent IG "not subject to his control."
Still want to see how many folks got the same or better rate as Obama when he bought his home, that information still hasn't been disclosed. The dirt around this whole "mortgage favors" issue is massive, but fortunately I think we will see at least one "victim" this coming election cycle:
Connecticut Democratic Sen. Chris Dodd has sustained serious political damage due to allegations of favorable treatment in securing a home loan, according to a new Quinnipiac poll, and is emerging as a prime Republican target in the 2010 election cycle.
The poll, which was released on Tuesday, painted a dire picture for Dodd. Just one in ten (11 percent) said that Dodd definitely deserved reelection while one in three (32 percent) said he definitively did not.
The Susan Gaffney issue at HUD has significant relevance, as the HUD Inspector General she had signficant problems with Cuomo in maintaining appropriate independence and initiating audits and investigations:
Testimony at a Senate Governmental Affairs Committee hearing turned ugly Wednesday as Susan Gaffney, inspector general at the Department of Housing and Urban Development, accused HUD Secretary Andrew Cuomo of "harassing and undermining" her.
Cuomo, said Gaffney, has a "hostility" to the concept of an independent IG "not subject to his control."
Still want to see how many folks got the same or better rate as Obama when he bought his home, that information still hasn't been disclosed. The dirt around this whole "mortgage favors" issue is massive, but fortunately I think we will see at least one "victim" this coming election cycle:
Connecticut Democratic Sen. Chris Dodd has sustained serious political damage due to allegations of favorable treatment in securing a home loan, according to a new Quinnipiac poll, and is emerging as a prime Republican target in the 2010 election cycle.
The poll, which was released on Tuesday, painted a dire picture for Dodd. Just one in ten (11 percent) said that Dodd definitely deserved reelection while one in three (32 percent) said he definitively did not.
So to summarize, I'm glad to see the "blame game" getting some appropriate victims. Hopefully, Cuomo will ultimately be snared in this net too.
Then...we go after the "bigger fish".
I think Dodd was one of the "Friends of Angelo," from what I remember. M Moore gets after them in that Capitalism movie. Accdg to Judicial Watch, 14 other people got the same deal that the Obamas did at Northern Trust. They were good credit risks, the loan was not illegal, so I dont understand the kerfuffle.
Cuomo -- the VV article was thorough but are you on a crusade to vindicate Susan Gaffney? She was an early warner about trouble ahead with HUD/mortgage industry thanks to Cuomo -- ?
Anyway, there are links about the Cuomo HUD in the MSNBC thing, so your initial complaint, that it wasnt addressed, doesnt hold up. It was appropriate to launch off with a broad overview to remind readers, then Part 2 starts the history and HUD figures there.
I think Dodd was one of the "Friends of Angelo," from what I remember. M Moore gets after them in that Capitalism movie. Accdg to Judicial Watch, 14 other people got the same deal that the Obamas did at Northern Trust. They were good credit risks, the loan was not illegal, so I dont understand the kerfuffle.
Cuomo -- the VV article was thorough but are you on a crusade to vindicate Susan Gaffney? She was an early warner about trouble ahead with HUD/mortgage industry thanks to Cuomo -- ?
Anyway, there are links about the Cuomo HUD in the MSNBC thing, so your initial complaint, that it wasnt addressed, doesnt hold up. It was appropriate to launch off with a broad overview to remind readers, then Part 2 starts the history and HUD figures there.
Do your links acurately depict Bill Clinton, Barack Obama and ACORN as one of the main culpirits for the housing disaster? I bet not.
It doesn't. So your link is garbage and not telling the full story. Who was it that forced lenders to make risky loans? Who supported it whole heartedly? Who used bully tactics to get it to go through? Who tried to reign in the fraudulent activity and was road blocked? Who organized the roadblock?
Bill Clinton, Barrack Obama, ACORN, GW Bush, Barrack Obama
It doesn't. So your link is garbage and not telling the full story. Who was it that forced lenders to make risky loans? Who supported it whole heartedly? Who used bully tactics to get it to go through? Who tried to reign in the fraudulent activity and was road blocked? Who organized the roadblock?
Bill Clinton, Barrack Obama, ACORN, GW Bush, Barrack Obama
In that order
Dont forget Phil Gramm...did you check all the links?
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