Monday, October 25, 2010

Cuomo at Work: ONE TRILLION TAX DOLLARS to Cover Defaulted Mortgages

Go ahead, New Yorkers. Vote for Andrew Cuomo, the guy who couldn't wait to use your hard-earned tax money to guarantee "risky" mortgages to people he knew would default on their payments.

Of course, Cuomo wasn't running for governor of New York at the time (he was working for Bill Clinton), so he was quite happy to go on camera and brag about it, all in the interests of cracking down on "institutionalized discrimination," otherwise known as that antique banking custom of requiring that mortgage holders have enough income to make their mortgage payments.

Under Clinton, Cuomo ran HUD, the agency regulating Fannie Mae and Freddie Mac's "affordable housing" mission, and in 2000, he demanded that Fannie and Freddie devote HALF of their mortgage financing to folks with no credit or damaged credit.

If you live in the U.S. economy, you know the results of that little vote catcher.

What you may not know is that even though Cuomo initially floated the subprime mortgage policy with a bill to taxpayers of a mere $2.1 billion, after careful nurturing on his part (and assistance from other politicians, including Barack Obama), that paltry sum has blossomed into a bill to taxpayers estimated at $1 trillion.

Yes, Andrew Cuomo personally initiated the downslide of this nation's economy, so, New Yorkers, make sure to rush right over to your local polling place on November 2 to give the man your vote of confidence to manage New York State's $120 billion dollar debt.

Considering Cuomo's prior experience, New York can rest assured that what Cuomo did to the U.S. economy, he can do with equal ease to New York State.


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