October 28, 2009

Media Makes the Politicians?


Obama snubbed NY Gov. Paterson showing his love for Cuomo. Are Obama and Cuomo products of media images?

"If you think Cuomo's probe of Lewis is misguided, consider some of his other pet projects. He investigated the bond-rating agencies -- which slapped all those Triple-A ratings on near-worthless mortgage debt -- without forcing the raters to do anything more than make some marginal added disclosures. The raters' conflicted business model of being paid by the companies they're rating remains firmly intact.
[. . .]
Cuomo's record isn't all bad. Early in his career, he broke with conventional wisdom and issued a report showing how the homeless were afflicted with mental illness or drug addiction, rather than simply down on their luck.
[In]
his days at the Department of Housing and Urban Development. As I show in my upcoming book, as HUD secretary, Cuomo was a major player in prodding mortgage giants Fannie Mae and Freddie Mac to guarantee more risky loans, including subprime loans."

http://www.nypost.com/p/news/opinion/opedcolumnists/behind_cuomo_overblown_record_lY0TRZPBrk7jgINBgpGB2H

Behind Cuomo's overblown record
By CHARLES GASPARINO
New York Post
Last Updated: 6:28 AM, October 21, 2009
Posted: 5:35 AM, October 21, 2009

1 comment:

Anonymous said...

PR Newswire

April 11, 2000

CUOMO RELEASES REPORT SHOWING SUBPRIME LENDING SKYROCKETS IN BLACK & LOW-INCOME

LENGTH: 229 words


Neighborhoods, Leading to Increased Predatory Lending

Housing and Urban Development Secretary Andrew Cuomo will hold a news conference at 1:30 p.m. Wednesday to release a new study of 1 million home mortgage loans that shows subprime lending has skyrocketed in black and low-income neighborhoods. Subprime lending can lead to predatory lending, which hits homebuyers with excessive mortgage fees, interest rates, penalties and insurance charges that raise the cost of home buying by thousands of dollars for individual families.

This can lead to a high rate of default and foreclosure, and contributes to the low homeownership rate among African Americans of all income levels and among low-income families.