Attorney General Andrew Cuomo is highlighting his time as head of the
Department of Housing and Urban Development during the Clinton
administration as proof of his fiscal and political abilities in his bid
for governor. But upon closer analysis, Cuomo seems to have garnered mixed reviews during his time at HUD, the New York Times reported. It was during Cuomo’s tenure that the banking industry began to embrace predatory loans, which led to a housing bubble that badly damaged America’s banks and nearly toppled its financial system.
In an effort to reverse decades of discrimination against blacks and Latinos, Cuomo pushed Fannie Mae and Freddie Mac to buy more home loans taken out by poor and working-class borrowers. But when presented with chances to guard against predatory lending and reel in mortgage brokers and lenders, Cuomo faltered and backed down, interviews and records show. He declined to comment on his role. [NYT]