The Subprime Civil Rights Movement?
This is a 1998 Video of Andrew Cuomo, who was then Bill Clinton’s Secretary of Housing and Urban Development, justifying the calls for more subprime loans for minority and lower income communities. Cuomo comes right out the gate saying that institutional discrimination against the black community and moderate to lower income Americans made it more difficult for access to home loans and that making loans more accessible for these people was the administration’s priority. Cuomo goes on to state that the Clinton administration cut a deal with banks to dish more of these subprimes to people with bad credit histories, in particular he cites a 2.1 billion dollar deal, while acknowledging the risk involved. The big question is did the banks actually want these deals or was political correctness the real culprit? This is a good clip that gives an insight to the origins of the subprime debacle that has now brought the whole economy to its knees.
Hat Tip to Ed Morrissey
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One Response to “The Subprime Civil Rights Movement?”
October 12th, 2008 at 2:21 pm
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