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The Spectacle Blog

Will HUD Legacy Doom Cuomo Dynasty Restoration?

By Robert Stacy McCain on 3.18.10 @ 9:02PM

Jim Antle noted today's announcement that New York Democrat Steve Levy would switch to the Republican Party and run for governor. Levy may have spotted a real vulnerability for the Democratic front-runner, as James Poulos chronicles at Pajamas Media:

With despair gripping New York Democrats over ethical scandals claiming Governor David Patterson, Rep. Charlie Rangel (D-NY), and Rep. Eric Massa (D-NY), New York’s Attorney General Andrew Cuomo cuts a heroic figure as the presumptive heir to the governorship.
But catching up with Cuomo is his relationship with the mortgage meltdown that nearly destroyed the American economy. Appointed by Bill Clinton as secretary of the U.S. Department for Housing and Urban Development (HUD), Andrew Cuomo has been called “the father of the subprime crisis” for the policies he orchestrated. . . .
Notably, another recipient of largess while Cuomo was HUD secretary is current White House Chief of Staff Rahm Emanuel. Clinton appointed Emanuel to the board of Freddie Mac while Cuomo headed HUD. . . .
Among the board members present at the creation of the mortgage mess was current White House Chief of Staff Rahm Emanuel, whose tenure at Freddie Mac overlapped with Cuomo’s at HUD. As the Chicago Tribune reported last year, Emanuel’s 14-month stay earned him at least $320,000. During that time, Freddie Mac spent corporate dollars on campaign fundraisers, including Emanuel’s own Chicago run for Congress in 2002. And, as the searing report issued by Office of Federal Housing Enterprise Oversight director Armando Falcon showed, Freddie’s board permitted billions in accounting overstatements. . . .

Read the whole thing. Democratic blunders have already handed Republicans the governorship of New Jersey and a Massachusetts Senate seat, why not the governorship of New York?

View all comments (8) | Leave a comment

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dina| 3.18.10 @ 11:29PM

You fail to note that the vast majority of those Freddie Mac fundraisers were for Republicans.

Janie| 3.19.10 @ 1:35AM

Why would a crazy, partisan democrat like 'Rahmbo' hold fund raisers for republicans? Doesn't make sense.

Someone's lying here, troll.

PCC| 3.19.10 @ 12:45AM

Unless you have photos of him walking out of the bank vault with greenbacks bulging out of his trouser pockets, the HUD-Fannie-Freddie connection will neither harm nor even slow down Cuomo's candidacy.

Must try harder.

JP| 3.19.10 @ 9:30AM

No one says that Cumo is a crook. However, Cumo's part in creating the policies of underwriting so many high risk mortgages via Freddie and Fannie was at the heart of the meltdown. Why do you think Wall St had to bundle these toxic mortgages into securities in the first place?

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