Cuomo was perpetrating a fraud with his behavior as HUD secretary. He narrowly escaped scandal - mostly because his dad intervened. IIRC, Cuomo pushed someone else under the bus to take the fall.
The fraud was he forced banks to eliminate their home loan standards. Why? Because Clinton believed home ownership was "an American right." Seriously - just look up his rhetoric and speeches from the early 90s.
To the surprise of no one, defaults skyrocketed. Cuomo's office then reversed a decades old HUD policy of selling the defaults to other lenders (keeping the homeowners in the home), and began pursuing foreclosures en masse. The foreclosed properties were sold on the cheap to cronies and close associates of Cuomo.
Cuomo was perpetrating a fraud with his behavior as HUD secretary. He narrowly escaped scandal - mostly because his dad intervened. IIRC, Cuomo pushed someone else under the bus to take the fall.
The fraud was he forced banks to eliminate their home loan standards. Why? Because Clinton believed home ownership was "an American right." Seriously - just look up his rhetoric and speeches from the early 90s.
To the surprise of no one, defaults skyrocketed. Cuomo's office then reversed a decades old HUD policy of selling the defaults to other lenders (keeping the homeowners in the home), and began pursuing foreclosures en masse. The foreclosed properties were sold on the cheap to cronies and close associates of Cuomo.
This is a decent write up of the scandal.