Under Bill Clinton's HUD Secretary Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in 'credit-deprived' areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting.
From Lawrence Kudlow
When George W. Bush tried to roll back taxpayer exposure to a housing crash via Fannie and Freddie, guess what two senators joined a filibuster of the Bush initiative? Yep... those saviors of the working class, Barack Obama and Hillary Clinton. They went to bat for the housing industry and voted to allow taxpayer exposure to escalate.
From Lawrence Kudlow
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