Genesis of a Crisis

Director Blue:

Curious: the media forgot to cover the 10-year anniversary of Andrew Cuomo's policy change

US Newswire: Cuomo Announces Action to Provide $2.4 Trillion in Mortgages for Affordable Housing for 28.1 Million Families, 1999:

[Clinton administration] Housing and Urban Development (HUD) Secretary Andrew Cuomo today announced a policy to require the nation's two largest housing finance companies [Fannie Mae and Freddie Mac] to buy $2.4 trillion in mortgages over the next 10 years to provide affordable housing for about 28.1 million low- and moderate-income families.

As the LA Times reported at the time (Orange County edition)--The agency will "encourage" giving mortgages to people with "blemished records." HT reader Alex.