The Washington Times - October 16, 2010, 07:41PM

President Bill Clinton’s Secretary of Housing and Urban Development Andrew Cuomo answered questions in 1998 at a press conference regarding HUD policy that would ensure that banks could not discriminate against low-income minorities when considering individuals from this group for housing loans. In this video (h/t Eyeblast) he says:


“To take a greater risk on these mortgages…yes. To give families mortgages they who they would not have given otherwise?…yes.”

Mr. Cuomo is then asked if this people in this group could have gotten the loans at all in the first place. In a telling response, he answers:

“They would not have qualified, but for this affirmative action on the part of the bank…yes.”

Mr. Cuomo then confirms for a reporter that the affirmative action is indeed for minorities and that he expects the default rate to be higher than the rest of the portfolio:

“It is…by income it is mostly by minorities…yes.

With the $2.1 billion lending that amount in mortgages which will be a higher risk and I’m sure there will be a higher default rate on those mortgages than the rest of the portfolio.”

This is typical liberal condescension that is downright dangerous when put to practice, as the country has seen with the mortgage crisis and mass foreclosures. While Mr. Cuomo admitted the default rate would be higher among individuals for his “affirmative action” mortgage program for low-income minorities, what is worse is that he did not want to further admit that he wanted the taxpayer to simply pick up the tab.

The question remains though, will New Yorkers put up with this? Mr. Cuomo is running for governor, and if he is able to win the office, the only hope to rein him in some would be a change over in the majority in New York’s State Senate from Democrat to Republican.