Genesis of “Affordable” Homeownership at What Price?
Policies Mr. Cisneros authorized while at HUD shaped the agenda of an unchecked industry that encouraged builders to carelessly throw up shoddily constructed homes overnight in the name of “affordable” housing... Forgotten was the lack of respect for those who were to live in these homes...The sad part is that Cisneros carried the water for some of the worst giants of the industry, giants like Countrywide and KB Homes. He facilitated federal policies that became the bread and butter of the building industry; a market made up of young first-time homebuyers and families that could not afford homes that were venerable to the deceptions of predatory lending... Overcompensated greedy CEO ' s and the building industry are the sole beneficiaries of the failed policies of Henry Cisneros. In his zeal, Cisneros forgot the little guy. See: New York Times Article -  Building Flawed American Dreams

Opinion
Genesis of “Affordable” Homeownership at What Price?

The New York Times article “Building Flawed American Dreams” published October 18, 2008 is an eye opener.

Policies Mr. Cisneros authorized while at HUD shaped the agenda of an unchecked industry that encouraged builders to carelessly throw up shoddily constructed homes overnight in the name of “affordable” housing.

Forgotten was the lack of respect for those who were to live in these homes. Forgotten is that a builder can build quality homes, make a profit and respect the people who buy homes with the dream of a future and the commitment to pay their mortgage.

The sad part is that Cisneros carried the water for some of the worst giants of the industry, giants like Countrywide and KB Homes. He facilitated federal policies that became the bread and butter of the building industry; a market made up of young first-time homebuyers and families that could not afford homes that were venerable to the deceptions of predatory lending.

Henry Cisneros, a man so many people, including myself, respected and admired, was caught up in an industry motivated by greed at the expense of the “little guy,” the little guy that HUD was charged to help and protect. This goes to the heart of ethics and morality.

HUD’s deregulation and risky policies lined the pockets of the building and banking industry under the name of affordable housing. It established the foundation throughout the banking community which disregarded basic responsible lending principles that now threaten to cripple the entire financial world. Policies Cisneros implemented while Secretary of HUD certainly appear to have been enacted for no other reason than to bolster massive profits for himself and his partners.

One of Mr. Cisneros most notable skills is his ability to play both sides of the fence. In the wake of the current devastating housing and financial meltdown, on one side of the fence are the battered homeowners and on the other side is the building industry. The later and it's overcompensated greedy CEO's are the sole beneficiaries of the failed policies of Henry Cisneros.  In his zeal, Cisneros forgot the little guy.

In my many years of working with literarily hundreds of thousands of victims it was foreseeable that a huge crisis of communities built with substandard self-destructing homes was inevitable however, never could I have envisioned the global affect homebuilders greed would have on this global economic crisis we are experiencing today.