Rise and Fall of Henry Cisneros
Saturday, 02 May 2009
Rise and Fall of Predatory Lending and Housing
Cato Institute: Downsizing The Federal Government - HUD Scandals
NY Times: Building Flawed American Dreams
NEW YORK TIMES: Building Flawed American Dreams
As the Clinton administrations top housing official in the mid-1990s, Mr. Cisneros loosened mortgage restrictions so first-time buyers could qualify for loans they could never get before. The causes of the housing implosion are many: lax regulation, financial innovation gone awry, excessive debt, raw greed. The players are also varied: bankers, borrowers, developers, politicians and bureaucrats... He also received $1.14 million in directors fees and stock grants during the six years he was a director at Countrywide. He made more than $5 million from Countrywide stock options, money he says he plowed into his company. Read more...
See related articles:
Express-News: Henry Cisneros on the hot seat
Henry Cisneros: FOX Interview - Mortgage Fraud and
Collapse of Housing Market
Editorial Prediction, Nov 5, 2006: Recipe for Profits
New York Times: Times Topics By Gretchen Morgenson
HUD Leaders Bad Poicy:
Homewreckers Cisneros & Martinez
Express News: Cisneros says he didn't get special treatment
Washington Times: Who Is Guarding The HUD Guards?
Related articles: HUD's Broken System
YouTube: I want some TARP
Editorial: Did HUD Secretary Cisneros Mastermind Predatory Lending?
It was, he argues, impossible to know in the beginning that the federal push to increase homeownership would end so badly. Once the housing boom got going, he suggests, laws and regulations barely had a chance...From people dizzily drawing home equity loans out of increasingly valuable houses to banks racking up huge fees, few wanted the party to end.