Our “National Homeownership Strategy”

For people who cannot afford homes, that is. That’s what Henry Cisneros, Clinton’s director of the Dept. of Housing and Urban Development (HUD), called using all the resources of that giant bureaucracy to get mortgage lenders to make bad loans to “sub-prime” (i.e., unqualified) borrowers.

“How in hell did we qualify,” says one Victor Ramirez, who was given a HUD mortgate on his $17,000 annual income while he was still a student. The New York Times surprisingly exposes the scam, although the language is far too euphemistic.

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7:59 pm on October 19, 2008