Risk Assessment, Bureaucracy Style

"The institution would take a greater risk on these mortgages, yes, give families mortgages who they would not have given otherwise, yes; they would not have qualified but for this affirmative action on the part of the bank, yes....Lending that amount ($2.1 billion) in mortgages will be a higher risk, and I'm sure there will be a higher default rate on those mortgages than on the rest of the portfolio." Former HUD Secretary, Andrew Cuomo......So, does this sound like a fellow who understands the risk to the economy and tax-payers of sub-prime mortgages, government meddling into the housing market, etc.?.................................................................................P.S. And, yes, to be fair and balanced here, I would also take to the woodshed George W. Bush for his 2004 urging of the Federal Housing Administration to lift the down-payment requirement for a whopping 150,000 new homeowners. A pox on both their houses, folks.