CNBC’s Jim Cramer, no free-market conservative, is nonetheless appalled by New York Attorney General Andrew Cuomo’s clumsy meddling in the mortgage markets, which he believes will further destabilize housing markets and the economy.
He calls Cuomo a “Communist” and says he’s even worse than Connecticut Attorney General Richard Blumenthal, an inveterate publicity-seeker rated the worst attorney general in America by CEI in The Nation’s Top Ten Worst State Attorneys General. Cuomo’s predecessor, Eliot Spitzer, was rated the third worst attorney general by CEI.
CEI earlier explained how past federal and state meddling has made the mortgage mess even worse, here, here, here, and here. How ratings agencies failed to accurately assess the risks of many mortgage-backed securities is discussed here.