HUD Secretary Alphonso Jackson announced his resignation today. His tenure is marred by a national housing crisis, allegations of political favoritism and a criminal investigation. But I would like you to remember the Bush crony differently. As the Alphonso Jackson I know and love:
Asked about the problems with subprime mortgages last June, Jackson insisted that many such [high-risk, high-cost] borrowers were not unsophisticated, low-income people but what he called “Yuppies, Buppies and Guppies” – well-educated, young, black and gay upwardly mobile achievers – with expensive cars who bought $400,000 homes with little or no money down.
Thats right, Alphonso Jackson, the ambitious upwardly mobile groups are to blame, not the shady loan companies, shaky economy, or present administration.