Cisneros was HUD Secretary in the Clinton Administration from 1992 to 1996. For the steps to be taken to engineer the housing bubble, particularly economic and ethnic cleansing in American neighborhoods, euphemistically referred to as sub-prime mortgage or predatory lending, Cisneros had to go.
Cisneros departure was arranged with the help of a sex scandal, investigated first by the FBI and the Public Integrity section of the Department of Justice (same as Spitzer) and then by an Independent Counsel. Cisneros’ wrongdoing was inaccurately describing the amount of money he paid his former mistress in interviews with the FBI during the vetting process for government officials.
Cisneros was indicted on 18 counts of conspiracy, giving false statements and obstruction of Justice. His mistress plead guilty to 28 charges of bank fraud, conspiracy to commit bank fraud and obstruction of justice. Cisneros negotiated a plea agreement, under which he pleaded guilty to a misdemeanor count of lying to the FBI, was fined $10,000, did not receive jail-time or probation but did receive a Presidential Pardon.
Cisneros was replaced by Andrew Cuomo who was instrumental in reengineering HUD and its programs to support a housing bubble.
Cisneros apparently got the message to get on board with the housing bubble. Recent reports note that he earned $5 million in stock and board compensation as a director of Countrywide before resigning as Countrywide was rescued.