The Affordable Housing Religion

BB&T CEO John Allison believes a “religious belief in affordable housing” led the government to create the Community Reinvestment Act of 1977, and during the Clinton administration to a massive expansion of Fannie Mae and Freddie Mac.

He’s right. All through the Clinton years and the recent Bush administration lawmakers talked ad nauseam about affordable housing, which to many of them, became a kind of coded way of saying government-subsidized housing.

(Hat tip to Julia A. Seymour of NewsBusters)

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