"By 2000, Fannie was offering no-down-payment loans. By 2002, Fannie and Freddie had bought well over $1 trillion of subprime and other low quality loans," Mr. Wallison wrote. "Fannie and Freddie were by far the largest part of this effort, but the [Federal Housing Administration], Federal Home Loan Banks, [the Department of Veterans Affairs] and other agencies — all under congressional and HUD pressure — followed suit."
"At first, this quota was 30 percent; that is, of all the loans they bought, 30 percent had to be made to people at or below the median income in their communities," Peter Wallison, who served on the Financial Crisis Inquiry Commission in 2010, wrote in an article for The Atlantic. "HUD, however, was given authority to administer these quotas, and between 1992 and 2007, the quotas were raised from 30 percent to 50 percent under Clinton in 2000 and to 55 percent under [President George W.] Bush in 2007."