The ideology that government can fix poverty by assigning different rules to the rich and poor. It is progressiveism at the extreme. It started in the Carter Administration with CRA, and while the concept itself was flawed by encouraging people who couldn't afford to buy a house to buy one anyway, but at the time there was at least some common sense controls and requirements for qualifying for a loan in place. So the system wasn't too bad for quite awhile and rocked along through all of the Reagan Administration without much of a problem. Then in the Clinton Administration, Congress via Barney Frank, Chris Dodd, and some others began relaxing some of the restrictions and regulation, and the GOP congress that followed were either complicit with the new rules or didn't reinstate them. Negligence and wrong headedness by both. So that's when the housing bubble began to build when people who couldn't afford them were not only encouraged to buy houses they never should have qualified for, but encourage to buy HUGE houses they shouldn't have qualified for. This continued well into the Bush Administration. By 2006 President Bush and his advisors were strongly pushing Congress to deal with it--asked them again and again--but Frank and Dodd kept insisting that there was no problem, Fannie and Freddie were essentially sound, no worries, yadda yadda. So when a cyclical aand what would have been a mild recessionary trend occurrred, and those houses started going into default and others started going underwater,the whole house of cards collapsed in late 2008. The rest is history.