Yup,I believe the Community Reinvestment Act was a big part of that...as was Attorney General Re No.
https://www.youtube.com/watch?v=mzJmTCYmo9g
Bird and Fortune comedy routine on the subprime crisis. Of course, the best comedy is based on the truth.
Note that this is from the most recent crisis - it sounds like Nixon’s plan was a bit different.
From memory the guy explains the bundling of mortgages. 3:00 it begins. And while funny - it is true. (And therefore sad). They use actual names of the portfolios,
CEO comments.
“Banks were forced into making loans available regardless of the realities.”
That is just part of it. Many banks made the initial loans without underwriting and then sold them.