As the video below shows, the legislation was originally introduced in the Carter administration and had an almost immediate effect of starting the housing bubble that was eventually going to pop and nearly bring everything else down with it.
Dennis Prager has a nice line that the problems with liberal policy is that it places compassion above standards.
Here is a classic example of the sound standards of work, savings history and deposit being thrown out the window in an effort to improve people's lives.
The video describes the result as 'cruel'.
I wouldn't use that term.
'Unwise' is a better description, though it doesn't matter what you call it - every mortgage owner in the world is going to pay the price.