The New York Times reports,

“This is subprime lending done right,” said John Taylor, president of the National Community Reinvestment Coalition, an umbrella group for 600 community organizations, and a staunch critic of the lending industry.

He is talking about a Fannie Mae program that allows borrowers to buy homes with no money down.

Taylor, unlike me, was invited to participate in the Treasury summit on the future of housing finance that was held this summer.