People were upset that federally backed mortgages were being used to build / purchase homes in flood prone areas. So they passed a law to stop doing that unles

People were upset that federally backed mortgages were being used to build / purchase homes in flood prone areas. So they passed a law to stop doing that unless the borrower got adequate flood insurance. However, no insurance company in their right mind would offer insurance for such properties. People said this was not fair, so the federal government created subsidized flood insurance. Reagan was right. "If it moves, tax it. If it keeps on moving, regulate it. If it stops moving, subsidize it."