The lure in Virginia Beach, where Fred learned the advantage of building his real estate empire with government handouts, was the generous funding made available by the Federal Housing Administration (FHA). Founded in 1934 by President Franklin D. Roosevelt, the FHA seems to have strayed far from its original mandate by the time Fred began taking advantage of its largesse. Its chief purpose had been to ensure that enough affordable housing was being built for the country’s constantly growing population. After World War II, the FHA seemed equally concerned with enriching developers such as Fred
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