Let's face it, there is plenty of blame to go around... as late as 2003, President Bush and other republicans were touting the Freddie Mac and Fannie Mae programs of opening up home ownership to low-income families... what they didn't get, is that demand would explode with these relaxed standards for home ownership which would inflate home prices, which when people who shouldn't have qualified couldn't make payments would be foreclosed on, which increased supply that dropped prices that killed the credit for mortgages... This is what we call "the law of unintended consequences" and made true the statement "no good deed goes unpunished"... In an effort to social engineer housing opportunity, congress and those who found a way to "profit" from meddling by congress, created a disaster of enormous proportions. The following videos are interesting in their content, primarily because they begin about 2004 when there was actually a good number of people who, not the least of which the regulators, who either knew or felt that we were headed for a disaster... not just because of policy, but due to patronage, favortism, and ethical and yes, even illegal acts by those in charge of Freddie Mac and Fannie Mae.
The first video should help you understand the partisan nature of the debate in the last four years.
Burning Down the House