The Dems did it!

"The structure of disaster was almost complete. The Clinton administration directed federal agencies to expand credit, particularly home loans, to low-income buyers. ACORN and other community organizations were empowered to promote loans and encourage banks to make them, and Fannie and Freddie were instructed to buy the loans. The Federal Reserve joined the parade by reducing interest rates to help facilitate these loans.

"No wonder the housing market exploded."

and

"As early as 2004, the Bush administration tried to increase regulation of Fannie and Freddie, but ran into stiff opposition from Democrats, especially from Barney Frank, who was afraid that lending activities would be sacrificed in the name of market risk. Now, Frank is blaming the Republicans for failing to enact reforms that he and his party blocked."