Try as they might to deny it, and believe me they do, the Democrats own the housing crisis. In 2001 when Bush’s administration put together its budget for 2002, they said the size of Fannie Mae and Freddie Mack “a potential problem” if there was a financial problem with either one of them, it would cause strong repercussions in the financial markets. Then in 2003 the warning was upgraded to systemic risk, that could cause repercussions beyond just the housing sector. Then in the fall of 2003 Bush started pushing Congress for a new federal agency to regulate and oversee the operations of Fannie and Freddie.
Treasury Secretary Snow got a lot of negative feed back from Congressmen Frank , who is now the Chairmen of House Financial service committee.
You can read more on this, and what Clinton’s administration to help start this nightmare. at Flopping Aces
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