Well Bush did push the notion of home ownership. Yes he did want to reign in Fannie and Freddie but he didn't use the full force of the office.
Well, the President cannot legislate can he?
This video is all one needs to see to understand who is culpable for the subsequent failure of mortgage markets; pay special attention to the vitriol by Democrats at the person who was assigned to oversee Fannie Mae and Freddie Mac and the inference of racism:
http://www.youtube.com/watch?v=jb03-UI3LC8
The collapse of the financial industry was 50 years in the making. There was no one thing that did it. But, low information voters have difficulty with complex thought processes.
I disagree; but am happy to see the data. The real cause of this recent mess was low down variable rate interest loans and balloon loans based on shoddy income requirements.
This then led to a housing boom that accelerated when the financial gurus discovered they could package these flimsy loans as "safe" securities and sell them to greedy dunces trying to make a quick easy buck.
A simple video explanation: