No, that isn't it. During the Clinton administration, the democrats, led by Barney Frank and Chris Dodd, decided it wasn't "fair" that there were low income people who could not get home loans so they started accusing lenders of prejudice and pressuring them to ease their qualification requirements. The democrats have been using Fennie and Freddie as a tool to pander for votes from the poor and it is biting us in the *** now. Bush, McCain (who co-sponsored the bill that was the best attempt to head this off) and other republicans saw this coming years ago but the democrats blocked every attempt to reform the oversight of Fannie and Freddie.