Here is President Bush in 2002 speaking approvingly of the extension of credit via Fannie Mae and Freddie Mac to persons with poor credit histories:
"...help deserving families with bad credit histories to qualify for home ownership loans...If you put your mind to it... the low income homebuyer can have just as nice a home as anybody else."Make no mistake about it - the evolution of the credit crisis was a bipartisan effort, endorsed and encouraged by the Democratic Congress. But in this brief one-minute video, President Bush elucidates the fatal concepts quite succinctly.
(It's subtitled in Dutch because I found the link on a foreign website).