Biased nonsense. When the head of Freddie Mac announced that they were providing the lubricant to sub prime lending by buy up the garbage paper the banks were originally forced to provide under Clinton and Reno, the NY Times ran this article back when it was announced.

Quoting from the article, dated Sept Th 1999, entitled:

Fannie Mae Eases Credit To Aid Mortgage Lending.

''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.

http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html

The Bush Admin tried 17 times to curb the unregulated actions of Fannie and Freddie - to no avail. Barney Frank repeatedly said F&F would not fail.

Watch as Republicans call for regulation on F&F as the ballooned to $7 trillion in mortgage exposure and also watch as Dem's goes as far as to attack the regulator personally. Despicable. (PLEASE WATCH RIGHT TO THE END FOR THE BEST QUOTE.)

http://www.youtube.com/watch?v=IyqYY72PeRM