As far back as 2004 the Republicans tried to fix the Fannie Mae, Freddie Mac situation and create tougher regulations to prevent disaster. The Democrats (Maxine Waters, Barney Frank, etc.) instead defended the status quo and refused to make any changes. See them express their views in their Own Words.
Democrats Covering up the Fannie Mae, Freddie Mac Scam – In Their Own Words
http://www.youtube.com/watch?v=_MGT_cSi7Rs
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