“Their default rate was higher than everybody else’ default rates, meaning they were already being held to lower underwriting standards.”
It is worse than that; the government put a gun to the banks’ heads to force them to lend to unqualified minority borrowers, then accused them of deceiving those same people.
In the meantime, whole neighborhoods were destroyed and hardworking taxpayers forced to flee even further from the welfare influx that had been foisted on them.
It's a trick that's worked for decades. When a political fad becomes embarrassing, in many cases because it sanctions evil, the politicos and pampered pets duck out and blame the scapegoat - and hope that everyone forgets their own participation in said fad.
Case in point: The Third Reich In The Ivory Tower.
If America ever turns against the Muslims, you'll see the usual suspects blaming the usual scapegoats. "The oil companies made us like them!" or some such rot.