The Democrats spin (propaganda/lies) is that the current problem was caused by deregulation. Deregulation had nothing to do with the changes at Fannie Mae/Mac that gave birth to the current financial mess. By including some of the information from the link I provide it will show exactly where the problem began, very important in my opinion to debunk the deregulation lies.
Following is the relevant information that I believe should be included in your summary:
Rather than submit legislation that the GOP-led Congress was almost sure to reject, Clinton ordered Robert Rubin's Treasury Department to rewrite the rules in 1995.
Clinton's HUD secretary, Andrew Cuomo, "made a series of decisions between 1997 and 2001 that gave birth to the country's current crisis," the liberal Village Voice noted. Among those decisions were changes that let Fannie and Freddie get into subprime loan markets in a big way.
Other rule changes gave Fannie and Freddie extraordinary leverage, allowing them to hold just 2.5% of capital to back their investments, vs. 10% for banks.
Since they could borrow at lower rates than banks due to implicit government guarantees for their debt, the government-sponsored enterprises boomed.
Link to entire article:
How A Clinton-Era Rule Rewrite Made Subprime Crisis Inevitable
How A Clinton-Era Rule Rewrite Made Subprime Crisis Inevitable