The big push to reform Fannie & Freddie took place in 2005. Bush had just won re-election and the surge was still two years away.
It boils down to this: Bush & the GOP-majority Congress tried to reform Fannie & Freddie. And they failed. They didn't have the will to see it through.
See Post #62.
Yes, Bush did not apply any will to reform these organizations. He paid lip service only.