But it began in 2006, coincident with the Democratic sweep, and maintained through the Bush terminus.
The curious thing to me is that the "Republicans" (of which establishment I am no friend) did not make more of this correlation in 2008. It was ripe for target.
Bush was either naive or mistaken in many of his appointments. His Treasury Secretery, Paulson, was the former CEO of Goldman Sachs, and was basically working with the Democrats in congress and with Obama.
So, yes, it started under Bush.
Bush did try to repeal or revise CRA and rein in Fannie and Freddie, but he didn’t try hard enough or go public enough. The Democrats basically rode all over him.