They both did it.If wall street did not have fannie and freddie to cya they would not have made the loans in the first place.I think it is what’s known as a conspiracy.Presidents, Senators, and Congressmen along with the banksters all lined their pockets well.
Recall that W boasted in one or more State of the Union addresses about "the historically high percentage of home ownership" as if granting loans to the unqualified was a feather in his cap. At the same time, the Wall Street Journal editors spent pages questioning the practice and the bookkeeping at Freddie and Fannie, Barney Frank postured " I'll roll the dice with Fannie Mae" and Chris Dodd was getting VIP treatment at Countrywide.
So instead of putting both the Congressman and the Senator in jail we have Dodd-Frank which is eroding the entire financial system while conveniently papering over the corruption they led.
CEO Franklin Raines made over $100 million at Fannie. Jamie Gorelick was taken care of with millions for service as a Fannie Board member as was Rahm Emanuel. There are books on this, a movie out etc. yet not one Republican candidate has the backbone to even raise the issue with real names and events. Thanks for letting me vent.
Follow the money! Wall Street/banksters made billions on the housing scam by bundling mortgages and placing derivatives bets on the. Wall Street guys took home extra millions in bonuses each year for engineering this train wreck. 5-10-20 million dollar bonuses were not uncommon