Not True.
President Bush actually did try to do something about the banking and home loan industry many times but was constantly rebuffed by congress.
Don't forget - the mortgage and housing collapse was caused by congress deciding that it was discriminatory for banks to refuse mortgage loans to minorities who couldn't qualify for a standard loan and did not have the income and resources to make the loan payments.
If you care to read the facts about President Bush's efforts to address the impending crash in the mortgage industry you can start here:
http://georgewbush-whitehouse.archives.gov/news/releases/2008/10/20081009-10.html
He in the beginning did talk about the Barney Frank problem, 9-11, then no more.
And, as usual, Bush's unforgivable lack of communication to the American people helped Congress keep that kind of crap in the shadows until it was too late and it crashed all around us.
The whole shrugged shoulders and "Hey, we tried" bit just doesn't cut it.