Banks didn't want to go into the risky loan business... there were hearings in Congress in the 1990's where they spoke out against that. Congress gave them and out by allowing them to package and resell those bad loans.
Barney Frank and others managed to keep Federal oversight away from the situation during GWB's terms... until the time was right, just before Obama's election... then all of a sudden it was "OMG! Look at this mess!"
Banks were threatened by discrimination lawsuits from Congress if they DIDN'T make those loans.
Who’s the most centrist NY Republican who could take the job, clean up NY and be able to run for Governor in four years and win?