Fact is...

Subprime mortgage crisis

http://en.wikipedia.org/wiki/Subprime_mortgage_crisis#Boom_and_bust_in_the_housing_market

Quote:
Increasing home ownership has been the goal of several presidents including Roosevelt, Reagan, Clinton and George W. Bush.^[121] In 1995, the GSEs like Fannie Mae began receiving government tax incentives for purchasing mortgage backed securities which included loans to low income borrowers.^[122] In 1996, HUD set a goal for Fannie Mae and Freddie Mac that at least 42% of the mortgages they purchase be issued to borrowers whose household income was below the median in their area. This target was increased to 50% in 2000 and 52% in 2005.^[123]

Note that it was Clinton who's in the office from 1993 to 2001.

So can't really blame everything on Bush.