Wrong, dummy. The Community Reinvestment Act was started by Carter. Clinton doubled down on it. But Barney Frank and Chris Dodd (banking comittee chairmen in the House and Senate) took it to truly insane levels. Banks were not allowed to expand, merge or do other things unless they gave "diversity loans" to certain peoples with no ability to pay them back. The banks, stuck with the worthless paper, bundled and resold as much of it as they could. They had obligations to their shareholders to try and do so.

Also, Dems had lowered lending requirements for mortgages that taxpayer backed Fannie Mae and Freddie Mac would buy. ACORN began giving seminars in ghettos across the country entitled "how to purchase a home". Former Clinton cronies at the top of Fannie and Freddie (like Franklin Raines and Jaime Gorelick) gave themselves bonuses in the tens on millions based on incentives for the amount of loans written. Nevermind that the loans were worthless subprime garbage. They pushed hard for as many of the worthless loans as possible. They said it was "economic justice". The losses to taxpayers would be like Enron x 10,000.

Ever watch 'Flip This House' and 'Property Ladder' a few years back. As a result of the Dems idiot moves, waiters and busboys were taking out multiple mortages worth more than they'd ever earn in their lifetimes and flipping houses. Housing prices became grossly inflated. The bubble burst and all the idiots defaulted on their "diversity loans". Banks were at risk of failing. Credit dried up. The stock market plunged. Unemployment surged. Welcome to the recession.

Barney Frank and Dodd (who's regulation started the problem) then tried to deflect blame by saying "we need even more regulation to stop this corporate greed". Douchebage like you parroted their bullshit.