The blame goes farther back....
....to about the time of the Carter administration. Carter believed that everyone DESERVED to own a home. That mentality trickled down through the liberal ranks in the form of no, or limited income check loans for home purchases. They were buying votes from their "99% constituency" ....paying no attention to the fact that they were giving huge loans to burger flippers at McD's.
Barney Frank and his cohorts had a more recent hand in this type of activity.?