Bush raised red flags in April 2001. Dems said NO

[coloradoatheist]

The standards were never to not check information given on loan applications.

That is what caused the crisis. Along with the credit default swaps.

It was both. If a consumer knows they are gambling and forging documents on hoping to gamble, the fault is also on consumers.

Bankers make their money doing this. They are the professionals with professional and societal responsibilities.

They are supposed to protect the system from breaking down because there are a huge amount of bad loans.

The consumer is or isn't an idiot and has no power to secure loans without the approval of so-called banking professionals.

If both parties are going to into the deal knowing they are gambling, then it's hard to say. The consumer knew that he/she was gambling with money to try and make a quick buck so there is blame on the consumers too.

Quick buck as in a few years.

And the banks were just passing off the loans to the GSEs who were buying the mortgages because it met their goals, both minority and regular goals.

And no one was looking at the mortgages or caring that they weren't being rated correctly.

So everybody was happy, the economy was booming again, people were making money.

The economy was never booming along. That was the mid-90s. During the W years, the economy was always pumping out contradictory indications. The only thing driving it was home and durable good sales being driven by the low interest rates.

I think you meant 00s for your last part.

The W years. Not his fault, not blaming him. And I've said as such.

But the economy was okay after 2003 to 2007 so people were happy...

People were happy because they were riding a wave of housing inflation and moving into bigger and bigger homes.

...the government was getting what it wanted with its goals on home ownership rates and banks were making money. The point of the OP was that Bush somewhat said hey we were going to have issues with housing, but it was never a big issue. It had bi-partisan support for the banking/mortgage industry.

He didn't really say that, and a good deal of evidence has been shown to contradict it.

I'll find some quotes, but the argument was over how big of a deal. Bush wanted to strengthen the GSE regulations, especially in light of the GSE account scandals but the Democrats fought it. How big of an issue to Republicans it was is an argument. It wasn't the Dems pushing for it, and the Republicans fighting it.