Housing Bubble

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How did we get in this mess? George Bush is the popular target for the cause of the current economic situation, Is it true? I wanted to know, because I like facts, not just blindly blaming someone. What I found out was that Bill Clinton revised the 1977 Community Reinvestment Act to help low-income families get loans. A nice sentiment but it doesn't work, if you don’t have the money you can’t pay. George Bush revised the Act in 2004 to try and stop some of this lending to people that can’t afford it. It was too late, and Congress would not let him do enough to rollback the damage done. Democrats fought the regulation of this act at every turn… “See no problem with Fannie and Freddie they do not need regulating.” To see these same people accusing the previous administration for deregulation is such a lie it makes me sick that these people still have their jobs. 
If I'm wrong please prove me wrong, only facts on Very Teri.