Can someone explain how Bush is to blame for the housing crisis?

Last I knew Bush wasn't at every home closing twisting people's arms to sign interest only and balloon notes for homes that were too expensive....please correct me if I'm wrong.
Update: Ok, there's some decent answers there, but there's one thing that all the naysayers are missing....the President of the USA doesn't have the authority to regulate the US or World banking system, that job is the task of Alan Greenspan/Ben Bernanke and the other members of the board of the US Federal... show more Ok, there's some decent answers there, but there's one thing that all the naysayers are missing....the President of the USA doesn't have the authority to regulate the US or World banking system, that job is the task of Alan Greenspan/Ben Bernanke and the other members of the board of the US Federal Reserve who adjust the interest rates that banks use to determine what rates they will lend. Large banks loan more money when interest is lower because there is more demand and they can adjust their credit policy to allow for more risk because the larger pool of loans would have a greater rate of payback liklihood than a smaller pool. George Bush didn't cut interest rates, didn't tell Mortgage Companies to offer zero down, interest only or balloon payment notes. The mortgage market found ways to get everyone they could into a loan and by doing this they took on more risk than they should have, plain and simple. CITIbank didn't ask Bush his thoughts on what type of loans to offer people.
Update 2: If regulation or lack thereof is truly to blame then why aren't more people mad at Fannie May, Freddie Mack, Ginnie Mae, etc?
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