I agree. People were buying homes they knew they couldn't afford that were grossly overpriced and happily signed on the dotted line when banks offered them a deal they couldn't refuse - until three or four years later when their mortgage payment doubled.<quoted text>
During the housing bubble, many people upgraded by selling their over-valued homes and putting large down payments on mortgages they still couldn't afford - especially after mid 2007 as unemployment climbed. The housing crisis wasn't caused by government mandated loans - and yes, Freddie and Fannie guarantees encouraged bad mortgages, but didn't cause them. Dig deeper.
Which is why we kept renting after selling our home until sanity returned to the housing market.
Thing is, we started liking not having to worry about repairs and appliances breaking down and yard work. We're still happy renters.
But, like you, I blame people who couldn't even figure out what they could and could not afford.
It certainly wasn't Bush's fault any way you look at it.