Bush Says He Warned of Fannie, Freddie Meltdown

When the Washington Times accused the Bush Administration ignoring warnings about the imminent failure of government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, the White House cried "foul!"

Starting in 2001, claims the White House in its fact sheet, "Six Years of Unheeded Warnings for GSE Reform," President Bush not only warned of the consequences of a Fannie and Freddie failure, he also offered plans to reduce the risk. It was Congress, claims the White House that thwarted presidential efforts to reform the GSEs until it was too late.

"Over the years, the President's repeated attempts to reform the supervision of these entities (Fannie Mae and Freddie Mac) were thwarted by the legislative maneuvering of those who emphatically denied there were problems with the GSEs," states the White House fact sheet.

Also See:
Feds Take Over Fannie Mae and Freddie Mac
Did Fannie and Freddie Cause the Mortgage Crisis? (US Economy)
What Are the Costs of the Financial Bailout? (US Economy)