Clinton initiated this mess through his National Homeownership Strategy.
The Clinton administration actions include:
Making It Easier to Qualify for Mortgage Loans. The FHA has eliminated unnecessary and overly strict requirements under its loan program that made it difficult for many families to qualify for mortgage loans. It has also given lenders greater flexibility to make homeownership possible for more nontraditional borrowers, and has clarified certain underwriting requirements so they are not applied in a discriminatory manner. With these improvements, thousands more families are eligible for FHA-insured home loans. It also streamlined its underwriting criteria, consolidated operations, and improved its performance. The cost savings from these improvements have resulted in cost savings to consumers.
In the end it just drove up housing prices.