And why do people not blame Bill Clinton for the real estate meltdown? Bill Clinton and his HUD Secretary, Andrew Cuomo started the whole stated income fiasco. They said it publicly that home ownership was the best thing that could happen for the average American. Then they told banks that they would not get Fannie May or Freddie Mac money, which backs most home loans, if they did not offer loans to almost anyone. Based on stated income with little verification. The banks loaned to people that should never have gotten a loan based on stated, not documented income. Hell, I was one of them. Then the banks realized they had millions of bad loans that were not secured, they bundled them and sold them to wall street, and eventually the pyramid collapsed. Blame Wall Street, or blame bankers, but it started with Clinton and his silly idea that everyone should have home ownership and using Fannie May and Freddie Mac as a club.