Bush asked for audits on Fanny and Freddie. He certainly did. In 2005, the Republican house passed a GSE reform act, which would have created stronger regulation of Fannie and Freddie, powers to increase capital at Fannie and Freddie, limit their portfolios, and deal with the possibility of receivership. Bush opposed the bill, and it died in the Senate. The author of the bill, a Republican, stated that if passed into law, it might have stopped the 2008 crash.

No one could have foreseen the games that large banks, and investment houses were playing with mortgages. Grouping 100 garbage mortgages together, selling them to mutual funds with A+ rating from rating companies. Dowd/Frank law tried to put a stop to this practice, and placed strong regulations on banks, and investment houses. It also established a Consumer Protection Agency. Elizabeth Warren was going to head it. The Republicans stalled her approval for ever. They paid for that one.

Nobody walks away from the 2008 great recession with clean hands.