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You didn't even list a year for your quote. I did some research and found out he (Bush) said that way back in the Summer of 2002. Isn't it a bit disingenuous to not even tell your reader when Bush said that?

Remember that even the Perdogg post, which was an amazing find, by the way, was about a NY Times article from Sept. 2003, some 15 months later.

There's a good chance the President did not realize the full scope of what was going on until the Summer or Fall of 2003, thus his idea for a new agency to over these two companies, at that time.

Good Point:

The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

However, in 2002 the President increases Freddie and Frannie money for mortgages for minorities by 440 Billion.

Looks to me that in June 2002 he no longer had the concerns that he expressed in April of 2001.

There have always been problems with the CRA issue called "disparate impact", and I have posted on this recently. The President was absolutely right to encourage home ownership - this not only grows microeconomies but additionally reduces other burdens. I've also posted on this recently. But were it not for the economic plans of the Bush Administration, a great many people in the lower brackets would not have been able to buy a home.

And, minorities tend to predominate that layer called "lower brackets". The reasons why they predominate that level is numerous. Thomas Sowell has written periodically about this, for years. The hope was, that as more were able to buy homes, finally and maybe the stick the Socialists and Con Artists were using (CRA, ad nauseum) to beat the American public about would be neutered.

This is NOT the same as asserting the President was part of "the con". He wasn't.

I know you aren't suggesting he was, and I'm merely adding to your post.