Considering that Republicans had the House from 2005 to 2006 the excuse that Barney Frank blocked anything is ridiculous.
OK, Bush got all those bad loans passed out in his first term as planned, got he re-elected as a result of (new happy homeowners), then he proposes something (wheres the equally grand speech?) when he has the congress ~ 2006 after its too late, so most of them lose those houses as a result and run to Obama.
What legacy is that? He had no trouble getting those bad loans out in the first place.
Chris Dodd and the 'Rats blocked the Financial Reform Act of 2005 in the Senate.
It died by filibuster.
Give him this: John McCain, one of the bill's sponsors, spoke in the Senate about what would happen if Fannie and Freddie were allowed to continue on their then current course. And it was an accurate description of what actually did happen.
Nonetheless, the 'Rats killed the bill via filibuster.
At which point, the 'Pubbies (and Bush) let it drop.
When the Democrats won control of Congress in 2006, all hope of reform was lost.