It’s not just Obama and the Dems. GW Bush went to Harvard (see cartoon above) and was a big fan of “minority home ownership.” In 2004 his SEC allowed a sweetheart deal with Goldman etc. for only certain megabanks to allow them to have more debt and invest more in the ironically named “mortgage backed securities.” Bear Stearns bet 33 to 1 (33 debt for 1 equity.)
GW Bush probably trusted his advisers and did not understand this change very well. Paulson was the head of Goldman at that time and became treasury secretary later.
Obama is much worse of course. My point is that some in the GOP have helped them destroy the US economy.