Noble Ambition?

I was thinking about the explanation that everyone involved in the Fannie/Freddie fiasco provides for their irresponsible actions; that it was all done so that home ownership could be provided to more Americans. How noble. For centuries people worked, in order to have enough money to buy their own home. Many came up short, but for those that made it, their home was the foundation of their family, where they raised their kids, the center of their life, and a source of pride.
Much like a college degree, in order to have more people share "the American dream", the Left thinks that by simply expanding accessibility, we also expand qualities that go with it. Of course that is foolish. Expand anything of great value that has to be earned with personal sacrifice, by removing the need for sacrifice, and it is devalued. It is typical thinking by the Left, however, and is at the heart of our current crisis.
The reason banks have always wanted home buyers to be credit worthy is pretty obvious: the responsibility of owning a home comes with financial obligations, and a person without any history of meeting any obligations is a much higher risk of defaulting on his mortgage. Beginning with Carter, and accelerating under Clinton, the govt took the absurd position of encouraging banks to write mortgages for those who were not credit worthy, guaranteeing those loans through Fannie/Freddie. The result was predictable: home value was falsely inflated with too many "buyers" on the market, and defaults quadrupled. The real problem is that the Bush administration called for more oversight, but was easily brushed off by Barney Frank, Chris Dodd, et al. But hold Bush accountable. Much like most of his presidency, his call for more oversight was mushy with no backbone. If he foresaw the problem, then he should have screamed from the rooftops and demanded action. Instead, we have a meltdown, and nobody is willing to assign responsibility. I'd start with the proposition that America should expand home ownership to those who do not qualify. Expose on the Liberals who think that's mean. Stand up for EARNING something as important as a home, and shine a light on another of the Democrats' noble ambitions with unintended consequences.