Good Guinness To You! says:

I don’t have a reference.
During the Clinton admin. Banks were strong armed to grant loans to people they wouldn’t otherwise have given loans to. This was done in order to “give people a shot at the American Dream. ”
It actually started back in Carter’s time. Slowed in Reagans term, and took off Clinton’s.
Carter created Fannie and Freddie Mac to buy the risky loans from banks. . . mostly as quid pro quo to mitigate their (banks) risk.
In Clinton’s admin, it took off to epic proportions. Loans were granted to Entrepreneurs and speculators. People made money hand over fist. . . buying multiple houses. Real estate was rising quickly. The thought was that folks would hold the loan for a while. . . dump the property at an increased value. . . pay the loan and pocket the difference.
When housing values collapsed, people just walked on the loans. Here we are.