Politicians have been aware of the dangers posed by Fannie Mae and Freddy Mac for some time, but Congress couldn't be bothered. They were too busy investigating Bush anti-terror activities and steroids in Major League baseball. (Apparently collectively they are more concerned about baseball than about the state of the economy.) Here is what McCain had to say a few years ago:

“If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.” –John McCain, May 26, 2005

Bush said something similar back in 2002, but I couldn't find his exact words. Bush didn't appoint the 5 directors to each of the organizations allocated to the government to show what he thought of them. But, Clinton appointees did well as they collected huge bonuses for the increase in business gained by writing a lot of mortgages for people who couldn't afford to pay. Of course, the mortgage collapse we have seen would not have happened without the ridiculous Sarbanes-Oxley law written after the Enron collapse. Mark-to-market is downright silly when applied to real estate.