As liberal journalist Naomi Klein said on C-SPAN in 2009, there is blame to go around for both parties in not acting to deflate and prevent the mortgage bubble, but it is intellectually dishonest for Democrats and the media to heap all the blame on the Republicans. And If blame were to be heaped on one party, it would go to the Democrats.
It wasn't until 2006 that mortgages got so high in price that property stopped selling, and unqualified homeowners started foreclosing. I read one article in the Fort Lauderdale Sun-Sentinel that in retrospect it could be seen that June 2006 was the peak month of the real estate market was June 2006. After that, speculators increasingly couldn't sell, and started walking away from their mortgages, leaving millions of foreclosures that took years for banks to sell off.
