None of what you posted above changes anything.  You really should go back and read my post more carefully.  You will notice that I cited both Republicans and Democrats as being responsible.

If as you say Bush perceived there to be a problem three years ago he had ample opportunity to attend to it when he had the Republican majority behind him.

I didn't say it...the New York Times did.  See for yourself:

New Agency Proposed to Oversee Fannie Mae and Freddie Mac, The New York Times, 09.11.2003

Oh, and BTW, Greenspan, by his very own admission, doesn't have a real solid track record when it comes to economic analysis...so why should we trust his judgment now?

UPDATE:  Allow me to correct myself...Bush did not, in fact, warn about the problem three years ago.  It was more like five.  My mistake.