The July 18, 2008 issue of Forbes has a good analysis by Yaron Brook of the home mortgage mess and how the government created the crisis in the first place:
The financial peril of Fannie Mae and Freddie Mac–the government-sponsored, government-regulated mortgage giants regarded as instrumental in solving the nation’s mortgage market problems–has one benefit. It should help expose the lie that today’s financial problems are the result of an insufficiently regulated market.
And Amit Ghate points towards good retrospective in the July 14, 2008 Wall Street Journal detailing years of corruption and ineptitude in those two quasi-governmental agencies.
Articles like these rebut the usual claims that villainous lenders are to blame, as if they would somehow benefit from defaulting clients.