They are independent entities.
Raines and Gorelick mismanaged the hell out of FM and they hid a lot of bad mortgages in the bundles they sold banks to hold as secure assets.
When the FDIC round those mortgage bundles could not actually be valued to any accuracy as a result it created an instant banking crisis.
SUMMARY
www.the92ers.com
Obama, Bush, and the congress pushed for increased home ownership rates lowering qualifying criteria and then FHA allowed the low or zero down adjustable rate mortgages to achieve that end and that just set up all the dominos to fall.
Bush screwed the pooch giving into the left on home ownership then Obama drove the boat over Niagara Falls.