Allow me to correct your mistakes ...
Democrats took over in 2007. By 2007, the damage was done. By 2007, the housing market was already dropping like a rock and foreclosures were already rising rapidly. The time to take action was years earlier.
And your talking points about Frank and Dodd are duly noted, however, they were in the minority party and did nothing to prevent the majority party from passing oversight of the GSE's. Despite Democrats being completely wrong on the issue, Frank and Dodd ultimately represented nothing but two votes against oversight.
Majority party Republicans were in charge ... Majority party Republicans had 3 bills introduced in Congress to address the problem ... Majority party Republicans passed zero bills to add oversight of the GSE's. None of the 3 bills were filibustered. All 3 bills died because they were crappy bills which didn't actually address the problem.
So why didn't the Democrats remedy that immediately when they obtained power in January 2007? Please point to a single Democratic bill even offered to address the situation even as Pelosi, Dodd, and Frank were proclaiming in front of every microphone they could get in front of that the housing market was just fine - Freddie and Fannie were just fine - the banking regulations in place were just fine? Show me a single Democrat who voted for any of those Republican bills intended to address some of the problems.
Show me Senator's Barack Obama's vote to address some of the problem. (Clue: he either voted nay with the Democrats or, more typically, didn't vote.)
But of course he commissions his shills to blame it all on the Republicans. Yep those eeeeeeeeeevul Republicans did this all to us single handedly. Because they refused to fix the bad laws the Democrats put into place, the GOP is totally to blame and the Democrats are pure as the driven snow.
Just ask our fearless leader. Who even now won't admit that Obamacare is terrible law and is hurting people. And the Democrats who could TODAY agree to put this turkey back on the shelf will not consent to do that lest the GOP get some credit for wanting to do the right thing.
The President's 'apology' comes up really empty when he won't admit he didn't realize how bad it was going to be, that he didn't fully understand the consequences, and he is unwilling to back off what is obviously terrible law. And because we all know it resulting from that meeting with Democrats this week who no doubt demanded he do something because they are terrified that they are going to get the blame for this entire fiasco as no Republicans voted for it. And they should.