McSame just blamed Freddie Mac and Fannie Mae for making bad loans

[Virginian]

The bad loans responsible for our economic problems today.

Can someone please explain this to me?

It was my understanding that the purpose of these two is to make loans to BANKS for mortgages so that banks can make more mortgage money available for first time home buyers.

They do not loan money to people, just to banks.

I thought a lot of the problem was with speculators and investment properties which wouldn't come under Freddie and Fannie because these people were not buying homes for the first time.

As for the mortgages that DID come under Freddie and Fannie, weren't the BANKS the ones making the bad decisions on giving Mortgages to people who really couldn't afford them? :shrug:

Can someone please explain this so I know why these two are at fault?

(edited to attempt to correct spelling in title)