is it simply Fannie and Freddie's fault?

As satisfying as it would be to simply blame Fannie, Freddie, Barney Frank and his congressional cohort for the housing crisis cum global economic collapse, it's pieces like this at The Big Picture that remind me that crappy decision making by hordes of people and institutions in the private sector is the real culprit:

• More than 84% of the subprime mortgages in 2006 were issued by private lending institutions.
• Only one of the top 25 subprime lenders in 2006 was directly subject to the CRA;
• Only commercial banks and thrifts must follow CRA rules. The investment banks don't, nor did the now-bankrupt non-bank lenders such as New Century Financial Corp. and Ameriquest that underwrote most of the subprime loans.
• Mortgage brokers, who also weren't subject to federal regulation or the CRA, originated most of the subprime loans.

Blinded by greed anyone?