Clinton's Home Ownership Initiative DID force mortgage lenders to ease lending standards for the poor resulting in a cascade effect that eased standards for everyone. Then there were "community organization" sit-ins, demanding even more lending in poverty zones, that effectively shut down lenders that were perceived to be biased. In order to satisfy government bureaucrats and local rabble-rousers, lenders, by necessity, had to abandon established criteria for loan establishment and find ways to meet their artificial criteria. Most of these loans were bundled and sold to Fannie and Freddie, who had abandoned their standards.
Good intentions with no consideration of potential and probable consequences are what caused the housing debacle.