This economic crisis was brought about by fannie and freddy buying up bad mortgages and by government mandated loose lending policies to help people get houses even though they couldn't really afford them. This was started under Carter and given a boost under Clinton. There were many times that people like Mccain and Bush brought up concern regarding fannie and freddy and people like Barney Frank assured them there was no need for concern.
One thing I think Mccain and others should have done is gone on the news circuit and blown the whistle in front of all Americans. Maybe then someone would have done something.