President Bush has repeated a favorite Republican attack that Fannie mae and Freddie mac corruption and mismanagement were an important factor in the 2008 economic crisis. They also assert that Democrat Barney Frank was a main culprit in preventing them from doing anything about it.
The problem is the time they are referencing is 2003 and 2004, when Republicans not only controlled everything, they demonstrated with the Bush tax cuts and Medicare Prescription drug bill that they could muscle through whatever they really wanted.
Had Barney Frank been in the Senate and used some procedure to block legislation, I'd still be dubious, but he was one member of the minority party in Congress.
It's easy to say "I take personal responsibility".
The reality is people heap scorn, blame, and won't a pound a flesh.
So it's easier to say, "I admit it, he did it".