Despite distractions, isn't the heart of this economic meltdown about Fannie Mae and Freddie Mac?

The subprime mortgage meltdown could never have happened if Freddie Mac and Fannie Mae did not ever audit and examine the bundled subprime mortgages they bought for years and years. Like they just didn't ever think of that, duhhhh? Absurd! It is just like another Ponzi scheme with a special twist. They knew, they knew from the day they started buying ARMs in the mid eighties. It eventually broke the S&Ls (government bailed them out) but they regrouped and continued on with this horrible crime. These people not only robbed us, they took a bit of their loot and bought the White House. Can't anyone see through this?