Interestingly, my buddy Ron Paul introduced the Free Housing Market Enhancement Act H.R.3071 back in 2003 (when the GOP was still in control, BTW), but it was buried in a committee. This act would have prevented a bailout, would have limited the levels of investing in the Freddies by outside sources, and almost eliminated lending to people who could not afford to pay the loan. It pretty much would have prevented this whole mess, but then a bunch of GOP bankers would not have gotten rich, and a bunch of DNC welfare cases would not have bought houses.
Steve