White House Press Secretary Dana Perino, asked by a reporter Wednesday if the Bush administration’s "deregulatory approach" helped create the housing and financial market meltdown, deflected blame to Congress.

Perino said Congressional lawmakers have thwarted HUD’s attempts to overhaul the Real Estate Settlement Procedures Act (RESPA), and only passed legislation to modernize FHA and strengthen oversight of Fannie Mae and Freddie Mac after years of haggling.

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