Markets unaffected by these policies experienced bubbles, too.
There were also credit crises in other countries that have no such home ownership policies or agencies. Also, there was a similar crisis in US commercial real estate. Moreover, there was no crisis in Canada, which does have similar home ownership policies.

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Long-term causes of the financial crisis? »Long-term causes of the financial crisis?
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Unintended consequences of earlier public policy choices »Unintended consequences of earlier public policy choices
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US policies to encourage home ownership promoted risky lending »US policies to encourage home ownership promoted risky lending
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Markets unaffected by these policies experienced bubbles, too.
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