The most recent whine coming from Republicans is centered around their alleged attempt to "reign in" Fannie Mae and Freddie Mac back in 2005, and the Democrats' blocking of such. I should have looked closer at this sooner, because there's always something that stinks just under the surface of these "valiant" efforts. Anyway, here's the deal:
Conservatives and Free Market fundies have historically been opposed to GSEs (Government Sponsored Enterprises) for a few basic reasons: they target assistance to groups the government deems "in need" of assistance, and the profits/losses of said enterprises are controlled by the public (as opposed to private industry). The former is viewed as an entitlement, and the latter makes it difficult for private enterprises to compete with the GSEs.