So, Where Did the Mortgage Crisis Start? Posted on 10/02/2008 by Cal SkinnerOctober 2, 2008 My CPA sent me an article from September 30, 1999. It was written by Steven A. Holmes and entitled, “Fannie Mae Eases Credit to Aid Mortgage Lending” I have copied two parts which seem to tell the story: . . . . . Click to enlarge the reprinted part of the article.