That's a stretch, if you look at the history of sub prime lending Clinton was out of office long before it took off. Most people would argue that subprime was a fairly healthy part of the overall loan / risk landscape until 2000. So, I think you need to look for slightly more recent causes. If you want to look for mis regulation the fed's stimulus to deal with .bust was a significant contributing factor.

http://dallasfed.org/research/eclett/2007/el0711.html