Monday, July 14, 2008

Too Little, Way Too Late

It's nice that the Federal Reserve has decided to step up and do something about predatory lending practices--but the time to do so was over three or four years ago. What is it about these people that angers me more--their incompetence or the fact that they seem to have the uncanny ability to wait until everyone who can make their fortunes at the expense of others have done so?
The Federal Reserve has adopted rules to give home buyers more protection from the types of shady lending practices that have contributed to the housing crisis and propelled foreclosures to record highs.

Chairman Ben Bernanke and his central bank colleagues approved a plan Monday that would crack down on dubious lending practices that have hurt many of the riskiest "subprime" borrowers - people with tarnished credit histories or low incomes.

What? All of those warning signs over the past couple of years weren't enough? Anyone who thinks the mortgage meltdown just happened is kidding themselves. That's okay--all of the predatory lending people have moved on. They're probably running slum lord housing for renters who used to be homeowners...


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