Getting serious about flimsy housing loans was completely uninteresting during Republican rule because heaven forbid dubious loans were not handed out to everyone. How would the market react to only traditional loans when an entire predatory market existed out there with higher interest rates and even higher potential for defaults? Ah, those were the days when there wasn't a care in the world and customers were lining up to be fleeced. Times have changed and those nasty Democrats actually want to regulate and find a proper balance. Let's hope that they are ready for the cries from the finance industry as loans default and they get stuck holding the bill.
Federal Reserve Chairman Ben Bernanke urged Congress on Tuesday to bolster regulation of mortgage giants Fannie Mae and Freddie Mac, and suggested limiting their massive holdings to guard against any danger their debt poses to the overall economy.This is good to see, but isn't this a few years too late?
