Alan where were you? Just maybe last summer's collapse of the secondary mortgage market could have been prevented. We listened when you spoke, so, why didin't you address these problems. Hurray for Ben because finally, the Federal Reserve proposed new rules to protect borrowers. This policy will force lenders to disclose how much the mortgage you are applying for will really cost, highlight fees that are usually hidden and protect borrowers from deceptive advertising. These proposals will provide light on shady practices. This long overdue policy will help prevent another mortgage debacle in the sub-prime market. These practices were going on for a long time. They contributed to the debacle we have just seen. Sadly it will not help those people who are already caught in the last summer's mortgage collapse. After three months of public comments these new rules should be approved. This is probably a first step to help the ailing mortgage market but does go far enough because the new proposals does not include standard mortgages. Alan, there is a new sheriff in town, Ben Bernanke, hopefully he will have his finger on the trigger to protect our financial health. Guess you were not the guru we thought you were.
Read the article in The New York Times.......
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