In an attempt to convince homeowners that the Federal Reserve is indignant about shady loan practices, the Federal Reserve Board today declared they would be approving a rule which would prohibit unfair, abusive or deceptive home mortgage lending practices. This is the same board that allowed these practices to become so prevalent in the home mortgage market to begin with. Had the Federal Reserve stepped in sooner, like say 1998, the U.S. economy would still be strong, our homes would still be safe and we wouldn't be wondering which bank is going to fail next. Below are some of the provisions of the new rule. Take a look at the new rules below and see if it doesn't boggle your mind that these practices were not addressed sooner. This half-hearted attempt at seeming concerned knowing that for the past 10 years they sat on their assets and refused to look out for the consumer is too little, too late.
clipped from federalreserve.gov
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