I wonder how much thicker the stack of papers at closing will be now. The stack was already thicker than most folks could get through in a full day, and it did no good. Perhaps enforcement against mortgage companies and their management, along with some title companies would be helpful. It seems to have worked a few years ago when I had to submit my earnings stubs and at least a years worth of tax information. Some companies were close to asking for the right to claim my First Born if I defaulted, and that was for a 10% loan!

This is getting ridiculous. Has anyone tried to get a loan lately??? It is almost impossible and now when things could not get any worse in the housing industry the Fed decides to step in and make it even MORE difficult to get a loan. Great timing. What about all the self employed people in UT that now can't get a loan? What are they going to do? Pay cash for a house? Get a hard money loan? I guarantee these rules will prolonge the housing crisis by further limiting financing for millions of borrowers. Instead the helping this is going to only end up hurting borrowers and all of us that own a home. This is NOT good news for every homeowner in America.

Here's the irony of this whole mess: the Fed is attempting to "fix" things, all while they themselves are the cause of the real estate debacle in the first place! This is truly a case of the fox guarding the henhouse.