NOW the Fed plans to restrict crappy loans
Better late than never, I suppose, but this plan will put a further crimp on the housing market by restricting low-end lending and making it more costly. I think that's good, because I don't believe renting a home from a bank at usurious terms is an inaliable right, nor the "American Dream," but those who would rather see the Fed do its part to pump housing with bad long-term policy (the kinds of junk being promoted by the NAR, Obama, Schumer, Edwards, Clinton, et al.) will not get what they want with this bill. This should be good in the long run, but it will keep demand lower than it was during the bubble, with the associated drag on sales and prices sure to follow.