The Federal Reserve unanimously approved new mortgage lending rules Monday in a crackdown on shady practices - particularly subprime loans made to borrowers with weak credit.

About fucking time! Where the hell have they been the last 5 years?

Also, a big F-U to Congress for stalling the homeowner foreclosure aid bill. Not that I agree with bailing people out, but it has taken them 10 times longer to do anything about the homeowners' woes than Wall Street banks'.

That anyone could even THINK about putting another Republican in the executive office is beyond me. We'll be trying to recover ground lost in the last eight years well into the next eighty!

-janelane, "won't someone think of the children"

Fed unveils new rules aimed at curbing shady home loans - Jul. 14, 2008