A Blueprint for Mortgage Regulation

May 25, 2009

A recent article in the Washington Post noted that the Obama administration is engaged in active discussions to create a regulatory commission 'that would have broad authority to protect consumers who use financial products,' including mortgages. This story was reported a few days after the publication of a piece in the New York Times entitled 'My Personal Credit Crisis,' in which the author (Edmund Andrews, a Times economics reporter) outlined how his willingness to aggressively obtain financing for a home he couldn't afford led him to sabotage basic underwriting practices while driving himself into insolvency. (Basically, he violated a fundamental rule of self-preservation: 'When you find yourself in a hole, stop digging.')

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