More Unconstitutional Acts Over Mortgage Meltdown
And exactly where under Article I, Section 8 of the Constitution is this authorized?
WASHINGTON (AP) - The Federal Reserve will issue new rules next week aimed at protecting future homebuyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs.
Fed Chairman Ben Bernanke spoke of the much-awaited rules in a broader speech Tuesday about the challenges confronting policymakers in trying to stabilize a shaky U.S. financial system. To that end, Bernanke said the Fed may give squeezed Wall Street firms more time to tap the central bank’s emergency loan program.
To prevent a repeat of the current mortgage mess, Bernanke said the Fed will adopt rules cracking down on a range of shady lending practices that have burned many of the nation’s riskiest “subprime” borrowers - those with spotty credit or low incomes - who were hardest hit by the housing and credit debacles.
As someone that is a current homeowner and certainly a “future homebuyer” I would like to inform the federal government that I am smart enough to take care of myself – thank you very much. So please stick to what you are supposed be doing like building post roads, etc. America will be better off when you do.
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