Government agencies such as the Federal Reserve did not use the authority granted them under the Home Ownership and Equity Protection Act to prohibit substandard lending practices.Where Ever To Begin???
Federal regulators came in for a large share of subprime blame during a series of Congressional hearings in March. Christopher Dodd, Democrat from Connecticut and, perhaps not coincidentally, presidential candidate, accused regulators of being "asleep at the switch" when they allowed lenders to push hybrid loans with low initial rates that would spike in future years.
[ cf Subprime blame game: Regulators ]
First off, we know that Government Regulation of the Market is SATANISM bent upon destroying our White Christian America!!!!!!
Secondly Congress should not be trying to MicroManage the War by Mandating that The Commander In Chief do things like have his Regulators Actually Regulate!!! That violates the Separation of War President and The UnWashed Plebian Masses!!!! Which is a Fundamental First Principle of the One True And Only Constitutional Notions, EVER!!!
Besides The Invisible Foot Of The Market Knows Best, and No ONE can Know What Foot Knows!!!