The mortgage industry, facing the prospect of tougher regulations for its central role in the housing crisis, has begun an intensive campaign to fight back. As the Federal Reserve completes work on rules to root out abuses by lenders, its plan has run into a buzz saw of criticism from bankers, mortgage brokers and other parts of the housing industry. One common industry criticism is that at a time of tight credit, tighter rules could make many mortgages more expensive by creating more paperwork and potentially exposing lenders to more lawsuits. (New York Times ^[1], Monday)

What's needed is deregulation that goes all the way down.

FEE Timely Classic
The Self-Interest of Self-Regulation ^[2] by J. Brian Phillips