The Federal Reserve Board, under fire from Congress for lax enforcement during the biggest mortgage boom in American history, will hold a public hearing on how it might use its authority to prevent abuses in the mortgage market. See Bloomberg story http://www.bloomberg.com/apps/news?pid=email_en&refer=economy&sid=az0YslU2CiQU
Bottom line: few people see the need for caution and restraint until after wild excess has brought great pain on the nation. Yet again. There will be more fall out from this free-flowing money era. The waves of lawsuits and finger-pointing are just getting underway.
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It would seem by your post that the Fed's jaw-boning re: contagion or should I say their comments re the evidence showing no contagion affects
would be utter non-sense given that Congress is pushing for a review of lending standards (after the horse is out contagion) and GM's Mr. Lutz
comments on poor sales as a result of both a housing slowdown and less MEW. Colleen.