And where was the Fed with these lending controls five years ago?

If St. Alan Greenspan had proposed these checks on subprime lending, especially unscrupulous subprime lenders, we never would have had the housing bubble, followed by collapse, we’re now facing.

The Fed NOW, finally, is considering:

_restricting lenders from penalizing certain subprime borrowers — those with tarnished credit or low incomes — who pay off their loans early. The restriction would apply to loans that meet certain conditions, including that the penalty expire at least 60 days before any possible payment increase.

_forcing lenders to make sure that subprime borrowers set aside money to pay for taxes and insurance.

_barring lenders from making loans when they don't have proof, or verification, of a borrower's income.

_prohibiting lenders from engaging in a pattern or practice of lending without considering a borrower's ability to repay a home loan from sources other than the home's value.

Heck, if some other Fed governor had proposed these ideas five years ago, St. Alan probably would have ignored him or her.

But, anointed by Republicans and DLC/Clintonite Democrats, he was able to get away with economic adventurism.