For those of us who have been trying to get regulators at all levels to get off their behinds and actually protect consumers, instead of lenders, the "too-little, too-late" action by the Feds, as the Times called it, is a bitter pill to swallow. In a way, the editorial is a bit "too-little, too-late" itself considering how long advocates have been trying to get the Times to flag this and other regulatory breakdowns, but, hell, we'll take it. And to be fair, the Times has been striking some of the the right notes on predatory lending for months now.

Perhaps the most useful assertion made in the editorial is the explosion of the myth that abusively priced mortgages are somehow a service to borrowers, as if making an adjustable rate mortgage underwritten to become ridiculously un-affordable in six months is an act of charity. The Times rightly pointed out that lenders need to be guided by regulators to make loans that the borrower can afford - duh! - and make loans that actually fit the needs of the borrower. In a tail-wagging-dog world, where the lending industry tells legislators and regulators what to do, this is a revolutionary idea.