It appears that the mortgage industry has rolled out an industry “self regulation” group to forestall meaningful regulation by the government, and the New York Times presents it as the biggest move towards honesty since the birth of Jesus:

The Fair Mortgage Collaborative, a consortium of lenders, brokers and mortgage technology providers, made its debut in June with financial backing from the Ford Foundation, among other groups. Its purpose, the organizers say, is to make only those loans in a borrower’s best interest and to identify and certify the lenders that adhere to certain strict standards.

Because self regulation has worked so f%$#ing well in the past.

Bob Tedeschi, there is some semen on the corner of your mouth.