They are adopting new rules to protect home buyers.

A promising sign is that the mortgage industry hates the proposal.

Bullet points:

• A requirement to show that borrowers could realistically afford the mortgages.
• Disclosure of all fees.
• Restrictions on advertising.
• An expansion of loans to whom the regulations apply. It had been more than 8% above T-Bills, and it will more than 3% above T-bills.

I agree with the consumer advocates who think that it’s not enough, but it’s a start.