BREAKING: Fed Burns Midnight Oil to Craft Mortgage Reform Plan

And they came up with ….

WASHINGTON — Lenders would be required to make sure prospective borrowers have the ability to repay their mortgages before giving them a loan, under a proposal released by the Federal Reserve on Tuesday.

So, you know, there you go. It’s this kind of clear-headed thinking that makes our regulators the envy of the world’s regulators.