Prepare to hear a lot of “we don’t need new regulations, we need to enforce the ones we already have” blather:

Such a commission could be very powerful. A number of sweeping federal laws already offer broad protection to consumers of financial products, but those laws have been lightly enforced in recent years.


The Department of Housing and Urban Development, for example, has clear authority to crack down on companies that charge excessive closing costs on mortgage loans, but repeatedly postponed planned reforms in the face of industry opposition.

That’s excellent context.

The paper even calls out predatory lending (by name!), which has gotten far too little play in the press:

It would also be one of its first proposals to address causes of the financial crisis such as predatory mortgage lending.

This is suberb work by the Post.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at