In a bold move this morning, Treasury Secretary Henry Paulson called for establishment of Mortgage Origination Commission. The commission would be created to develop "uniform, minimum licensing standards for mortgage market participants". This was only a portion of the entire proposal to increase regulation of the nation's entire financial markets. The entire plan has come under fire from those saying that it either goes too far or doesn't go far enough, especially in the case of the mortgage industry.
The plan will require congressional approval and will likely not go into effect until after the new administration is in place.
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