A recent article in the Washington Post noted that the Obama administration is engaged in active discussions to create a regulatory commission "that would have broad authority to protect consumers who use financial products," including mortgages.

This story was reported a few days after the publication of a piece in the New York Times entitled "My Personal Credit Crisis," in which the author (Edmund Andrews, a Times economics reporter) outlined how his willingness to aggressively obtain financing for a home he couldn't afford led him to sabotage basic underwriting practices while driving himself into insolvency. (Basically, he violated a fundamental rule of self-preservation: "When you find yourself in a hole, stop digging.")

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