Lending standards weakened sharply in 2005 and 2006 as home prices soared. Fraud and predatory lending were rampant in the subprime market, which served the weakest borrowers. The Federal Reserve's proposals this week to address deception and fraud in mortgage lending will all be for naught unless the states, the Fed and other federal agencies tighten their enforcement of the lending rules. ... Mortgage brokers on the other hand are professionals who are peddlers of mortgage products. They are the ones responsible for bringing together mortgage lenders and their borrowers.
