The Blueprint

"We should and can have a structure that is designed for the world we live in, one that is more flexible, one that can better adapt to change, one that will allow us to more effectively deal with inevitable market disruptions and one that will better protect investors and consumers. The challenge is to evolve to a more flexible, efficient and effective regulatory framework - and that is the purpose of this Blueprint."
- Treasury Secretary Henry M. Paulson, Jr.

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You may have missed it. On Monday, Hank Paulson announced a new Blueprint for restructuring financial regulation. I was going to just let it go.

But then someone dropped me an email asking what impact it was going to have on mortgages.

Here's how I see it.

I look at the current housing crisis as a fire.

We're in the middle of a raging structure fire. Right now we should focus our collective energy on controlling and putting out that fire.

This Blueprint is akin to drafting new regulations that require fire sprinklers in every room for new buildings. How's that going to change what's going on right now?

It's forward looking and doesn't deal with the situation today.

Some things that grab our attention are completely useless. I think this is one of those things - at least for right now.

Now, let's get some water on that fire!