Carol Horowitz writes in a column July 10 at Townhall.com:

Supporters call it “financial services reform.” Yet the Restoring American Financial Stability Act of 2010 is far less about reform or stability than about central control over the ground rules of residential mortgage lending – and with a strong dose of racial entitlement. Its principal legacy may be an even worse rerun of the financial collapse of 2008.

By a 237-192 margin, the House of Representatives on June 30 passed the 2,300-plus-page conference bill which is designed to protect households from predatory practices by banks, subprime lenders, brokerages and other financial intermediaries. Yet in practice the measure is likely to invite a new generation of reckless lenders and unqualified borrowers. That’s because during House-Senate conference sessions, affirmative action zealots managed to insert a series of mandates whose implicit intent is to lower credit standards for nonwhites so as to boost their rates of homeownership.

Read more: http://townhall.com/columnists/CarlHorowitz/2010/07/10/home_mortgage_affirmative_action#