A Different Kind of Fed Action

The Federal Reserve didn't do anything to interest rates today, but they still managed to grab the headlines. Finally, they are stepping in to address some of the mortgage practices that got us into this mess. The rules they are imposing won't do much for current borrowers but should help consumers down the road. One interesting rule change... they've put a cap on mortgage brokers' commissions! Goldman Sachs reported stellar earnings but warned about future quarters. Markets gained about 1/2% on the tepid news. DJIA +65.27 NASDAQ +21.57 S&P 500 +9.08