Why did they wait so long?

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Fed plans new rules for future homebuyers: http://biz.yahoo.com/ap/080708/fed_credit_crisis.html Now that the Economy is failing due to bad practices by money-hungry mortgage sharks, the Fed's will now place rules on future mortgage lending. Where were the Fed's when this was going on? Why did they wait and turn their backs on the consumer and allow such bad business practices to continue? Over 450 CEO's have been arrested, all financial monies have been siezed, will it go to the consumer's that were caught in these mortgage scams, no. The Feds' will keep the money, seems to me that was the plan all along. What do you think?