Are you taking out a mortgage or doing a refinance? There are new federal rules going in place to protect you. This is a case, however, of the cavalry arriving too long after the mortgage market massacre, according to Clark.

Much of the new rules are really no-brainer stuff that you'd be surprised was not already in place.

Here are some of the highlights of the new laws, which go into effect July 30, 2009:

• You won't pay anything upfront until you have your loan cost disclosures in writing.
• Your lender must provide your appraisal 3 days before closing.
• If your lender tries a bait-and-switch at the closing table, the loan is automatically put on hold for 7 days to give you time to think.

Banks had been able to block rules like this for so long. But their current lack of moral authority in Washington means that they can't hold them back any longer. These are overdue protections for the public.

See journalist Kenneth Harney's complete write-up of the new rules for additional details.