As a result of Title XIV of The Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (another agency to complicate matters) issued a number of mortgage related rules that are not actually voted on by Congress. They will impose far more paperwork and raise the cost of mortgages, while the Dodd-Frank portion to actually reform bank trading was vacated. As of August 1, 2015, we now have a new agency to comply with to get a mortgage and this should help to cap the real estate rally for the average American by sending prices back down.
Government is great at expanding its own powers when it takes payoffs behind the curtain to allow the same conduct that created the problem. More government jobs and pensions. It never ends.