The congressmen want the Federal Reserve, the Federal Home Loan Bank Board and the National Credit Union Association to define unfair lending practices and mandate ways to prevent them, as the law states.

FORBES: One Market, One Regulator?

"All deposit insurance is a moral hazard, and brokered deposits are a moral hazard, squared, " says Alex Pollock, a former head of the Federal Home Loan Bank of Chicago and now a fellow at the American Enterprise Institute.

FORBES: Bad News Banks

Countrywide is moving all its mortgage origination activities under the umbrella of its federal savings bank, which would allow it to use deposits to fund loans, as well as let it borrow through the Federal Home Loan Bank system.

FORBES: Countrywide Is On Its Side

Or ask your bank about your eligibility for a loan workout under the federal Making Home Affordable Program.

WSJ: Will the Lender Cancel My Loan?

PwC would also know how widespread the practice was amongst some of the systemically important financial institutions, since they also audit Bank of America, JP Morgan Chase, and AIG, as well as the Federal Home Loan Banks and Freddie Mac.

FORBES: Goldman Sachs Executives May Have Lied But Not About Anything "Massive"