Mortgage reforms outlined

With foreclosures escalating at a record pace nationally, and several Chicago-area counties showing significant increases, Treasury Secretary Henry Paulson on Thursday pointed a finger at the players he said contributed to the housing and credit mess and outlined reforms intended to stave off future excesses.

The plan, formulated by a group of financial regulators that includes Federal Reserve Chairman Ben Bernanke, calls for nationwide licensing for mortgage brokers, new rules for credit-ratings agencies and firmer disclosure requirements for banks and Wall Street firms, all of whom have been widely criticized for lax standards that set up housing and the credit markets for a fall.