Daniel Sadek liked fast cars. In his garage he had a Lamborghini, a McLaren, a Ferrari Enzo, a Saleen S7 and a Porsche.

On top of that his taste in women had him engaged to a soap opera star from "The Days of Our Lives." Sadek was living large.

Not bad for a guy who was pumping gas and selling cars not that long ago.

But as remarkable as Sadek's crazy ride to fame and fortune was, the ex-car salesman's real talents were in burying people with loans that they couldn't possibly afford and didn't understand.

Together with the steady stream of immoral shysters that worked for him, Sadek's company, Quick Loan Funding, played loose and fast with the lives of one family after another in order to earn themselves a big pay day.

Naturally, their targets were the same sub prime borrowers whose loans are exploding left and right today.

``If we had a prime borrower on the line, we hung up on them,'' a Sadek employee told Bloomberg. ``We were geared toward sub prime because they were easier to close. We were giving them money no other bank would dare to give them.''

One of those borrowers was Christopher Aultman a mechanic with a FICO score of 465 that was hoping that a refinance would get him back on the right track.

Sadek's wolves convinced him to closed on a deal that misstated his income by over $1500 a month and that he couldn't possible afford.

Of course, it wasn't long after that that Aultman fell behind again. Since his refinance, he has received two notices of foreclosure.

``You go to soccer games, and everything's great with the other parents,'' Aultman says. ``Nobody knows it, the wife doesn't know it, the kids don't know it, but their old man is in trouble. I put up a façade that everything's OK. Everything's not OK.''

``I'm embarrassed,'' Aultman says. ``I made a deal with the devil. I didn't know what I was signing.''

Aultman's story, of course, is just one of many thousands upon thousands exactly like it-people that could have been protected but were not.

Because while one family after another like the Aultman's was raked over the coals by scum like Sadek and his ilk, the people in charge stood idly by and watched it happen. It just that simple.

That's why today's announcement by the Federal Reserve that it is finally going to crackdown now on abusive sub prime lending has me so irritated-it's entirely too late.

Sadek could have been stopped.

Nonetheless, what the Fed proposed today will certainly help to protect borrowers from people like Sadek in the future.

From MarketWatch by Greg Robb and Robert Schroeder entitled: Fed proposes rules to fight unfair mortgage lending

"The Federal Reserve proposed sweeping new rules on Tuesday to clean up the market for subprime and all forms of home mortgages.

The proposed rules wouldn't help current borrowers holding a loan but aim to head off another lending crisis like the one that has crippled the subprime mortgage industry. Critics have faulted the Fed for not acting sooner to halt the crisis, which reached its zenith this past summer.

The rule proposals -- including tightening rules on prepayment penalties and prohibiting creditors from making loans without verifying a borrower's income -- aim to strike a balance between protecting borrowers without causing lending to shrink.

The proposals would prohibit lenders from granting mortgages to borrowers whose only means of repayment would be an increase in the value of the property. It also prohibits lenders from paying mortgage brokers fees for higher-rate loans. Read the proposals.

Additionally, the Fed proposed prohibiting a creditor from making a higher-priced loan without setting up an escrow account for property taxes and homeowners' insurance.

The vote to propose the rules was unanimous.

Widespread fraud in the market for mortgages has hurt the entire economy, said Fed Chairman Ben Bernanke in opening remarks ahead of the meeting of the Fed's board of governors.

"Unfair and deceptive acts and practices hurt not just borrowers and their families, but entire communities, and, indeed, the economy as a whole," Bernanke said."

Unfortunately, those are mistakes that we are all going to have to live with.

Sadek may be out of business but his handiwork lives on.