The galloping sounds emanating from the State House recently came from the cloven hoofs of devilish subprime lenders, after lawmakers, in bipartisan fashion, slammed the barn door of Maine’s real estate market behind them.

Gov. John Baldacci signed the Homeowner Protection Act on June 11, enacting sweeping anti-predatory lending restrictions designed to prevent consumers, especially homeowners, from falling victim to lenders offering too-good-to-be-true terms for sizable loans.

Unfortunately, what the bill cannot do is aid those already victimized.

They are the smoldering ashes left by the searing heat of Maine’s mid-decade housing market, who turned to the attractive terms and low rates of subprime lenders, unaware the loans carried long-term pitfalls.

Which, as the market burned up, are being exposed. A new report, released June 14 by the Mortgage Banker’s Association, shows the subprime mortgage market is a national wasteland – some 1.1 million loans in default or foreclosure, with 140,000 alone in the past three months, a rate of 1,555 a day, according to The New York Times.

Reactionary legislation, regardless of its strength, cannot help Mainers faced with losing homes. Unfortunately, methods of tracking mortgages either in default or foreclosure is near impossible, as centralized reporting of this dire economic indicators is scattershot.

Not until 2005, when Coastal Enterprises Inc. and the Center for Responsible Lending, traveled into the deed registries of various corners of Maine to uncover traces of predatory practices, did the first hints of this problem reach public attention. Its full impact still isn’t completely known.

And their research, as groundbreaking as it was, is now several years old. New projections from the center, which helped craft Maine’s legislation, show homeowner peril remains possible in the regions where the housing market was most superheated, such as greater Portland.

Lewiston-Auburn, by comparison, should be less affected, buffered by its lower housing prices.

Ascertaining the complete impact of subprime loans in Maine should gain attention, now that legislation stemming the practices is in place. The subprime implosion has taken many by surprise, partly because warning signs – such as rising foreclosure rates – were not identified early enough.

Protecting consumers from predatory loans is now before the Federal Reserve, as clamoring from states and consumer groups has forced it to examine its responsibility. Action by the reluctant agency is overdue, as its influence can drive predatory lenders into extinction.

While the Federal Reserve grinds along, states like Maine (now that consumer protections are established) should study subprime markets, find the victims, and develop better ways to identify unsettling indicators, like foreclosures.

Mainers may now be protected from predators, but not from missing signs of the next looming crisis.