But I think the Fed is missing one important regulation. It should require all borrowers to read every contract and either state they understand it or have a lawyer working for them who does.
Grow up people. Advertisements, even for home loans, are usually sugar-coated lies. (Or if not lies, next door to...) There is no such thing as a 1% interest rate mortgage loan, when the real interest rates are 5 or 7 percent. Negative amortization is a term you should know - and stay away from. And salesmen will (almost) always try to sell you something more expensive - it's how they make money.