Every week, the banks come up with new ways to make borrowers' lives incredibly difficult".
Unwilling to take on interest rate risk, banks often make borrowers finance operations with variable-rate debt.
However, this argument was circular; easy credit will drive asset prices higher and make borrowers more willing to lend.
While such mortgages allow borrowers to buy more-expensive houses, they do not necessarily make borrowers more willing to pay inflated prices.
"The rigor in the policy and procedures that we make borrowers go through is intense and profound and it's very significant".
Still, Mr. Benjamin says the new disclosure forms have not necessarily helped make borrowers more active participants in the loan process.
A ban or a severe restriction might make borrowers' lives easier, but that is not certain, nor is it necessarily an appropriate goal.
With credit cards and mortgages, teaser rates make borrowers overlook what the interest rate will be in six months, as well as all the fees.
She said that the agency's regulation of the industry should help to lower the costs of credit to Americans, rather than raise it, and make borrowers "a little more secure".
If they think they will have a comfortable retirement on state benefits, they are in for a nasty surprise.Interest-rate cuts hurt savers' incomes even as they make borrowers better off.
