Obama pushing ‘vanilla’ home loans
If President Obama gets his way, consumers who take out mortgages would automatically get a “plain vanilla” loan — such as a traditional 30-year fixed-rate mortgage — unless they opted for a riskier variety.
Obama’s plan to revamp financial regulation is intended to protect borrowers from the confusing and high-risk mortgages that fed delinquencies and foreclosures, led to the worst financial crisis in decades and thrust the nation into recession.
