If the whole process of borrowing to buy houses is half as complicated as this article, then is it any wonder the ordinary homeowner failed to fully understand their transaction? I would assume this article makes the best possible attempt at simplifying the issue for the reader, yet it still ends up as is written.
Complex situations like what has been outlined end up creating the need for brokers, middlemen of sorts who act as the interface between the gritty unpleasants and the more sweet story sold to the end user.
In reforming this system, why not start with greatly simplifying all that's entailed in it. Make it crystal clear, in as few steps as possible, with increased emphasis on eliminating the need for all these players - rating agencies, agents, etc.
Part of the said simplification is what the individual actors stand to gain and lose should they either do what's required of fail to do the same. I feel it will go a long way towards assisting in what looks, from my perspective, an uphill task cleaning up.
Read the Article at HuffingtonPost