New consumer protection advisor tackles mortgage crisis first

September 21, 2010 5:43:18 PM PDT
What is the first thing Elizabeth Warren is doing as the new consumer protection adviser to the president? She's tackling the mortgage crisis.

Warren said she wants to simplify those complicated mortgage disclosure forms that come with every home loan.

She said many home owners do not understand the legal jargon and fine print.

As a result, she says many consumers took out loans they could not afford, and millions lost their homes to foreclosure because of it.

Warren said she will move quickly to simplify mortgage disclosure documents and create one single, easy-to-understand form.