Plain-Vanilla Financing Could Hurt Banks

I really liked this article because it states that there is nothing wrong with plain-vanilla products however a borrower should have other options. 

“The Obama administration’s plan to protect consumers from bad deals on mortgages, credit cards and other financial products is an attempt to take the industry back in time and could put a dent in bank profits.

“We’re pretty plain vanilla today,” says John Courson, president and chief executive of the group. Mr. Courson says he has no problems with the Obama administration’s push to show consumers plain-vanilla mortgages but adds, “We don’t want to create a barrier that makes it difficult for a borrower to have an opportunity to look at other products that better suit their financial needs.”