I guess it all depends on who you speak to these days. The government is trying to phase out the Fannie Mae and Freddie Mac mortgage system, but at what cost? Most of the "experts" in the mortgage industry agree that this will be a step in the wrong direction, but some go as far as saying that home prices will drop, rates will skyrocket, and average people won't be able to afford a home without a substantial downpayment. Without the Fannie and Freddie fixed rate mortgages what will be the alternative. I has yet to be seen, but keep your eyes open, it may be coming sooner than you think.
Most would agree that there needs to be additional regulation to keep us from ending up in the same mess we are just getting out of. Borrowers should be qualified to borrow money and be able to pay it back. That was the biggest problem with the mortgage crisis. Lenders were lending money to people who couldn't pat it back. I am not that well educated, but even I can see the problem with that. Those things should never happen again and hopefully they won't, but the overall system should not be scrapped because of greedy people looking to get rich quick.
I found this article that goes into details about the situation. You should read it and share your thoughts.