What’s the hottest type of mortgage these days? The 30-year fixed rate. It’s a return to vanilla after years of creative financing such as subprime, adjustable rate and interest-only loans. The surge in these exotic mortgages in recent years is huge. In 2003, about 9 percent of mortgages were subprime (loans to borrowers whose credit scores were not-so-good). In 2006, subprime made up a quarter of all loans. Yowza. Mortgage brokers are going back to basics before the government steps in to force their hand. But it may be too late. The House of Representatives recently passed H.R. 3915, the “Mortgage Reform and Anti-Predatory Lending Act of 2007.” The bill is designed to require lenders to make sure borrowers have a reasonable ability to repay the loan. Now that’s a crazy idea, isn’t it? But mortgage brokers remain convinced the market can and will correct itself and regulation isn’t necessary. What’s your take?