Lawmakers, lenders, and consumer advocates agreed Wednesday that mortgage disclosures are confusing and ineffective but clashed over how to solve the problem.

"Regulation in this area has turned into a minefield," said Sen. Lauch Faircloth, R-N.C., and chairman of Senate Banking's financial institutions subcommittee. "The risk of lawsuits and criminal sanctions has discouraged competitors from bringing innovative products to market."

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