During the 5 years or so prior to the mortgage collapse of 2006-2008, the mortgage industry, in partial response to escalating housing prices, developed a number of financing instruments (3 and 5 year renewable ARMs, 80/20 loans, stated income loans, NINJA loans) that enabled home buyers to purchase a home with initial low down payment and low early years monthly payments. The 2008-2009 mortgage crises proved that strategy to be foolhardy and clearly put the US Economy at serious risk of collapse. Overly creative mortgages have proven the adage of "no free lunch".Do you agree or disagree? Justify.Should there be limitations placed by Congress and state legislatures on the use of ARMs and other creative mortgage schemes?