Launched in January 2008 as part of the U.S. administration's response to the looming financial crisis, the creation of the Council of Financial Literacy, though not without merit, is not necessarily the best way to approach things, especially in regard to the meltdown of subprime mortgages. It's certainly true that many subprime mortgages were given to borrowers who may not have understood the risks. Often borrowers did not even realise that their monthly payment would rise if interest rates went up. Subprime borrowers on an adjustable interest rate, whose mortgage repayments went up by just 7%, accounted for more than 40% of the repossessions begun in the 4th quarter of 2007. Would better information or education in financial literacy have made any difference? We don't need a committee to tell us the simple solution. Don't offer subprime mortgages.