Creative financing has helped to make homeowners out of many people in the U.S., but the financing has also had it share of controversy. Analysts have been warning that exotic mortgages, such as interest only loans and no down payment loans, are a danger to the housing market and the economy.

It is estimated that approximately 30 percent of the mortgages given out today fall under the creative financing category. While these loans can help people realize the dream of home ownership, they can also cause a great deal of trouble.

Foreclosures and payment delinquencies are up all over the country, mainly among borrowers who have risky mortgage loans. Such things always have an effect on the economy.

Now, it seems as though the federal government may be heeding all of the warnings. The first new sets of rules aimed at this type of financing were rolled out on Friday. Risky loans and mortgages that have loose standards are being targeted. Mortgage loans that are too complex for the average borrower to understand will come under the gun as well.

When the rules go into effect, it may cause problems among banks or mortgage lenders, as they will be required to do a credible analysis of the borrower's ability to pay back a mortgage loan-something that most of them are not actually doing right now.