Interview by Donna Rosato, Money Magazine senior writer
May 28, 2008

(Money Magazine) — Your credit-card terms are usurious; your mortgage contract disguises the real cost of your home; and you need a magnifying glass to catch all the fees in your auto loan. As a result, you may be paying thousands more than you should for these products, says Harvard Law professor Elizabeth Warren.

She’s long made it her job to shine a light on the worst practices of the financial services industry - before Congress, on the blog CreditSlips.org and in her bestseller, “The Two-Income Trap.”

Now she’s calling for a new watchdog agency to oversee financial products. And with support from at least one presidential contender, the idea is gaining some traction.