Though there were some horrible lending deals that banks signed knowing full well they were going to rake a borrower over the coals (think an ARM on a 30yr mortgage), I would say most of the issues were caused because people knowingly or unknowingly bit off more than they could chew.
I wouldn't mind some kind of class about family financial planning and lending being added to part of the core curriculum.
Side note: We refinanced our house recently. After pissing my pants when faced with the amortization schedule (now a law that you must see it before signing a note) on what we drafted up for a 30-yr note (we were going to save something like $250-300/mo! Great deal right? NO!), we backed out and found a 15-yr note that worked for us, for only a slightly higher monthly payment (like $30) than what we were paying before when we were some of the blissful youth who signed a mortgage we shouldn't have.
Moral of the story: If you don't have a 15-yr note, or less, you are insane.