Regulate the mortgage industry to require simple interest

I propose that the mortgage industry be required to offer mortgages that are based on simple interest, not the current system. Under the current plan, although lenders are claiming to charge low rates, when calculated to payoff, homebuyers are actually paying nearly three times the purchase price.
If lenders were to charge simple interest at a higher rate, loans could be paid off in a shorter time period, and Americans would actually own something real, rather than being glorified renters.
Banks and other lenders would still make a reasonable profit, and would realize these gains in 10-15 years.
If this system had been in place, we would not likely be in the current housing crisis, with lenders holding huge numbers of overvalued properties, and many people losing their homes.