Federal regulators are weighing the mortgage market’s version of the old saw that “you can lead a horse to water, but you can’t make him to drink.” Of course, the Federal Reserve Board’s stiffer regulation of the home-equity market is needed has nothing to do with livestock. Instead, regulators are concerned that new disclosures and borrower education programs may prove useless if loan applicants won’t take advantage of them. The effectiveness of disclosures – and how consumers digest them...