US blacks see 'financial apartheid' in subprime crisis

US blacks see 'financial apartheid' in subprime crisis: "The storm triggered by risky 'subprime' loans has left many in ruins, forced out of their modest homes and furious at falling victim to financial dealings that have taken a particular toll on minority families."
First...they are not "victims"....they knew what they were getting into...you can not tell me that no one at the mortgage company explained to these people that their mortgage was going to go up after a certain amount of time.

Its the same argument that people used with the "no payments for one year" offers from car dealerships and furniture places. "oh we didn't know we would have to pay more after the grace period was done. Oh they are so preditory" {that was supposed to be read with a sarcastic tone} and the federal government basically said "tough luck, buddy"

There is nothing racial about this fiasco....although it was started with racial ideals in mind. The whole point was that lower-income minority families were feeling that they were being kept out of the housing market and nothing they did seemed to get them out of the pit.
So the government stepped in and said 'hey lets get more of these people who can't make ends meet now buy a home at an affordable price'
then there was a complaint that the prices of homes were keeping these people out of 'good' neighborhoods....
so again the government jumped in and said 'hey give them more money so they can get houses in neighborhoods where there is less crime, higher taxes, bigger utility bills' so they did.

But now that the first wave....and it is just the first wave....of fore-closures are going on people are yelling because they didn't live up to their end of the bargain by making sure they would have the income to make up the deferred interest payments.

I'm sorry---I do not feel bad for these people for not paying attention!

I have signed two mortgages in my life, both standard mortgages, and there is so much paperwork you have to sign---there is no reason why you shouldn't know what you are getting into.

All you have to do is READ IT BEFORE YOU SIGN IT!!!