Is Wall Street ripping off America's poor and uneducated?

You don't have to eat every piece of cake you are offered!

Newer mortgage products have helped millions of Americans buy homes. It used to be that a 30 year fixed was your only option (even if you were only going to own the house for a few years) and 20% was a minimum downpayment. Refinancing has helped millions more take advantage of rate changes, more favorable terms, and access the equity in their home for other expenses (college, medical bills, etc).

The problem isn't Wall Street. The problem isn't the mortgage industry. The problem is a handful of predatory lenders and people who aren't adequately protecting themselves and their elderly parents/loved ones. You don't need to be a rocket scientists of derivatives trader to know that you don't buy financial instruments you don't understand, you don't sign documents you don't understand, and you if something sounds too good to be true then it's not true.

This isn't any different from the credit card "crisis". It's very easy to blame the credit card industry for individual's personal debts. But honestly, I don't know anyone who was dragged from store to store by a a Visa representative and forced to purchase items they couldn't afford.

Oh yeah - it's 'Wall Street's' fault. 'Wall Street' is ripping off America's poor and uneducated. Blame it on 'Wall Street.' I mean, when are people going to take resposibility for themselves, for their decisions, and not blame bad decisions and ignorance on everybody but themselves?

lol, soon the question will be "is China ripping of Wall St?"

Just because someone write an article on a website doesn't mean they are correct. You people are so stupid. Your ignorance makes me sick, just because you read something doesn't mean it's a fact! 99% of this country is retards and the other 1% are the people controlling the retards, you know it's true.

Just because Ponzi went to jail does not mean he did not became famous.

i'd love when people use arguments like "giving the dream house to people who need the credit the most" ... even though they can't afford it! it's 50% blamed on predatory lenders who issue all those "No Doc, Interest Only, Payment Option, 1 month ARM", and 50% blamed on people's ignorance of their own affordability... Monthly Pre-tax Income x 36% is not rocket-math!