I understand your point of view, I really do. Sub prime adjustable rate mortgages caught a lot of people with the whole "low payment" thing. But then the bottom fell out, rates soared, and what used to be a 1200.00 payment is now 2000.00

Sucks ass.

What I don't get though, is do people get into these sub prime loans thinking the fed will never change the rate? Or were they just trying to buy a house, and ARM offered lower closong costs? I don't see why anyone in their right mind would go with an adjustable rate, or at least convert it to a fixed when the economy started getting all screwy.

I dunno... I think people need to be educated on what a mortgage really is, how it affects the economy, how hedge funds get hammered when foreclosures happen, the whole chain reaction of economic melt-down.