Minority Families Face Wave of Foreclosures

http://finance.yahoo.com/loans/article/103200/Minority-Families-Face-Wave-of-Foreclosures ^ | Friday, July 6, 2007 | Ruth Mantell

[gondramB]

>>*** For many, the financial trouble will be traceable to a mortgage they should never have been given.***

Should say “a mortgage they should never have applied for.”<<

I don’t feel bad about applying for a first mortgage that it turned out I couldn’t afford. As a first time buyer it wasn’t clear how much monthly payments would actually be than the number my calculator gave me - there are a lot of extras.

So we didn’t take that mortgage, we waited another year, fine tuned our credit rating, saved a bit more money and shopped smarted for a mortgage the next year.

I don’t think that’s too much to expect... but I have to say it really surprised the guy pushing the first mortgage.