>>For many, the financial trouble will be traceable to a mortgage they should never have been given.
If very many mortgage companies go out of business because of this and there is a significant ripple effect throughout the economy there is a real argument that the mortgages should not have been offered as well as not accepted.
It is the individual that has ultimate control and responsibility for their own financial activities. The newspaper is full of advertizements selling us goods that we neither need nor can afford. Most of us are wise enough to not heed those ads, at least not frequently. Why - because we know our financial situation. We are responsible.
This situation (if the article is to be taken at face value) sounds to me like people being irresponsible with their own money and then hiding behind the race card, hoping for a taxpayer-funded bailout.
Caveat Emptor