Sub-prime Mortgages | featured news

It is far too easy to say that minorities have only themselves to blame for their wealth decline because they bought homes they couldn’t afford. That argument would let so many off the hook. It would excuse the government for its monumental failure to tame predatory lenders. And it would absolve the lenders who came up with exotic mortgages that should never have been pitched ubiquitously, especially not to financially fragile minority borrowers. But blaming the victim is what we do so well in America.

Treasury Secretary Timothy Geithner says government will spend up to $100 billion to join private investors in buying up to $1 trillion in bad sub-prime mortgages, securities and other ailing assets.

The Obama administration today formally unveiled details of its long-awaited plan to help cleanse banks and financial institutions of bad home loans and toxic securities, making a calculated gamble that partnering with private investors to buy the assets will stabilize the crisis while limiting the