I thought I might stir the pot here a little.
First off I do agree that you should read a contract, and yes you should certainly employ common sense when obtaining a loan for any amount of money BUT....
Don't you find it interesting that these lenders actually thought they would lend money to underfunded, uninformed, ill advised people and thought that because the going was great and the housing bull would carry on forever that they would win out big with their bait and switch style teaser rates?
Perhaps I'm laying it on too thick but I say "boo hoo!" You want to take a gamble at the upper end of a housing bubble/boom and then when the market closes in on itself and THAT SAME sub prime market YOU HAVE BEEN EXPLOITING collapses you want to complain?
We all know about risk/reward, supply/demand, fear/greed manias and depressions in stock and futures markets, how is this different than someone with more money than intelligence over-leveraging themselves at the top of a huge bull market?
Now I should note that I do not think that people were "victimized" or that they should be taken pity upon. My point is that in the context of lenders, that if you play with fire you run the risk of burning yourself...
