I'll admit I have a very vague understanding of the mortgage problems in the states. I see all these lending institutions being nailed to the wall and forced into bankcruptcy and the pundits labelling them as every form of scum in the book etc.

What I don't understand is why the people who took these mortgages on aren't being called morons or really being mentioned?

For example if I was making $40k/year I'm not going to buy a $500k house because the "introductory rate" is 1.2%. That would make me a complete idiot and I would deserve to be foreclosed. Thats the exact same thing as obtaining a credit card with an introductory rate of 1% but a "real" rate of 95% interest in 6 months. How would you not second guess that decision? And its a much smaller scale than a mortgage.

OK I'll admit its greasy of these lenders to knowingly give mortgages to people who shouldn't qualify. But why the hell would the borrowers over-extend themselves like that in the first place? I don't get it!

Am I being a jerk or missing a huge piece of the puzzle or what? Were there people holding guns to the borrowers heads or were they completely conned into it somehow? How come they are the "victims" and everyone should feel sorry? I must obviously missing something. :S

Portee, do you have any thoughts on this. You can gladly call me a dumbass if I'm way off the mark and went on a rant without reason.
Also, if I offended anyone in my ramblings I sincerely apologize!

Gamblor.