"Let me also say that this is not an issue of the poor.
This current crisis is principally a crisis of the middle class, not the poor. Individuals who asked “what’s the payment,” and not “what’s the interest rate.” Individuals who purchased a home, like many of us purchase automobiles, and you shouldn’t purchase an automobile that way.
If you purchase an iPod, and place it on a credit card and make minimum payments over time, it will cost you $4,000.00. Now, apply this analogy to a six-figure home purchase and you have an economic tsunami on your hands."
John Hope Bryant