You want the American Dream, right? Then here it is. On April 3, 2001, a program to make 1 million black families homeowners by 2005 was announced by a black lawmakers' group, mortgage-market giants Fannie Mae and Freddie Mac, major banks, mortgage companies and community groups.

But wait! The casualty list starring the "presently unemployed" across the US is seriously alarming. What's more, over 500,000 jobs have been lost in the manufacturing sector since last June, and entire industries are fleeing this country for fat profits in emerging nations.

Worse still, layoffs, bankruptcy filings, and foreclosures throughout black communities are surging and their recession, has already, begun.

[...Capital must protect itself in every way... debts must be collected and loans and mortgages foreclosed on as soon as possible...]. --(The Organizer, Civil Servants Yearbook.)

A Trap?...Yes? No? Maybe?

At best, Washington's latest economic scheme promises to flood Black America with a Tsunami of new debt, and bilk it out of billions of dollars.

At worst, this pathetic con job and inferno program threatens to make blacks the first economic slaves of the new millennium--a footnote on the financial pages of US history, and shackle their children's children with, well, abject poverty for generations to come. A serious assertion? Indeed. So let's examine a wee bit more evidence.

Assume you want to buy a home that cost $115,000. And perhaps you are prepared to put $5,000 down, secure a thirty-year mortgage for $110,000, and pay $4,000 in closing costs. After which, let's presume your mortgage payment is $1,000 a month, and examine your real cost after only 3 years.

The Trick: Home Sweet Hoax

Your entire mortgage payment (of $36,000) is mostly interest income for the bank. Lest you forget: add in your down payment, closing costs, maintenance, improvements, and roughly $5,000 in property taxes.

All toll, you have spent $52,000 (or more) in only 3 years! That's nearly half of the original loan amount. Yet, you still have 27 years worth of payments left.

Worse still, the only thing you own is the debt on the home, your savings are probably depleted, and, most likely, you live from paycheck to paycheck.

Moreover, if you remain in your residence as agreed, you will pay the bank $270,000 to $305,000. Otherwise, if you sell early, assuming any appreciation, you must get another home and incarcerate yourself in debtor's prison, or split half of your profits with the IRS.

But maybe you need a home to save on taxes.

A great idea, right?

Wrong!

You need a good CPA; there are hundreds of fun ways to legally slash your taxes to nearly zero.

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