After Effects 7 text question

[QueBert]

My neighbor has 7.0 on his computer and I've been messing with it, my question is regarding working with text. I took a PSD from my computer and imported it, but it made all the text on the text layers black. I poked around the help, and the options and didn't see any option for text options. I tried to create text from scratch and it's still only black.

How the hell do I get it to import my PSD files and keep the text colors intact? I feel like a 'tard but I can't figure it out.