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http://www.brotherjohnf.com/mortgage-crisis-2-0-bofa-ceo-wants-slash-payments-help-poor-millennials/ – Mortgage Crisis 2.0: BofA CEO Wants To Slash Down Payments To Help Poor Millennials. —
zerohedge.com / by Tyler Durden / May 19, 2017 6:55 PM
Among a host of other issues, one the critical things that contributed to the housing crisis of 2008 was the fact that speculative borrowers had nearly no “skin in the game.” Anyone who decided they wanted a piece of the rapidly inflating housing bubble could go out and buy multiple houses with no money down or, in some cases, even do “cash out” purchases whereby banks would finance more than 100% of the purchase price leaving ‘buyers’ to pocket the excess.
Shockingly, such terrible underwriting standards was a really bad idea. Turns out that offering investors infinite returns on capital, given that they could purchase millions of dollar worth of assets without ponying up a single penny, causes wild speculation resulting in devastating asset bubbles.
But, in the wake of one of the worst asset bubbles in history, new legislation came along requiring traditional mortgage borrowers to put 20% down when purchasing a new home.
Ironically, the new owner of one of the worst mortgage lenders of the 2008 era, is now arguing that down payment requirements should be slashed in half. Speaking to CNBC, Bank of America CEO Brian Moynihan, the proud owner of Countrywide Financial, said that his mission is to reduce mortgage down payment requirements to 10% for traditional loans. Per CNBC:
The post Mortgage Crisis 2.0: BofA CEO Wants To Slash Down Payments To Help Poor Millennials appeared first on Silver For The People.
–(Published @ May 20, 2017 at 10:00AM by www.bitcoins.am™ Instant Real-time Bitcoin News Aggregation Source- From: ) #bitcoinnews
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