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NO DOWN PAYMENT MORTGAGES: OLD WINE/ NEW BOTTLE [1]

['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']

Date: 2024-06-03  

The big news in financial circles is the Return of the Vampire Mortgage. Like the last time around, lenders will saddle folks with not ONE but TWO mortgages. We know they won’t hold the mortgages themselves (no, they’ll sell them to us) but they’ll get the exorbitant fees and set up the next financial crash.

If this kind of lending is allowed, it should be a requirement that the lender hold the mortgage for half the life of the original mortgages before they can sell them or any part of them.

Are any congressman or senators paying any attention to this?

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