https://e24d90.p3cdn1.secureserver.net/wp-content/uploads/2016/01/garyk.png?time=1669404741 610 764 Gary Kaltbaum https://e24d90.p3cdn1.secureserver.net/wp-content/uploads/2019/01/gary-k-logo7-01.png Gary Kaltbaum2016-05-31 09:05:462016-05-31 09:05:463% Mortgages…that worked well the last time!
Did you know that now Wells Fargo is launching a 3% down payment mortgage to moderate and low-income buyers? What’s that line about repeating mistakes? Remember when Bernanke and friends thought housing prices never go down so how can anyone get in trouble? Well, they found out when you don’t have to put any money down and price actually goes down, keys meet doorstep. The same people who oversaw and contributed to the last meltdown are repeating what they did back then. It is utterly amazing that lessons are never learned. They can no longer say housing prices never go down so what gives? Here’s what gives! Fees! When there are not enough buyers…when people are crowded out on price…and when people just cannot afford it, just give it away. Don’t worry. They are still securitizing the stuff. We will just offload it and not worry. So let’s not worry. Nothing here to see.