Obama’s mortgage freebies: No-money-down mortgages are back
By AnnaMaria Andriotis, WSJ Market Watch
Some affluent buyers are getting the keys to their new home without putting a penny down.
It’s 100% financing—the same strategy that pushed many homeowners into foreclosure during the housing bust. Banks say these loans are safer: They’re almost exclusively being offered to clients with sizable assets, and they often require two forms of collateral—the house and a portion of the client’s investment portfolio in lieu of a traditional cash down payment…. Continue reading