This Michigan Bank Just Brought Back The Zero-Down Mortgage; They'll Even Cover Your Closing Costs | Zero Hedge:"A small savings bank in Michigan, Flagstar Bank, has come up with a genius, innovative new mortgage product that they believe is going to be great for their investors and low-income housing buyers: the "zero-down mortgage."
What's better, Flagstar is even offering to pay the closing costs of their low-income future mortgage debtors.
...The Flagstar program is available in 18 counties in Michigan, and could be used for certain homes in Detroit and Flint, along with other cities.
Of course, we would highly encourage Flagstar to take a look back into ancient history for case studies on what happened the last time banks started peddling "innovative" mortgage products.
Here's a summary of the Lehman Brothers case study:
Ironically, South Park also did some fascinating research on the topic:
No comments:
Post a Comment