Posted To: Pipeline Press
In the last 50+ years Detroit has lost nearly two thirds of its population. (Yes, 2/3.) And now the City of Detroit is offering up a mortgage pairing that goes above 100% LTV to renovate houses - in some cases way above. Interesting. But wait! In Ohio, houses "were scooped up after the financial crisis by investors, who then make deals with low-income home buyers unable to get traditional mortgages." I guess there are two sides to every crisis, but the last thing we need as an industry is more bad press - like when the word "trapped" is used. And per the WSJ, "Bank of America Corp. is rolling out a new mortgage product that would allow borrowers to make down payments of as little as 3%..." - non-FHA with no mortgage insurance. As we all know, you can't work in the residential mortgage biz,...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/1TvlpgE
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