“Low risk for the bank”…well with taxpayers underwriting the risk of capital loss, and bank bailouts and social payments to families when credit busts, recessions, job losses and foreclosures wreck havoc, and bank executives getting to sell junk, commit fraud, keep profits and stay out of jail– you can see why banks think these products are golden alright.
Branded “yourFirstMortgage,” Wells Fargo’s new product has a minimum down payment of 3 percent for a fixed-rate conventional mortgage of up to $417,000. Down payment help can come from gifts and community-assistance programs.
“We are fully underwriting the borrowers, we are partnering with Fannie Mae to originate and sell these loans…” Here is a direct video link.
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