Risky Mortgages Are Back! Are We Looking at 2008 All Over Again? Looking at a Housing Bubble!

The return of no money down mortgages could very well lead to another real estate and housing crisis. Will it be the only thing? No. Just another leg pulled out from the table. 100% mortgages were an issue in the housing crisis of the Great Recession in 2008. Subprime loans, interest-only loans, predatory loans, and people who wanted to be homeowners who would do anything to buy. Including getting into a 100% mortgage without the financial back-up to support the house.
Risky mortgages are back! United Wholesale Mortgage has come out with some risky mortgages for people who are at or below the 80% median income level a special 2-part loan in an effort to provide home ownership to all Americans. Sound familiar? 2008 all over again? Maybe!
This could be one of the biggest home-buying mistakes on the planet. A lot of experts are saying that this is going to wind up being a debacle.
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00:00 Introduction
00:37 The New Deal?
01:05 Part 1. 30-Year Fixed
01:28 Part 2. The Silent Second
01:50 Who Qualifies?
02:29 The target market?
05:29 Decide to sell.
06:14 Refinancing to lower rates
07:44 Who can benefit

[@academaciated7466]

Once the envelope is pushed in anything, it sets the new standard 🤷🏼

[@Twobarpsi]

Excellent observations Mike! Looks just like 2008!!

[@academaciated7466]

Buyer has to qualify in the beginning of this offer until they open the flood gates again.

[@jesse_-]

If mortgages had less regulations, more houses would have been built, and we would not have a shortage. We can blame the Wall Street reform and consumer protection act of 2010. If you vote for that party, you have no right to complain about high house prices because they set the regulations that caused the shortage which intern caused very high prices. That was the beginning of the end of course there are other factors involved, but that is the major factor that caused the housing shortage, it’s amazing how many people have such short term memories and don’t look back as far as 2010 for the answer

[@optick3554]

There is only one party but it comes in two flavors.