http://washingtonindependent.com/93795/the-return-of-the-1000-down-mortgage

 

The pilot program is called “Affordable Advantage,” and it has now been adopted by three states — Massachusetts, Wisconsin and Idaho. (Other states, such as Pennsylvania, California and Colorado, have similar state programs.) The initiative is small, reaching just a few hundred people so far. But it is looking to expand. Given the dangers of these types of mortgages and the specter of the housing bubble, where unconventional loans wreaked disaster, it is also raising questions from wary housing experts and legislators.

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where is Obama and his regulation when you really need it?

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"The trouble with socialism is that eventually you run out of other people's money" -Margaret Thatcher

Who gives a fuсk about Obama?! It's just common sense!

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Well, wasn't "common sense" his campaign mantra, specifically in situations like these? :)

To be serious, the reason a fiscal conservative like me would support regulation in these instances, is because there is no personal negative reinforcement in the modern economic system to decisionmakers that give bad loans.  By the time these borrowers default, the people undersigning the loans will be retired in Aruba and not give a sh*t.  For that reason, banks will attempt to give bad loans using any possible loophole that the governemnt does not close up.  Sad but true. 

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"The trouble with socialism is that eventually you run out of other people's money" -Margaret Thatcher

I am fiscally conservative too and I believe Fannie, Freddie were the biggest effing mistake, America. Note, none of this would have been possible without the repeal of Glass Steagall by Republican Congress.

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Sic semper tyrannis
~War is Peace~Freedom is Slavery~Ignorance is Strength~ George Orwell "1984"