Thread: Dangers inherent in zero and close-to-zero money down mortga

Dangers inherent in zero and close-to-zero money down mortgages

No Skin in the Game

By Matthew Vadum
Saturday, July 18, 2009

Economist Stan Liebowitz reported earlier this month in the Wall Street Journal that newly analyzed data suggests that zero money down mortgages played a much greater role in the mortgage bubble and its collapse than he previously thought.

From the nearly seven years that I covered housing finance on Capitol Hill (1999 to 2006) I remember Sen. Kit Bond (R-Missouri) warning repeatedly about the dangers inherent in zero- and close-to-zero money down mortgages.

In the fall Liebowitz wrote about the destructive effect the Community Reinvestment Act has had on mortgage underwriting standards

http://canadafreepress.com/index.php/article/13022

What kind of garbage is this? I click on the link, click on mortgage underwriting standards and there is only an application for me to apply for a mortgage! So where are the mortgage standards that Leibowitz encourages? And where is the WSJ article quoted?