What don't I understand... Hillary Clinton immediately blamed mortgage brokers for the economic free fall... Those sub-prime loans the mortgage brokers created were responsible for the crash... they stole the equity from poor innocent unsuspecting buyers and homeowners... Little or no down payment, interest only loans, less than perfect credit... They made loans to people who should not have been buying homes... Right... So, please explain the following:

• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect
• Available to both owner occupiers and investors
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance*
• No appraisal fees
• Also eligible for HomePath Renovation Mortgage
  
• HomePath Mortgage financing is available.

"....In addition, first-time home buyers can now use the $8,000 federal tax credit to help cover a down payment and other upfront costs if they are taking out a loan backed by the Federal Housing Administration...." The above is from Fannie Mae HomePath in selling off the REO properties that it owns... Do I smell a rat or what... are these guidelines even more onerous that the sub-prime loans... What don't I understand....

Go figure!!!

Explain this to me please.... congress and the media blamed the mortgage industry for writing what was called sub-prime financing... to people with feces for credit and little or no cash in the transaction... and then blame mortgage brokers for the entire melt down... and soooooo here we go to the Fannie Mae HomePath web site... seems that they have those REO's to sell off...
http://www.fanniemae.com/homepath/financing/index.jhtml

• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect
• Available to both owner occupiers and investors
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance*
• No appraisal fees
• Also eligible for HomePath Renovation Mortgage
  
• HomePath Mortgage financing is available from a variety of lenders...

Guess when the government does it all is good... do as I say not as I do...

What am I missing?