Sounds like they’ve learned little, if nothing during the real estate meltdown. According to the NY Times the FHA is making easy money for big mortgages available to those with virtually no cash down. It recently loaned three nearly cashless twenty-something guys the scratch to buy a 2 unit apartment building for close to $1 million. Their collective downpayment? Around $33K, or $11K a piece. Virtually no skin in the game. Oy. Read the rest of this entry »
Tags: Accidents waiting to happen, Credit Crunch, Easy money, FHA, Meltdowns, Real Estate
