re: Who is ready for the next big financial crisis?

quote:

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It absolutely will considering the Obama admin just launched the "HomeReady" program which will give out subprime mortgage loans to families of low income backed by Fannie Mae, requiring only a 3% down payment and they can use any family member's income to get the loan...but that family member doesn't have to put their name on the loan or be responsible for its repayment. They just have to sign a paper saying they "intend" to live in the home for at least 12 months. It's the same BS that caused the 08 housing bubble. Student loan debt is a huge bubble waiting to pop also.

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So are they going to be required to pay PMI like I would have to if I were to put a mere 19% payment down on a home? Or is that covered by Obama too?