…The subordinate mortgage may be funded by a state, county, or local housing agency, a nonprofit organization, or an employer; it may be used to finance the down payment and/or closing costs. A review of all of the documents applicable to the Community Seconds program, including the legal documents (such as the promissory note and the security instrument), the program description, and any other pertinent documents is required.”, Excerpt from March/April 2015 Mortgage Industry Newsletter

“Because liberal Democrats and the mainstream media have mis-diagnosed the root cause of the financial crisis, as the greedy and reckless private financial sector (and lack of regulation), rather than the government’s well-intended housing policies (as Peter J. Wallison notes in his 2015 book, “Hidden in Plain Sight: What Really Caused the World’s Worst Financial Crisis and Why It Could Happen Again”), we have “learned nothing” and are back to risky, government-sponsored mortgage loan programs like the one above. Isn’t this too risky for the consumer, the government, and our economy? Why? Because it can only work if nominal home prices rise significantly every year (and we have learned post-2008 that they don’t).”, Mike Perry, former Chairman and CEO, IndyMac Bank