Rent too darn high for you to save for a home? The Fed has a plan
By Rachel Witkowski
Rents keep skyrocketing, making it harder for people to save enough money to make a down payment on a home. The Federal Reserve might have a solution. Fed economists are proposing a new kind of 30-year, no-down-payment mortgage that features a fixed monthly payment. …“Anything that has nontraditional risks, which this mortgage product does, raises significant issues,” said Karen Shaw Petrou, co-founder and managing partner of consulting firm Federal Financial Analytics.
http://www.bankrate.com/mortgages/fed-has-plan-to-help-renters/
