by Michael Pento
Market Oracle
Wells Fargo recently announced a new mortgage product they are calling “A game changer in the industry.” According to the bank, this product is purported to facilitate the dream of homeownership to more people by …wait for it… lowering the down payment and out-of-pocket costs associated with a more conventional mortgage products, while also offering more consumer friendly income and credit guidelines.
This new product that those at Wells Fargo have declared “revolutionary” is called yourFirst MortgageSM and one has to imagine it must have been developed by somebody with a severe case of amnesia and who has recently suffered from a bad concussion.