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Zero down mortgages don't seem like a bad thing as long as the asessments of the borrowers and their mortgages are genuine.
This article keeps equivocating the subprime mortgage crisis with this zero down mortgage tool, but the subprime mortgage crisis was caused by literal fraud, not the existence of a particular mortgage process.
Zero down mortgages can be structured as schemes to fool people, but that's not what caused the mortgage crisis, the mortgage crisis was caused by creditors falsely assessing variable mortgage values and knowingly selling them to people who couldn't afford them for a short-term profit.
Zero down no interest mortgages on the other hand, can be a great tool for people looking for a home.
Read what the contract says, do your due diligence before you buy and make sure you have enough to keep up with your mortgage, like with any mortgage.
The risks the article talks about are the same risks you're going to get with any type of mortgage, not just zero down mortgages.
I disagree. If borrowers are unable to afford a down payment, that almost certainly means they have very little financial flexibility, which is necessary when owning a home. Now, I'm not trying to blame borrowers for this scenario. They are living through an affordability crisis and are almost certainly affected by the housing crisis if they are renting (as opposed to living rent-free/light with family). By allowing zero down mortgages, it's treating a symptom, but letting the underlying causes fester.
Sure but if people have been able to consistently pay rent higher than their mortgage I think they'll be fine.
I know that's the case in some markets, but I think it's pretty close in most places. Especially when you consider the other expenses of ownership like maintenance, property tax, insurance, etc. I know in my situation, we have a few hundred dollars a month more flexibility by owning instead of renting.