3% down payment mortgages are back. Does this sound familiar?

Wells Fargo is now offering first-time buyers mortgage loans with only a 3% down payment.  Click here for today's L.A. Times story.  That's even cheaper than FHA which has 3.5% down payment loans.  Funny thing, tho -- once these loans are originated, they will be sold to Fannie Mae, the government-insured entity.  Other banks are developing similar loans.

The loans are for first-time and low income buyers, and will have other restrictions as well that will need to meet Fannie Mae underwriting standards.

Does any of this sound familiar? From, like, 2006 and 2007?