Posted on 09/01/2022 8:31:56 AM PDT by mikelets456
Bank of America said it is now offering first-time homebuyers in a select group of cities zero down payment, zero closing cost mortgages to help grow homeownership among Black and Hispanic/Latino communities.
The option will first become available in certain neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. The new mortgage, called the Community Affordable Loan Solution, aims to help eligible individuals and families obtain an affordable loan to purchase a home, the bank said.
Applicants do not have to be Black or Hispanic to qualify for the product, a bank representative said.
“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” AJ Barkley, head of neighborhood and community lending for Bank of America, said in a release. “Our Community Affordable Loan Solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families, and it is part of our broader commitment to the communities that we serve.”
(Excerpt) Read more at nbcnews.com ...
Anyone remember the liar loans back before the last economic meltdown?
Everyone is entitled to a home. (regardless if they can pay for it)
Time to put your money with the guy in bare feet.
This did not work the last time it was tried. Almost instant uptick in walkaways and foreclosures as the new “homeowners” suddenly realize there is no landlord to call up and gripe at.
Home ownership is not the economic panacea it is made out to be. And even after the mortgage is paid off, monthly housing costs do not decline by all that much, as the upkeep keeps on mounting.
Special treatment is NOT equal treatment!
We been there, done that. Only Congress, Barney Frank et al forced banks and lenders to do it. Ended up with the the credit derivative crisis that cost us trillions.
You cannot loan money based on color or ethnic origin. It’s all about the ability to qualify financially, make payments and keep making them. Not to mention loaning money to minority hucksters to fix up a house and then walk off with the cash.
Just asking for trouble.
Something about the definition of insanity comes to mind.....
This is not racism, this is freedom of association. Any business SHOULD be able to business with who they please and how they please. The problem is this right only exists when extended to “protected minorities”. If you did the same thing for whites only, it would be a violation of the Civil Rights Act. Repeal of the CRA and restoration of the right to free association is the true conservative position.
Well, interest rates suck right now and headed higher, so I wouldnt refinance now even if I were offered zero closing costs, zero down. So as a white guy, I dont feel offended. That said...
This is a stupid decision on BoA’s part. Probably incentivized by the present radical government. and of course it wont end well. The only winner in this will be the banks with all the foreclosure properties they will acquire on the cheap, and thats not really a win.
I need to watch The Big Short again.
While not mentioned, something tells me that these loans are guaranteed by our Uncle.
That’s what it is though. It’s effectively both red lining and promoting gentrification.
Notice how they worded this....’certain neighborhoods’. They aren’t saying the whole city of Miami is up on this deal...only certain neighborhoods. Probably desperate in some way to move 1-star homes, and this is the gimmick to get people active.
But if you glance at economic signals....there’s some massive 2008-like situation to occur before the end of 2022. Banks probably desperate to get some capital flow while they can.
Whites will pay more
Yes, Uncle taxpayer.
That’s was my first thought as well - here comes 2008 mortgage crashes again
Brace yourself for another libtard flop
Coming to a neighborhood near you.
What if you are 2.5% of one of the preferred races?
+ meth cooking starter kit
Don't let the Left lie to control the narrative about "Anglos" owning slaves. Blacks owned slaves, including the ancestors of Kamala Harris.
https://thenewamerican.com/flashback-kamala-harris-ancestors-owned-slaves-father-didn-t-care-for-pot-smear/
The first legally recognized slave owner in America was black:
https://history101.com/first-legally-slaveholder-black-man/
-filed in court, fully documented, etc.
Didn’t they do this during the Clinton Era which later ended up causing the 2008 bail out?
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