Bank of America announces zero down payment, zero closing cost mortgages for first-time homebuyers in Black and Hispanic communities nationwide

NBC ^ | 9/1/2022 | NBC

[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.”

[Steve_Seattle]

"Applicants do not have to be Black or Hispanic to qualify for the product . . . "

That's probably how they intend to skirt anti-discrimination laws, but since they are focusing on black and Hispanic "communities" the intent of the plan is clearly to favor certain groups based on ethnicity.

[crz]

Dont get any of your funds close to that place.

They are the worst I have ever seen.

[crz]

Most of them are to effn lazy to keep up their houses.

Take a look at Deeeetroit for example.

[Angelino97]

I guess the hard working WHITE people WILL AGAIN be paying for the bailouts of these banks when they default on their loans!!

Well, of course.

Pressure corporations into practicing profit-losing woke policies. Bail them out when they inevitably fail. Rinse & repeat.

[MrRelevant]

I remember a Sopranos episode about this very thing lol.

[Angelino97]

There are PLENTY of WOKE yuppies to take advantage of this and end up TURNING these neighborhoods white that is if they live long enough without being shot and killed!!

Well, sure.

Blacks hate it when racist whites won't buy homes in black communities, thus keeping property values low.

And blacks hate it when racist whites buy homes in black communities, gentrifying and raising property values so blacks can't afford to live there.

[Steve_Seattle]

"and to promote gentrification"

Whether that's the intent or not, that might be what happens. Whites and Asians will see an opportunity and try to take advantage of it. Then the question becomes, if multiple parties seek the same property, how does the bank decide who gets the loan? THEN the racial bias will be hard to hide if better qualified whites and Asians are passed over for higher-risk blacks and Hispanics.

[GOPJ]

“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

I'm assuming what this means is there's a new Government program that will guarantee the loans so when a person NOT qualified for the loan they're receiving defaults, the 'bank' won't lose any money.

Of course the person who gets a loan they can't pay back will likely lose their home, suffer depression and a loss of confidence and have their credit destroyed - but somewhere a 'white liberal 'elite' can pat themselves on the back for being so WONDERFUL and somewhere a scummy banker will make a fortune and somewhere a housing bubble will form and collapse... and the idiot evil liberals will do it all over again... when people start to forget the pain caused to everyone ...

[GOPJ]

“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

I'm assuming what this means is there's a new Government program that will guarantee the loans so when a person NOT qualified for the loan they're receiving defaults, the 'bank' won't lose any money.

Of course the person who gets a loan they can't pay back will likely lose their home, suffer depression and a loss of confidence and have their credit destroyed - but somewhere a 'white liberal 'elite' can pat themselves on the back for being so WONDERFUL and somewhere a scummy banker will make a fortune and somewhere a housing bubble will form and collapse... and the idiot evil liberals will do it all over again... when people start to forget the pain caused to everyone ... OH, and NBC sucks.

[Moorings]

I am going to change my name to Jose and deem myself hispanic.

Para espanol oprima ocho.

[Uncle Miltie]

Racists.

[jimjohn]

post of the day. +1

[9YearLurker]

Redlining, 2022.

[Vendome]

[Vendome]

[Jaded]

Didn’t they do something similar in the 90’s? IIRC, it ended badly.

[bgill]

No, no, the wrong reset button.

[bert]

The correct term for the pre election practice is Kissing Black Ass

There is panic and an apparent belief that the Black vote is in trouble. Absent the Black vote, the City States are lost. With the Black Vote, the City States rot from within.

[EvilOverlord]

Didn’t they do something similar in the 90’s? IIRC, it ended badly.

Democrats did this as soon as they got control of Congress under Bush and crashed the economy. This then became the Bush Recession.

This time, if Republicans take over Congress, it is unlikely that a) they will do anything about this b) that they will get a bill past Biden to fix it, so the upcoming crash will be blamed on the Republican Congress.

[faucetman]

The places they buy will be dumps and or crack houses in 6 months.

You can take the “blank” out of the “blank”, but you can’t take the “blank” out of the “blank”.