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 ...
So, BofA has decided they will no longer follow the “Fair Housing Act” or the “Equal Credit Opportunity Act” and just give extra credit options to one or two races, but not others?!?
I could swear there were a couple of laws on the books against such actions...if only someone could remember them and remind BofA!!
To those who least can afford em and don’t have the wherewithal to even understand the concept. Moronic.
What could go wrong there? Didn’t we try this already with catastrophic results? I’m guessing whites and Asian are going to have to pay more to cover the losses.
This is the exact same thing globalist Bush did.
Not to worry. They can always depend on their reptiles in Washington to bail them out again with the peoples taxes.
sounds like lending discrimination based on race, religion or ethnicity to me......
it is based on where you live
Bank of America announces zero down payment, zero closing cost mortgages...
—
I’ve heard this song before.
And this is not discrimination?
https://smartasset.com/mortgage/all-about-the-affordable-loan-solution-mortgage
From the link:
"The Affordable Loan Solution plan is the product of a collaboration between Bank of America, Freddie Mac and a credit union called the Self-Help Ventures Fund."
The Federal Home Loan Mortgage Corporation (FHLMC) also known as Freddie Mac, is a Government-Sponsored Enterprise (GSE) and a bastardization of Federal authority. Residential mortgage borrowing is by far the largest of the GSEs and hold about $5 trillion worth of mortgages.
The goal of the Democrats and other globalists when they stole the election of 2020 was to force red states to bail out blue states. This is just one more way of socialist government taking money from taxpayers and giving it to others, lining pockets along the way.
...of course if you or I did it, it would be called "counterfeiting"...and we'd go to jail.
There is an endgame to explain all this (financial) madness/fascist threats to political opposition...that seems to be heading us towards a...
1.) cashless(controlled)society
2.) demolishing the Republic/creating another third world(controlled)sh*thole.
But if you’re a successful business, BofA doesn’t want you... go woke go broke. It looks like they are on their way.
BofA just closed my Daughters business account for no apparent reason. Held her 200K cash. They said they would mail a check within 2 weeks. It’s been over a month now with no access to her money!
I wonder how much each new “homeowner” will receive in grants to renovate their new no money down, no interest, no payment for the first 60 days home. I bet they won’t even have to apply for such a grant - it’ll just be handed to them at closing.
Is there one single adult on the board of this bank that has a memory longer than a fruit fly?
will boost prices in those zip codes
This should be totally illegal.
Illegal and unconstitutional.
no income no job either... right?
That’s messed up, maybe she can sue?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.