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 ...
This is gonna backfire Bigly.
Wait til all the Young Non POC jump on a nearly-free giveaway & Flippers paradise.
Or, Cartel financing to wash all their cash
Buy a whole block and put gates around it.
Get Mom, Dad, Sis, Bro, SIL, BIL to do the same.
Own a whole town, Lethal Force freely approved.
Take back the Jungle
Sure there was a reason—the reverse Brown Paper Bag Test.
I could self identify as if I lived there 😂
BA is the ticker symbol for The Boeing company. Bank of America is BAC.
And 1 divided by 0 for interest rate.
I personally don’t have a problem with this except that the purpose of a down payment is to give the new homeowner some equity in the home from the beginning and to lower the mortgage payment.
Our first home was purchased with 5% down. We held onto it for 19 years then sold, moved to a different state. I have read that historically those who put down 5 or less percent have a much higher than average rate of default. So it seems that making it that easy, no skin in the game will, as in the past, allow people to buy a home they cannot afford and will thus loose it at some point. As history has shown do this on a big enough scale and it pulls the entire economy down with it.
I know there has been considerable discussion on this but until a mortgage is paid in full, the “homeowner” is at best a co-owner with the bank.
I have a few stories about banks. BOA was my first bank. Will NEVER use them again....
The first slaves in the U.S. (colonial America) where white. And I'm not talking about voluntary servitude (though there are many instances where people who signed up for didn't do it under what we'd call voluntary situations --more like coercion and financial strapping English citizens and threatening them with debtors prison if they didn't comply). I'm talking about orphans and others captured in the streets of London and other places, brought here against their will, whipped and forced to work, and unable to escape. In other words -- the first real slaves where whites (unless you count the various ways indigenous tribes captured each other and used them as slaves). We may not have their names or have court records of them, but they are a historical fact. Us using Antonio Johnson to talk like slavery began as a black thing helps reinforce the lies of the left that the first slaves were black, even if you're intending to point out that blacks sometimes owned slaves.
Now back to the main point I was trying to make. The word "Hispanic" originally meant descendants of the Spanish conquistadors. Those folks brought 10 to 20 times as many black slaves to America than the Anglos did, yet today only the Anglo descendants are labeled with the "legacy of slavery" narrative while the Hispanics are treated like poor little oppressed folks of which nobody in their entire race ever hurt a fly.
I trade stocks....never bot BOA stock. And I won’t ever buy it.....
Will Shaun King or Rachael Dolezal qualify for one of these loans without taking a dna test? If no, why not? Lets be consistant here.
I’m sure they will go into the mortgage. So they will pay on it for 30 years. The bank is thrilled. The homeowner is oblivious. Win-win.
So once again, people will be able to “buy” homes they can’t afford and live in them for a few years until they get foreclosed. Basically like living in a much nicer and bigger apartment, and it probably takes longer to get thrown out.
Ok. You buy a home for 400,000. Black couple doesn’t have down payment so the interest starts at 400,000. White couple has 20 percent so loan begins at 320,000. Who is better off?????
There is more to owning a home then the mortgage.
As a home owner you are responsible for maintenance, insurance and taxes.
This reminds of those shifty used car outfits that claim no down payment required. The minute they miss a payment the car is repossessed so it can be sold again (and again...).
Blacklining. Brownlining.
Discriminatory actions, in violation of the Fair Housing Act.
Every bit as discriminatory as not approving a mortgage for an otherwise-qualified minority.
Even worse, credit risk now has no meaning if a lower credit score/ability to repay (= higher risk) gets a better rate/terms than the lower risk applicant.
Shareholders and current applicants/borrowers not getting this deal should be pissed, because they’re the ones who will pay for this woke-ass foolishness and (along with the taxpayers) have to bail out the bank when these loans don’t perform. Take your investment and loan application elsewhere. And file a class-action lawsuit.
BofA can go suck. And go broke.
The article says you don't have to be Black or Hispanic.
You only have to buy a house in a designated Black or Hispanic neighborhood in certain cities.
So if you want to buy a house in the 'hood or barrio, go for it. You're eligible regardless of your race.
“Can I apply if I self identify as Black?“
My company has a similar program , and yes you can !
I quit reading before they got to the part where the program will result in a government bailout. Sure that’s where this is headed.
Isn’t this discrimination, these asshats pass ALL of these laws on discrimination THEN start discriminatory practices in the opposite direction INSANITY!! What can go wrong so I guess the hard working WHITE people WILL AGAIN be paying for the bailouts of these banks when they default on their loans!!
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