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 ...
Yes as the democrats call it bait.
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!!
Hmmm and I just got a letter from Cap One indicating that as of Sept 23 my interest rate will be 16%.
Worked great in 2008.
Promises made, promises delayed.
1) its in “certain” neighborhoods. 2) you do not have to be black or hispanic
So how will they decide which neighborhoods? By murder rate? Auto-theft losses? Number of Children on free government meals at school?
Somewhere buried in all this is how much Biden's handlers promised BOA for the losses they will undoubtedly incur. All for more minority votes.
It’s what keeps hack in business the rest of us have to say the check is in the mail.
Wow! Been a minute since we’ve seen that. 😂😂😂✌
Blasian
It does, yes.
I thought it already was.
A bunch of white people should go apply for these loans, get denied, and file a class action suit.
“Legal. They just pick zip codes, not color.”
Ostensibly legal. Not necessarily the same as legal in practice.
If B of A can be shown, in practice, to be denying these loans to people based on race, ethnicity, etc, then it doesn’t matter what the carefully crafted language of their policy says. Disparate impact alone is enough to prove discrimination.
They couldn’t possibly be doing this strictly on their own initiative.
There’s got to be some federal carrot and stick behind this.
No sane lender who expects to be repaid would do something this stupid!
I foresee myself joining a class action suit against BOA, since I’ve been making mortgage payments to them for over a decade.
“How the Affordable Loan Solution Program Works
Once Bank of America creates an Affordable Loan Solution mortgage, the Self-Help Credit Union will purchase it and help protect borrowers from default. In the event of a default, the credit union will agree to cover a large percentage of the losses. That’s why there’s no need for private mortgage insurance. Finally, Freddie Mac buys the loan from Self-Help.”
Money laundering at its best.
Self help yourself at the public trough.
Hang on, isn’t that redlining? Oh but when it is done to benefit one group it is ok.
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