According to NBC News, Bank of America now offers first-time Hispanic and Black homebuyers in some cities zero down payment and zero closing cost mortgages to help grow homeownership among those communities.
In other words, a Hispanic or Black person coming in illegally will get a house before a White person with a good down payment.
That’s racist and opposed to the principles of this nation. Our nation stands for equal opportunity, not equal outcomes at the expense of others.
The Bank says the option will become available in some Charlotte, Dallas, Detroit, Los Angeles, and Miami neighborhoods. The bank added that the new mortgage, called the Community Affordable Loan Solution, aims to help eligible individuals and families obtain an affordable loan to purchase a home.
“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.”
BAD CREDIT IS OKAY
The loans require no mortgage insurance — the additional fee typically charged to buyers who put down less than 20% of the purchase price — and no minimum credit score. Instead, eligibility will be based on factors like, timely rent payments, and on-time utility bill, phone and auto insurance payments.
“Prospective buyers must also complete a homebuyer certification course provided by Bank of America and federally approved housing counseling partners before they apply for the loan program,” the bank said.
OH YEAH, that’ll work. More WOKE nonsense.
“The racial gap in homeownership rates in the U.S. remained substantial in 2020, the most recent year for which National Association of Realtors data are available.”
What could go wrong? They don’t have mortgage insurance, and they can have small down payments. They won’t need a credit rating. Can you say housing crash?
This is Marxist insanity, and they’re proud of it, but it’s racist. It helps the bank’s ESG score no doubt.
ENTITLEMENT, NOT MERIT
NBC justifies the turn from merit to entitlement by complaining that for white households, the homeownership rate was 72.1%. That compares with 51.1% for Hispanic households and 43.4% for Black households. The Black homeownership rate was lower in 2020 than it was in 2010.
white people complaining about racism haha
Good, I hope it bankrupts them. Just like the CRA in 2008. No bailout this time.
You are missing the bigger purpose here. This is no virtue signaling, this round 2 of the Fannie and Freddie garbage. They are giving loans to people they know won’t be able to pay them in a few years. So they grab a few years equity on that house then take it back in foreclosure. This is the SAME thing they did leading up to 2007 crash with the bad lending.
The government already printed out a few trillion to throw at big pharma, why not a few more to bail out the banks ONCE AGAIN !
Years ago I had a checking account and Visa card with BofA. I then read somewhere that they were issuing Visa cards to illegals and I cancelled both the next day.
The bank will be fine. Its mortgage insurers will not. For FHA and VA loans that would be Uncle Sugar. For conventional loans it’s private insurance.