Bank of America No down payment Mortgages for Black and Latino buyers

www.nbcnews.com...

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.

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.”

Here’s the deets,
No down payment
No credit score, phone and insurance payment is enough
No mortgage insurance
Have to be Black or Hispanic…

Hmmm what happened to all those equal housing requirements? Did we not learn what happened in 2008 giving people mortgages that couldn’t pay! I guess they want that to happen again. Looks like another disaster we will all be paying for.
What about Poor White and Asian people? I guess they don’t count and don’t deserve affordable housing.

a reply to: JAGStorm

It will get legally challenged and likely not allowed to to happen, due to racial discrimination.
It's really odd how much racially charged decisions are popping up these days, when over 50 years ago laws were put into effect (in the USA) suggesting we cannot discriminate by race (ethnicity).

a reply to: randomtangentsrme

Do you really think in the world we live in anyone is going to consider this discriminatory? Or at the least actually speak up and get "cancelled" or whatever idiotic term is used now?

originally posted by: randomtangentsrme
a reply to: JAGStorm

It will get legally challenged and likely not allowed to to happen, due to racial discrimination.
It's really odd how much racially charged decisions are popping up these days, when over 50 years ago laws were put into effect (in the USA) suggesting we cannot discriminate by race (ethnicity).

BOA got bailed out last go round 20 Billion!

www.reuters.com...

WASHINGTON/NEW YORK (Reuters) - Bank of America Corp was rescued by the U.S. government on Friday through a $20 billion bailout and a guarantee for almost $100 billion of potential losses on toxic assets to cushion the blow from a deteriorating balance sheet at Merrill Lynch & Co, its recently acquired brokerage.

I love how this article calls it “toxic assets”.
Yeah, and now they are doing it all over again

originally posted by: Magnivea
a reply to: randomtangentsrme

Do you really think in the world we live in anyone is going to consider this discriminatory? Or at the least actually speak up and get "cancelled" or whatever idiotic term is used now?

That’s the thing. I don’t care what color, gender, pronoun anyone is. Either you can afford a mortgage or you can’t.
Math does not lie.

a reply to: JAGStorm

Same game, same players.


Hey, maybe a different result!

"Buy overmarket value houses at inflated rates!"

What could possibly go wrong?

a reply to: JAGStorm

Neither do most but we all know which way it will be spun if someone calls BS.

Its racist behavior.

I had a real good laugh at the grocery store today. I was laughing so hard, people were looking at me as they passed in the aisle. It seems as though everything liberals do is foolish at best.

When I got up to the checkstand, I shared the joke with the checker. He is a middle-aged Italian man. He started busting up too. He brought up some other examples of liberal foolishness and we both laughed our asses off the whole time. People in line behind me kept looking at us.

Heres what I told him. Oh look, Land-O-Lakes removed the Indian, but kept the land!

a reply to: JAGStorm

It says in a select group of cities.

Those cities are obviously predominantly black and/or hispanic, BUT..

If you're white and live in one of those cities, you can get a zero down payment first mortgage too.

a reply to: Magnivea

I do. You have Asians, Indigenous, Indians, and immigrants, as well as Caucasians being overlooked. So someone from one of these groups will likely raise issue. And with competent lawyers, the law is on their side.

a reply to: JAGStorm

Maybe a response to all those decades of discrimination against black and brown people through mortgage "redlining"?

Or....BofA is looking down the road and seeing the negative load having an excessive inventory of homes and REO's will have on their profits?

The crash of 2008 left many financial institutions holding thousands of properties as REO's they could not sell and became financially responsible for when those abandoned properties were overtaken by the homeless, pot growers, and meth cookers. Communities started forcing the banks to clean and or tear down homes they couldn't sell.

In the bank's view, better a small loss now than a tidal wave of losses in the coming years.

And it's a way to make an inbound to a market that currently ranks among the highest in "unbanked" individuals.

And then their is rising competition from online banking and lending concerns.

And of course, we can't ignore the PR opportunities, as well.

originally posted by: Thrumbo
a reply to: JAGStorm

It says in a select group of cities.

Those cities are obviously predominantly black and/or hispanic, BUT..

If you're white and live in one of those cities, you can get a zero down payment first mortgage too.

This is the actual headline:

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

a reply to: JAGStorm

Yea not sure if this is prime for repeating a 2008 scenario. Perhaps they feel this is a way to help out communities that were affected by racist housing practices many years ago.

originally posted by: JAGStorm

originally posted by: Magnivea
a reply to: randomtangentsrme

Do you really think in the world we live in anyone is going to consider this discriminatory? Or at the least actually speak up and get "cancelled" or whatever idiotic term is used now?

That’s the thing. I don’t care what color, gender, pronoun anyone is. Either you can afford a mortgage or you can’t.
Math does not lie.

Considering the cost of rents these days, if you can afford the rent on a two bed/one bath apartment, in many cities you could be paying half as much for a 3 bed/2 bathe single family home.

As an example, I was paying $725 @ month for a studio apartment ten years ago when I bought my 3bd/2ba detached home with a full backyard larger by itself than my old flat. My mortgage (w/PMI and homeowners insurance, and property tax) came to just $850 @ month.

And I've earned more than $300K in equity since buying this house.

originally posted by: CptGreenTea
a reply to: JAGStorm

Yea not sure if this is prime for repeating a 2008 scenario. Perhaps they feel this is a way to help out communities that were affected by racist housing practices many years ago.

Sub-prime lending is sub-prime lending.
Whatever the intentions, it fuels a 2008 scenario. It's nice to help out communities that might have been affected with racist practices in the past. Doing it by racist means, only perpetuates the problem.

Not being racist but didn't we do this before leading to a real estate crash in '08? It was subprime mortgages given without qualifications that people couldn't afford to maintain payments on. So they do it again. Gotta love equity = next crash = next bailout and free money for banks. Thanks taxpayers!

originally posted by: Mantiss2021

originally posted by: JAGStorm

originally posted by: Magnivea
a reply to: randomtangentsrme

Do you really think in the world we live in anyone is going to consider this discriminatory? Or at the least actually speak up and get "cancelled" or whatever idiotic term is used now?

That’s the thing. I don’t care what color, gender, pronoun anyone is. Either you can afford a mortgage or you can’t.
Math does not lie.

Considering the cost of rents these days, if you can afford the rent on a two bed/one bath apartment, in many cities you could be paying half as much for a 3 bed/2 bathe single family home.

As an example, I was paying $725 @ month for a studio apartment ten years ago when I bought my 3bd/2ba detached home with a full backyard larger by itself than my old flat. My mortgage (w/PMI and homeowners insurance, and property tax) came to just $850 @ month.

And I've earned more than $300K in equity since buying this house.

Isn't it interesting that mortgages are cheaper than rent, but you need that down payment which is hard to save up for when you have rent.

a reply to: randomtangentsrme

Indeed!

And not just a down payment, but a good credit history as well.

Hard to earn a good credit history when you don't even use bank because you use a check cashing service, since banks, like supermarkets, are few and far between in your neighborhood.

But liquor stores are on every corner.

originally posted by: Asktheanimals
Not being racist but didn't we do this before leading to a real estate crash in '08? It was subprime mortgages given without qualifications that people couldn't afford to maintain payments on. So they do it again. Gotta love equity = next crash = next bailout and free money for banks. Thanks taxpayers!

Yes which is why I think it’s just another wash, rinse, repeat.

Obviously bank executives make a fortune, then dump it on taxpayers to bail them out.

Let the banks fail. Maybe this is what they want?

originally posted by: Mantiss2021
a reply to: randomtangentsrme

Indeed!

And not just a down payment, but a good credit history as well.

Hard to earn a good credit history when you don't even use bank because you use a check cashing service, since banks, like supermarkets, are few and far between in your neighborhood.

But liquor stores are on every corner.

That's interesting. I had a co-worker who used a check cashing service. (10% to the service).
I never did. And never wanted or looked to getting a credit card before my wife and I got married.
I got paychecks cashed at casinos, and did other things in my youth (like have a bank account) to be sure I got the full amount owed to me.

I am not responsible for your bad choices. Nor is society. You have the means to fix it for yourself. Go for it!