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

a reply to: JAGStorm

Article does not mention if they are fixed rate or variable. People will be conned into taking variable as interest rates on fixed are so high now.

a reply to: collie

No PMI either,

Wow.

Student loans and now mortgages?

Living life on the up and up doesn't make much sense anymore

a reply to: visitedbythem

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

This is due unfortunately because many companies listen and respond to twitter troll accounts who are demanding for these changes.
A few years before twitter no one had a issue with logos like these.



Its also the MSM that are creating the issue out of nothing.

Hey why stop there with the mortgage part. Maybe good ole Joe will through out a EO that forces home sellers to discount the sale of their home to black and brown people....

I don't think many banks hold mortgages 'in house' these days. I believe they are bundled together and sold on the secondary market. Makes you wonder who in there right mind would buy these sub-prime loans after past lending nightmares.

taking our money out next week.

maybe there will be a run on the bank.

The money people doing what they always do.

Get financially illiterate people they know are at an increased risk to fail, set the trap and they'll fall for it.

Sure they might make some payments, but then the payments are late, and then they stop, and next thing you know the houses are being taken back to be sold for market value while the previous "owner" is still on the hook for whatever they signed up for.

Wait until people start screaming about how it's racist to take away houses even if the mortgages aren't being paid.

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!

That was part of it. But the other part was those were high interest loans, and the mortgages were sold and traded inside investment packages rated as A+ investments. So it ended up taking down investment groups, hedge funds, and the people who had their investments/retirements with those firms.

This is still a horrible Idea since it's discriminatory, and it could cause problems if we see defaults come from it.

originally posted by: GlobalGold
I don't think many banks hold mortgages 'in house' these days. I believe they are bundled together and sold on the secondary market. Makes you wonder who in there right mind would buy these sub-prime loans after past lending nightmares.

That’s why I think it is intentional, they already know the outcome.

congress needs to pass a law titled,
Not To Big To Fail, No Bail Outs For No Requirements Home Loans

a reply to: BernnieJGato

a reply to: JAGStorm

Subprime 2.0 time. Well it was bound to happen. There's always some sort of scam that has to be done. Eventually this will lead to some big contracts by Fannie, Freddie, HUD and FDIC awarded to some companies, when the economy tanks. Like CB Richard Ellis or others. They will make millions. Circle of life.

a reply to: JAGStorm

So they are basically renting with absolutely no incentive to complete their payments? Sounds like an awesome plan! Maybe they can use that $20K from their student loans!

a reply to: JinMI

Living life on the up and up doesn't make much sense anymore

When did it?

How can you have people drop the Federal Reserve Note and switch to a new digital dollar that is 100% tracked and controlled if you do not devalue it out of existence by hyperinflation? But when you spiral the inflation out of control then the Fed raises interest rates. This reduces spending (to avoid excessive interest on loans) until supply equals out with demand.

But if supply overwhelms demand then items deflate in value. Home equity must increase in value or fortunes are lost. So how do you balance everything out just right?


Get some suckers to buy in at the higher interest rate…ta-da! New lending policy. Take advantage of the less financially observant….which there is nothing new about that. See also post-Vietnam War lending rates in the early to mid 70’s.

a reply to: Ahabstar

That’s exactly right. What people don’t realize is that this is not the solution to people’s problems.
Yes I also realize predatory rent isn’t either, but at least with rent certain costs are covered.

Just imagine, if a person can’t save up for a down payment, how are they going to save up for a broken furnace, or a roof, or a million other things that houses require? They won’t be able to.
What will happen is they will either put it on credit cards, or not be able to do and it will cause deterioration of their house. We know how that affects neighborhoods.

a reply to: JAGStorm

No down payment
No credit score, phone and insurance payment is enough
No mortgage insurance

I'd be steepling my fingers and saying excellent if I didn't think they'd somehow get their mortgage forgiven, preventing me from scooping their houses up in foreclosure.

a reply to: Mantiss2021

Could there possibly be a reason banks do not have branches open in these areas? Maybe remove the check cashing places and replace them with banks. Low limit and low interest credit cards offered by those banks would help to build credit.

That's one way to ensure blacks and hispanics remain in poverty. Encourage them to buy houses they can't afford and bankrupt them.

Disguised as "social justice."

a reply to: JAGStorm

Sad thing is that a few stacks of lumber, a bucket of nails and the tools needed are not that much. With a crew of 15-20 people, adequate shacks could be built at a rate of 2-3 a week. Something on par with the old CCC could have everyone in a home within a year or two, with enough land for a garden and few animals. Self sufficiency. And the ability to continue to house people every year with an annual sustained cost probably not much more than the budget for the whole of Congress salary, staff, office leases, etc.

Might need a cheap resource for heating…coal or wood (which is renewable). Corn is another renewable heat source and is cheaper than wood.

Not glamorous, but better than owning nothing and eating bugs and being told to like it.