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

Just out of curiosity, the last time the banks did stupid things like this, they imploded, and they were bailed out due to them being "too big to fail", will this end the same way? Or did we learn something from all that, and this time, when they fail, they need to fail and do what other failed businesses do?

This is totally ignoring the wildly racist aspect of this, and just focusing on the fiscal responsibility side.

How Black do you need to be? Above 50%, At least 25%, where is the cut off point?

Here is an African American family - Would they qualify?

With all the wokeism going on with the snowflakes now maybe we can just say I identify as a black person and get a loan? Or do a 23 and me dna test and see if you qualify?

a reply to: PureBlood

did them folks come from south africa?

a reply to: BernnieJGato

Not from South Africa.
East Jackson, on the edge of Appalachian Ohio.

They look white but say they're black: a tiny town in Ohio wrestles with race

The pale woman with frizzy grey-streaked hair commands her on-and-off partner of over 20 years, Jimmy – who is from one of the few white families in East Jackson – to fetch her purse. He plops it on to her lap; she struggles to get at an old piece of paper folded up in her wallet. She slowly unfolds it to present her birth certificate.

“Negro”, it reads, next to each of her parents’ names. She looks up triumphantly, victory in her periwinkle eyes. “It’s a legal document,” she says.
www.theguardian.com...

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.

You're not using the new and improved non-discriminatory math.

a reply to: PureBlood

i realize that they were from the U.S.. i was making a point that someone calling themselves a african american because their black doesn't mean sh@@, there are white people that are born and raised there to.

if you were born and raised in the U.S., your a U.S. citizen first, ( not going to into all the legalities) then if you want to claim what continent that's fine. it's shouldn't be the race it should be where your from, then what color ie White Black Hispanic Asian/Pacific Islander Other .

my family comes from italy, scandinavia, ireland and for lack of a better term native american, when asked i say i'm a U.S. citizen, then if it goes further i'll tell them the rest.

a reply to: Thrumbo

This is all about equity.
I doubt it is about buying a house within the these urban city limits, and more about buying in certain suburbs.

originally posted by: DontTreadOnMe
a reply to: Thrumbo

This is all about equity.
I doubt it is about buying a house within the these urban city limits, and more about buying in certain suburbs.

It is about certain areas, and they are “testing” the areas and have said they may expand.

Maybe this is a way to get bodies in decaying houses, and have them fix it up before they foreclose on them and kick them out. Then these buyers will have a ding on their credit that will ensure they really won’t be able to buy another house.

originally posted by: randomtangentsrme
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.

Here is my guess, their “rules” are probably written in a way that those other races aren’t necessarily excluded but they aren’t encouraged either and I doubt they would actually get these types of loans. Similar to how scholarships work. This is specifically targeting two groups, Black and Hispanics in predominantly black and Hispanic neighborhoods.

YT people see anything positive being done for blacks and browns it becomes a total issue smh.

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

Obviously you didn't check the cities and census data. Almost all are "predominantly" white.

a reply to: JAGStorm

Remember there is no reverse racism going on (AKA racism).

a reply to: JAGStorm

I think there are two problems going on that nobody want to really deal with.. actually maybe three.

Minority groups have been legitimately discriminated in housing. I personally had a realtor try to sway me from selling to a lesbian couple (I did sell to them). The answer is not to discriminate against others.

Secondly, people tend to self segregate no matter how much those in power would like everyone to mix. It is just human nature people want to be with people that they can identify with, either in looks, religiously, politically etc. Which also makes me wonder are they trying to alter votes in certain areas?

Thirdly if the credit system is not good for these buyers why is it used for anyone. Well, don’t look down that hole.. looks like they are wanting to do away with all the credit bureau’s and make a new government controlled one. We may be jumping from the pan into the fire with that one.

originally posted by: JAGStorm
a reply to: JAGStorm

I think there are two problems going on that nobody want to really deal with.. actually maybe three.

Minority groups have been legitimately discriminated in housing. I personally had a realtor try to sway me from selling to a lesbian couple (I did sell to them). The answer is not to discriminate against others.

Secondly, people tend to self segregate no matter how much those in power would like everyone to mix. It is just human nature people want to be with people that they can identify with, either in looks, religiously, politically etc. Which also makes me wonder are they trying to alter votes in certain areas?

Thirdly if the credit system is not good for these buyers why is it used for anyone. Well, don’t look down that hole.. looks like they are wanting to do away with all the credit bureau’s and make a new government controlled one. We may be jumping from the pan into the fire with that one.

Being gay or lesbian shouldn’t be considered a minority group. You can hide the fact your lesbian or gay on your application but you can’t hide skin complexions.

a reply to: Kenny2xx

Being gay or lesbian shouldn’t be considered a minority group. You can hide the fact your lesbian or gay on your application but you can’t hide skin complexions.

I don’t know if they are considered “minority” but you can’t discriminate due to the fair housing act.

originally posted by: JAGStorm
a reply to: Kenny2xx

Being gay or lesbian shouldn’t be considered a minority group. You can hide the fact your lesbian or gay on your application but you can’t hide skin complexions.

I don’t know if they are considered “minority” but you can’t discriminate due to the fair housing act.

I agree with you. I’m just saying your sexual orientation shouldn’t consider you a minority group. You can hide your sexuality you can’t hide your skin tone is all I’m saying. But no one should be discriminated against I agree.

originally posted by: JAGStorm
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.

i was able to wrap 8K in new windows into my mortgage.

my siding and roof was new when i bought it.

i just had to bring the wiring up to code with my own pocket.

don't know if that is the norm tho.

Cool, I identify as whatever gives me the most crap, prove me wrong bigot.

originally posted by: Kenny2xx
YT people see anything positive being done for blacks and browns it becomes a total issue smh.

Why would they need special rules for them, are they less capable than Asians or HuWhites?

Cause if you think that, you're RACIST AF.