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

a reply to: JAGStorm

I remember this used to be call, "racism" when favoring one group of the community over others.

Bizarro USA, the civil rights of Americans are now one sided.

And the next housing marked bubble is way on the making to burst again.

originally posted by: Kenny2xx

originally posted by: JinMI
a reply to: Kenny2xx

Weird way to not answer my question.

AR bans?
mag restrictions?
age restrictions?
carry restrictions?

I will just be honest with you I haven’t put that much thought in it to give you a clear answer on how I feel about those specific questions. I thought you meant in general. I would need to do more research and think more before I could really give you a true answer to your specific question. Those are great questions and I would like to be more prepared to answer you.

How about the simple stuff?

Automatic weapons?
NFA?

That kind of sounds like racism to me. Giving any ethnic group extra incentives is racism.

originally posted by: JAGStorm

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.

That was once called subprime loans and what lead to the housing bubble to burst in 2008.

originally posted by: rickymouse
That kind of sounds like racism to me. Giving any ethnic group extra incentives is racism.

You could just as easily call it extortion with the current housing costs and mortgage rates.

originally posted by: JAGStorm

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.

You cannot write these rules to be that specific, without a viable legal challenge.

My first mortgage was a special No Down Payment for Veterans program. At a beautiful 9% interest rate!

My wife put the maximum to be borrowed at $99,000. We talked the builder down from the $109,000 price to $99,500, because six-figures was "outrageous", lol.

originally posted by: Kenny2xx

originally posted by: JinMI
a reply to: Kenny2xx

How do you feel about guns and gun control?

I’m not some democrats shill over here. Blacks actually have conservative views and lean more republican. It’s the older generation that votes democrats. But everyone should own a. Gun legally for protection against losers who would steal and take if they didn’t have protection.

I will engage you honestly, as a white man, who has had the pleasure of working in Black theater.
Again theater, which is notoriously left leaning.

Never an issue, never politics was a topic. We respected each other and worked together. Some of the older remembered the civil rights era and all of us learned from their experiences.
Now the younger generation wants to make it about their own views.
It's a very interesting time these days.

This has been happening for years.....literally every single home sold in the last few years around me is either Hispanic or middle eastern .

Tons of special loans for homes and cars. But they dont seem to have to work for it...they do work a job. But no where near what the mortgage or car payment calls for.

I know people who have gotten these loans, it's crazy...

Got to get the undocumented democrats a home loan while the rate is still at 9%.

Once the republicans get in and stop inflation, the prime rate (and profit margin) will be down to 3%

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.

There are a powers that are looking for these homes for sale and setting up these people like seeds. They are putting them on planes and strategically placing them across the country. Special car loans, home loans and a credit card that gets money every month.

Never could these people qualify as many dont even work.
How are they able to buy a home and stay home all day?

a reply to: Bloodworth


Disability?

originally posted by: KTemplar
a reply to: Bloodworth


Disability?

Young families, can't speak English, new home, new car, a magic credit card that's let's you purchase your everyday needs. All In an effort to push diversity

a reply to: marg6043

Here's the beauty of it:

Since this sub-prime program is racially targeted only certain racial groups will get disproportionately affected when it fails as we all know it likely will. Then because we all know those are historically oppressed and disadvantaged groups. Activists can charge racism when they fail because they had bad terms ... but they were the only ones allowed those bad terms to begin with because anyone else was discriminated against in the program!

/facepalm

originally posted by: ketsuko
a reply to: marg6043

Here's the beauty of it:

Since this sub-prime program is racially targeted only certain racial groups will get disproportionately affected when it fails as we all know it likely will. Then because we all know those are historically oppressed and disadvantaged groups. Activists can charge racism when they fail because they had bad terms ... but they were the only ones allowed those bad terms to begin with because anyone else was discriminated against in the program!

/facepalm

You are absolutely right, they have this planned from cradle to grave.
Bailout 2.0

Racism and discrimination are allowed as long as it's going in the right direction against the right people. I doubt this new policy is going too be shut down, and anyone who publicly denounces it will probably be accused of racism and what not.

originally posted by: JAGStorm

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.

That is an interesting guess. I suspect until we see what has been passed we will not know for sure.
But, JAGS, will you come back and update us if your supposition was correct or not?

a reply to: randomtangentsrme

WHOOOOOOOSH.

Second.