Bank of America is launching a mortgage with no down payment or closing costs that aims to promote homeownership in minority communities in five U.S. cities.
"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," AJ Barkley, Bank of America's head of neighborhood and community lending, said in aBlack and Hispanic families typically don't have a large stash of cash on hand to fund a home down payment and closing costs, so Bank of America removing those barriers will...
Source: Loan Digest (loandigest.net)
Bank of America getting that overpriced crap of the books…hot potato and they will win …crash bubble on the way ..soon buy it back for pennies
Will they include people of color?
What could possibly go wrong?
What kind of interest rate?
This is great news and more banks should do this to help Americans.
What is the interest rate going to be? Banks never do anything without getting their cut?
In other words, the part of the Constitution that says it is illegal to discriminate in housing loans based on race only applies if you are NOT Caucasian? Got it! Did it occur to anyone that making home loans based on criteria other than credit worthiness is a recipe 4 disaster?
Repeat of subprime mortgage & the 2008 financial crisis— there’ll be no bailout this time, everything banks own, I own it. Minorities must be so dumb to sign mortgages, pay several years good money after bad to keep it & only to end up losing it back to the banks when they change
Didn’t we already go down this road?
Oh god...here we go again...
This is just a PR stunt. They are going to check your payment history. Guess what. If you don't pay your bills your credit score is crappy. If you don't pay your bills you won't get a loan from B of A either.
The bullshit starts all over again….it just never ends. You know this isn’t going to turn out well. And who ultimately will end up paying for it? The taxpayers after another government bailout?
Who is going absorb that? Are other home purchasers who don’t live in those communities going to pay for it? I’m always suspicious of these kinds of deals. Gee…I wish I could have had a no downpayment and no closing cost loan.
so, google, you offerin'
So, we learned nothing about the mortgage bubble burst in 08?
Not Baltimore, not Newark…
Let's put all the minorities in these 5 areas and then gerrymander the hell out of them.... Thanks, but no thanks!
Here comes another bailout.
RACISM, Leftists continue to Judge people by the color of their skin. Push Hate and Division
We’re good. We don’t need approvals with a 60 year term and 120% interest rate.
This will be a disaster! I guess nobody remembers 2008… this is the fastest way to set people up for failure!
ran a small 'rolling ' bank in Swiss , with no interest on loans : just try it , wonderful..
BOA has the most ridiculous fees! They’re even charging a fee for a copy of a bank statement…so beware on this. Read the fine print.
Reverse red lining? Or rather, financial red lining. Keeping the poor in their own neighborhoods.
Let’s call it what it is discriminatory lending.
So 2008 never happened, right? People will get mortgages they can’t afford, will be charged outrageous interest, default on loans & taxpayers will end up footing the bill. We’ve seen this movie before and it ended with financial collapse.
This will end well. 🙄
zero down likely means high interest .
The RENT is so damn high may as well but a house instead.
great but what is their skin in this game
Nothing for whitey. Lmao
'Money must work!' I don't remember who said...
That is completely scam from BofA we all leaned our lesson from 2004
Blatantly racist…
Illegal discrimination ,prosecute them and jail whoever had this bright idea.
NINJA returns.
fgf
Not again! We all know what happened last time.
I see a scam in the works!
this is the beginning of housingcrash 😂
Kiss. My. Butt.
HousingForAll,Amen. ForwardFuture,Amen. GoProgress,Amen. Vote Good People🇺🇸 True Progressive Blue, 💙🌎🕊️🙏Amen.
You know there’s a catch, right…
Anyone thinks that’s remotely true deserves what that bank has in store.
Seems racist.
Now I can get a house with my monthly 1000 dollar income and 500 credit score
If its 2 good to be true...
Call me a cynic but I'm thinking these are variable rate mortgages that balloon when interest rates rise?
Now that how you can address housing crisis.
What could possibly go wrong? lol
Awesome! Let’s recreate 2008 again! That was awesome and after watching THE BIG SHORT, I’ll know how to become a Multi-Millionaire, while screwing “the most venerable”.
Don't trust them. There must be a trap, like higher interest rates, or unaffordable balloon payments, or some other loan-sharking scam like that which helped cause the bank freeze at the end of the Bush term.
Bank of America has known history of taking advantage of low income & minority borrowers by using balloon payments they can never pay or structuring loans so that the buyer loses everything after paying a year or two or outright denying the buyer paid the loans off. Keep receipts
ewarren Is this legitimate? Is there a catch? Interest rates aren't mentioned.
Yippy.. a repeat of 2008. The end is near.
This is cool, but Republicans will have a nuclear meltdown about it because god forbid we make this place more equitable.
I really want to get behind this, but I couldn’t help but notice that interest rates weren’t mentioned….?
Racist...
(Cue republican outrage)
Great! Nice going.
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