The Bank of America announced it will not require down payments on loans in certain primarily Black and Hispanic neighborhoods in five U.S. cities.
The new program from Bank of America is “aimed at helping first-time homebuyers in Black and Hispanic neighborhoods by offering mortgages that don’t require down payments, closing costs or minimum credit scores,” according to Bloomberg. The loans will also not require mortgage insurance.
The trial program is being rolled out “in certain Black/African American and/or Hispanic-Latino neighborhoods” in five U.S. cities: Detroit; Miami; Los Angeles; Dallas; and Charlotte, North Carolina.
Dubbed the “Community Affordable Loan Solution,” the program will determine eligibility not by credit score, but numerous other factors, such as a borrower’s history of paying rent or utility bills on time.
The head of neighborhood and community lending at the bank, AJ Barkley, remarked, “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.”
once again if you are white no need to apply
This Bank in Salisbury should be investigated for Money Laundering for the foreign customers who pop in daily !!!!!!
Very suspicious what goes on there in D Bury !!! Need Undercover cops there !!!!
A free country and as citizens who have died for this country in the military and first responders that would be more appropriate and deserving than once again racism coming to the forefront!
Great, when can I sue for discrimination? Or should I just identify as black/ hispanic ?
Do you know what started the lending bubble in the 2000’s that triggered the great recession?
It was lending to people who were not qualified and lowering the bar with credit. Fannie Mae & Freddie Mac, remember? Stupid, is repeating the same behavior over again and expecting a different result!
Systemic racism!
Watch the defaults for these types of loans skyrocket – the borrower has nothing to lose by walking away…..
Didn’t Clinton try this before and crash the market??
The “rent and utility bills being paid on time” was the deal breaker there……
Just another wealth transfer program, like the Earned Income Credit, the student loan scam, and now the cancelling of those same loans.
Democrats.
They will not stop taking our money.
When you are out of money, democrats will find ways to take whatever you may have left……
You keep cheering???
Time for my family to change banks.
Must be that “white privilege” stuff I keep hearing about
Discrimination 101. Tell the majority to F.O. and they will do nothing.
Changing banks is a good idea. Maybe this will put Bank of America out of business. If not out of business they will put on the fees, fees, fees on your statements, to pay for it.