Bank of America CEO Brian Moynihan is defending a new program offering zero-down-payment home loans in black and Hispanic neighborhoods. Don’t worry, he says, about a rerun of the 2008 financial crisis, sparked by easy money and lax underwriting: The new policy carries no such risks because it’s small-scale and limited to select neighborhoods.
“This is about granting a down-payment to a buyer who, no matter who they are, as long as they meet the income requirements, to buy a house in a majority-minority neighborhood,” Moynihan told Fox News.
Criticism has centered on the reverse racial discrimination the policy would seem to encourage. But that’s not what should most worry those concerned about minority upward mobility and neighborhood improvement.
Moynihan’s defense is itself the red flag. Good neighborhoods and wealth appreciation depend on strict underwriting standards — and are threatened by easy credit. The hard work of saving up a down payment won’t apply in Bank of America’s program.
But saving for a down payment is a virtue, not an obstacle. Every neighborhood is a virtuous conspiracy in which we depend on our neighbors to maintain their homes, watch over their children and take an interest in civic life.
Currently Bank of America fees it’s customers to death. Now they are doing non secure loans to anybody and we’re suppose to trust them with our money. I would advise anybody who has money in this bank to get it out of there. This WOKE policy WILL cause you to lose your funds. Don’t believe it? Watch.
It’s right back to Fannie Mae and Freddie Mac.
No Fannie Mae or Freddie Mac, just wait and see where the $ come from, you are going to be shocked, I told you to look up 1933, if you won’t do that then here are two people that will tell you Jordan Maxwell, and David Straight both on YouTube. Jordan describes the difference in the Laws when you go to Court especially the difference between Land and Water and David well he just seems to have a lot of info about everything, Seriously get to researching. Am I finished researching not by a long way there are that many lies that we have been fed our entire lives about our World.
Regardless in the event free down payments (no down payment) on a home does occur, which it will. The 13% do not work for the most part. I hate to rain on anyone’s parade, but facts are facts. My wife and I removed our money from there because the writing is on the wall. Sorry to be blunt, but its the facts. Someone will foot the bill, ie: the working contributing consumers. Do yourself a favor and get out while you can.