Bank of America announces zero down payment mortgages for Black and Latino homebuyers

[DigitalDrifter]

Because nothing says welcome to the neighborhood more than a big dose of racism.

Bank of America said it is now offering first-time homebuyers in a select group of big-city communities zero down payment, zero closing cost mortgages to help grow homeownership among Black and Hispanic/Latino communities. The offering will first become available in certain neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. The offering, called the Community Affordable Loan Solution, aims to help eligible individuals and families obtain an affordable loan to purchase a home, the bank said.

MSN

www.msn.com

 

[Toddsterpatriot]

It worked last time.

 

[Bob Blaylock]

Isn't that sort of discrimination based on race outright illegal?

 

[whitehall]

Rednecks need not apply.

 

[fncceo]

That actually amounts to 20% more interest paid over the life of the loan ... profit for the bank.

There is a reason why the phrase "No Money Down" was originated by hucksters and used car salesmen...

 

[TheGreatSatan]

More proof Pedo Peter's cult of ultra groomers are the racist they claim to hate. The ultra groomers are so racist, they don't realize how racist they are.

 

[1srelluc]

BoA needs to be shut down.

 

[Manonthestreet]

Can ya say BAILOUT in 2 to 3 yrs

 

[Darkwind]

Because nothing says welcome to the neighborhood more than a big dose of racism.

MSN

www.msn.com

So, back to the same shit, we did in 2005 that caused the last great crash.

Great.

 

[EvilCat Breath]

The payments will just be bigger.

 

[shockedcanadian]

There really isn't any risk for the bank, the U.S taxpayer will simply bail them out again if they become insolvent...

 

[Toddsterpatriot]

There really isn't any risk for the bank, the U.S taxpayer will simply bail them out again if they become insolvent...

What do you mean? If they lose money on a mortgage, they lose money.
No one handed out money for mortgage losses.

 

[EvilCat Breath]

There really isn't any risk for the bank, the U.S taxpayer will simply bail them out again if they become insolvent...

They won't become insolvent. They will just foreclose and sell the property again.

 

[shockedcanadian]

They won't become insolvent. They will just foreclose and sell the property again.

Then how did these banks collapse in 2008 or whenever it was? House prices aren't always a straight line and it isn't liquid if a bank has to sit on a property for a year.

 

[BasicHumanUnit]

Then how did these banks collapse in 2008 or whenever it was? House prices aren't always a straight line and it isn't liquid if a bank has to sit on a property for a year.

The banks enjoyed yet another massive taxpayer funded bailout. I remember that shit and it pissed me off.
They didn't collapse.
How quickly people forget. Great times to be a tyrant / dictator.

 

[Concerned American]

Because nothing says welcome to the neighborhood more than a big dose of racism.

MSN

www.msn.com

Meh, quit doing business with BofA over 20 years ago. Poor, bordering on illegal, business practices. I guess their business is suffering so they are trying to attract what they think are less than intelligent clientele--I think they are in for a rude awakening. BofA is a criminal enterprise along with Wells Fargo---IMHO.

 

[EvilCat Breath]

Then how did these banks collapse in 2008 or whenever it was? House prices aren't always a straight line and it isn't liquid if a bank has to sit on a property for a year.

Only banks that invested heavily in sub prime mortgages collapsed. Insurance companies that insured these mortgages crumbled and went out of business. What hit the banking industry the hardest was government regulators. They targeted small, independent banks that refused to make bad loans and closed them forcing the assets into bigger banks.

 

[HereWeGoAgain]

Because nothing says welcome to the neighborhood more than a big dose of racism.

MSN

www.msn.com

We saw how that worked out last time.
The Wife and I sold Her fathers place to a black guy who I worked with....he didnt save any money for taxes at the end of the fiscal year and he lost the house.
I expect more of the same.

 

[Toddsterpatriot]

The banks enjoyed yet another massive taxpayer funded bailout.

The banks paid back the TARP loans. The US Treasury made a huge profit.

 

[Concerned American]

The banks paid back the TARP loans. The US Treasury made a huge profit.

Of course, the banks made out as well--just like they will on the student loans--the loser will be the US taxpayer as the democrats redistribute wealth to deadbeats--same as they did in the mortgage crises that has lead to the current homeless crises and lack of housing.