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

[ninja007]

Don't own their stock so don't really care much. I am okay with it generally though values wise as it is no different than VA loans. I just have trouble seeing it turn profitable because inevitably somebody getting foreclosed on will sue them and win far more than they ever paid in or lost because it is "predatory" giving them a loan they shouldn't have had.

YOURE comparing the color of skin youre born with with a veteran?

 

[IM2]

Huh? You’re so blinded by calling everything racist. My point is that the required debt:income ratio and credit scores are the SAME regardless of race. Nothing is lowered for blacks…..or at least it WASN’T until BoA said it will lower downpayment requirements for blacks.

Lisa, I'm black and have looked at this. Your excuse for everything is that somehow blacks just aren't qualified. I know for a fact that blacks who had everything necessary got denied and whites who had less did not. Scores are irrelevant to decisions made. The fact is that things have been lowered for whites or that whites with lower scores than blacks got loans.

 

[Dekster]

YOURE comparing the color of skin youre born with with a veteran?

I am comparing no money down 100% financing loans with no money down 100% financing loans.

 

[IM2]

Except you'll be paying taxes to eliminate college debt for deadbeats.

Those people aren't deadbeats.

 

[IM2]

YOURE comparing the color of skin youre born with with a veteran?

There are black vets. Being a vet is a choice, so...

 

[Lisa558]

No Lisa, everything blacks do is not lower than whites. The denials have come even when blacks had equal or higher credit scores.

Wells Fargo turned down over half of Blacks seeking home refinance loans, report finds​

Additionally, Bloomberg writes that Wells Fargo’s approval rates for the lowest income white families were nearly the same as their rates of approval for high-income Black families — those earning at least $168,000 annually. However, when comparing lower-income Black and white applicants, both earning a maximum of $63,000 a year, the approval rates were nearly double for whites.

Wells Fargo turned down over half of Blacks seeking home refinance loans, report finds

White applicants fared better at all of the major banks, but only Wells Fargo denied more Black applicants than it approved.

thegrio.com

Well Fargo was busted for racism Lisa, so your standard excuses don't work here.

Yeah, and I just showed how higher income blacks averaged LOWER credit scores than whites who earned half what they did.

Income isn’t everything. What counts is if you manage the money responsibly, and repay your financial obligations as contracted. Blacks on average score lower.

A bank deciding to give no-DP loans to blacks and Hispanics while requiring whitey to come up with a DP is not only racist, but stupid.

Pretty sad that libtards have turned our country into one where racist policies against whites are acceptable.

 

[IM2]

Yeah, and I just showed how higher income blacks averaged LOWER credit scores than whites who earned half what they did.

Income isn’t everything. What counts is if you manage the money responsibly, and repay your financial obligations as contracted. Blacks on average score lower.

A bank deciding to give no-DP loans to blacks and Hispanics while requiring whitey to come up with a DP is not only racist, but stupid.

Pretty sad that libtards have turned our country into one where racist policies against whites are acceptable.

You didn't show anything. Again, blacks who had the scores you talk about, with responsible history of payments and every excuse you're using to make your false claim have been turned down for whites who met none of the criteria you talk about.

 

[Lisa558]

You didn't show anything. Again, blacks who had the scores you talk about, with responsible history of payments and every excuse you're using to make your false claim have been turned down for whites who met none of the criteria you talk about.

Yes, I did. Here’s the article again, and I’m sure you won’t read it again. Blacks with incomes of $75,000 had, on average, worse credit scores than whites with half their income.

Study: African-Americans More Likely to Have Bad Credit - BadCredit.org

A recent $1.3 million dollar study undertaken by Freddie Mac has revealed some surprising differences in credit scores between African-Americans and Caucasians.

www.badcredit.org

 

[Lisa558]

IM2

And why are you bitching how unfair banks are to blacks? BoA has just said they will give Mortgages to blacks who can’t even save for a down payment, and yet make whitey come up with one.

 

[White 6]

Except you'll be paying taxes to eliminate college debt for deadbeats.

I am already paying taxes for deadbeats.

 

[Orangecat]

I am already paying taxes for deadbeats.

And now you'll be subsidizing college educated ones. Do you enjoy your Stockholm Syndrome?

 

[Orangecat]

Those people aren't deadbeats.

Learn English, IQ2. A deadbeat is someone who doesn't pay their debts. Are you really that ignorant?

Define deadbeat. deadbeat synonyms, deadbeat pronunciation, deadbeat translation, English dictionary definition of deadbeat. Informal n. 1. One who does not pay one's debts. 2. A lazy person; a loafer. adj. Not fulfilling one's obligations or paying one's debts: a deadbeat dad....

 

[White 6]

And now you'll be subsidizing college educated ones. Do you enjoy your Stockholm Syndrome?

I figure they have been wasting my tax dollars, since I was 16 years old, yet I am comfortable and will remain so. I just don't have the outrage to waste on it. Do I think it a good idea? Nope.

 

[Toddsterpatriot]

The student borrowed it. The government is just repaying it instead of the borrower. The government just guaranteed repayment. They do the same with VA, FHA, FreddyMac and FannieMae home loans. The banks sell the forclosed homes for whatever the market will bear and the taxpayers pick up the remainder left on the original loan. My son in law has one of these student loans and he makes his payments to the bank, but if this "loan forgiveness" goes through, he'll be debt free after the gift of the government (you and I) paying off his loan. BTW, he is adamantly opposed to this give away.

The student borrowed it.

From the government. It was part of the Obamacare legislation.
They were going to use the student loan "profits" to help pay for Obamacare.
Banks no longer make Student Loan Program loans. If you borrow from a private
bank for college, it's not a government Student Loan Program loan.

The government is just repaying it instead of the borrower. The government just guaranteed repayment

It hasn't been that way for 12 years.

The federal government began lending to students on a large scale in the 1960s. Back then, however, it didn’t directly give out student loans. Instead, it guaranteed the debt provided by banks and nonprofit lenders under the FFEL program.

That program was eliminated in 2010 after lawmakers made the case that it would be cheaper and simpler to directly lend to students. Nearly 10 million people still hold FFEL loans, according to higher education expert Mark Kantrowitz.

Today, Kantrowitz said, “about half are held by the U.S. Department of Education and about half by commercial lenders.”

Education Dept. is exploring strategies to help 5 million 'overlooked borrowers' excluded from student loan forgiveness

Millions of federal student loan borrowers could be left out of debt forgiveness because of their loan type. The government is trying to avoid that outcome.

www.cnbc.com

 

[IM2]

I'm not going to argue about this. Especially with people who are purposeful in their denial of how white racism has hurtt non whhtes who now complain about discrimination against whites if anybody tries to fix the damage. There is a long continuing history of racism in home loans and that's a proven fact.

 

[IM2]

Learn English, IQ2. A deadbeat is someone who doesn't pay their debts. Are you really that ignorant?

And like I said, those people aren't deadbeats.

 

[Orangecat]

And like I said, those people aren't deadbeats.

An uneducated opinion, but you're free to advertise that.

 

[Concerned American]

From the government. It was part of the Obamacare legislation.

Sorry, we disagree. The money came from banks with a government guarantee of repayment so that if the student (borrower) defaulted, the government repaid the outstanding balance.

 

[westwall]

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

MSN

Glad I left them.

 

[MarathonMike]

No it wasn't.

Subprime mortgages led to a global economic crisis in considerable part because of securitization, in which the home loans were sliced up, packaged into securities and sold off to investors all around the world.

Greenspan Admits Errors to Hostile House Panel - WSJ

www.wsj.com

The securitization and sale of mortgae backed securities, and the the creation of other funny financial "tools" such as credit default swaps and derivatives were the cause.

You and NewsVine really need to study your subject before you display your lack of knowledge. Once again, let me help you understand. 28 Million high risk mortgage failures were the ROOT CAUSE of the failure of "securitization". And the root cause of the 28 million high risk mortgage failures were the policies enacted by President Carter and President Clinton that enabled under-qualified minorities to get home loans they were ill-prepared to handle. Let me know if you have any questions.