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

[GHook20]

Where are you? I was in CA when I got a conventional loan in 1996 with 30% down and PMI was not required. I never saw a PMI REQUIREMENT until after the crash and that was if you had less than 35% down.

Jesus you are uneducated. PMI is required when you have an LTV less then 80% and it will remain into effect until you reach 80%.

 

[GHook20]

Where are you? I was in CA when I got a conventional loan in 1996 with 30% down and PMI was not required. I never saw a PMI REQUIREMENT until after the crash and that was if you had less than 35% down.

Jesus you are uneducated. PMI is required when you have an LTV less then 80% and it will remain into effect until you reach 80%

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.

I can BS. If he put down less then 20% he probably got an FHA loan, in which escrow is required!

 

[Harpy Eagle]

Jesus you are uneducated. PMI is required when you have an LTV less then 80% and it will remain into effect until you reach 80%

I can BS. If he put down less then 20% he probably got an FHA loan, in which escrow is required!

Even if he put down 20% chances are there escrow was required. We put down 20% and our mortgage lender is still requiring it for the first year.

 

[Concerned American]

Jesus you are uneducated. PMI is required when you have an LTV less then 80% and it will remain into effect until you reach 80%.

Follow the entire thread and you won't be so ignorant, dumbass. STFU

 

[Superbadbrutha]

It's amazing how we didn't hear from any of you cocksuckers when banks were denying black and hispanic folks home loans.

 

[Concerned American]

Jesus you are uneducated. PMI is required when you have an LTV less then 80% and it will remain into effect until you reach 80%

I can BS. If he put down less then 20% he probably got an FHA loan, in which escrow is required!

What home have you ever purchased that did not go through escrow?

 

[Circe]

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

MSN

www.msn.com

Yeah, what could possibly go wrong with that?

It worked so well for 2008 and the financial collapse, after that homosexual congressman from Massachusetts said, "Let's roll the dice!" And let loose all the bad mortgages and bad mortgagees to take down the system and cause a recession.

 

[Toddsterpatriot]

It's amazing how we didn't hear from any of you cocksuckers when banks were denying black and hispanic folks home loans.

Many people with lower credit scores and lower incomes get denied home loans. Even white folks.

 

[Toddsterpatriot]

PMI is required when you have an LTV less then 80%

Greater than 80%.

 

[HereWeGoAgain]

Jesus you are uneducated. PMI is required when you have an LTV less then 80% and it will remain into effect until you reach 80%

I can BS. If he put down less then 20% he probably got an FHA loan, in which escrow is required!

Nope..no escrow was required.

 

[Concerned American]

Nope..no escrow was required.

Correct, escrow is not required. However like "an accused who represents himself in a court proceeding, having a fool for a client," a person who purchases real property without a title company and escrow is a fool as well.

 

[HereWeGoAgain]

Correct, escrow is not required. However like "an accused who represents himself in a court proceeding, having a fool for a client," a person who purchases real property without a title company and escrow is a fool as well.

Yeah they are.
The Wife and I explained to him he should pay the escrow but he didnt and was caught flat footed when it came time to pay the piper.
That was in the days when they'd give you a loan as long as you had a heartbeat.

 

[Superbadbrutha]

Many people with lower credit scores and lower incomes get denied home loans. Even white folks.

Black and Hispanic folks were denied mortgages because they were black or hispanic.

 

[Toddsterpatriot]

Black and Hispanic folks were denied mortgages because they were black or hispanic.

Show me.

 

[Riff Raff]

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

Bank of America announces discriminatory zero down payment mortgages for black and latino homebuyers. White people need not apply.

I thought racial discrimination and redlining was illegal?

 

[Riff Raff]

Show me.

He cannot. It's not true.

 

[Toddsterpatriot]

I thought redlining was illegal?

Not when liberals do it.

 

[Superbadbrutha]

Show me.

Housing Discrimination: African-Americans, Hispanics Still Paying Higher Costs

African-Americans, Hispanics and Asians looking to purchase or rent homes are shown fewer available units than whites, asked more questions about their

atlantablackstar.com

 

[MinTrut]

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.

Yup.

I stopped doing business with BofA almost 10 years ago after their repeated lies and other shady dealings.

And Wells Fargo?

FBI-level criminality there.

 

[MinTrut]

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

MSN

www.msn.com

The legality of this seems questionable...