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

[White 6]

In favor of Blacks and Hispanics. Wonder if it's legal.

Bank of America announces zero down payment, zero closing cost mortgages for first-time homebuyers in Black and Hispanic communities nationwide​

Residents in selected Charlotte, Dallas, Detroit, Los Angeles and Miami neighborhoods will be offered the program first.

Bank of America: New zero down payment mortgages for first-time buyers

Residents in selected Charlotte, Dallas, Detroit, Los Angeles and Miami neighborhoods will be offered the program first.

www.nbcnews.com

I don't really care, but I do hope they don't get into totally irresponsible lending, like what happened last time these preferences were applied and spark another collapse effecting banking sector at large and the economy of the country.

 

[MarathonMike]

In favor of Blacks and Hispanics. Wonder if it's legal.

Bank of America announces zero down payment, zero closing cost mortgages for first-time homebuyers in Black and Hispanic communities nationwide​

Residents in selected Charlotte, Dallas, Detroit, Los Angeles and Miami neighborhoods will be offered the program first.

Bank of America: New zero down payment mortgages for first-time buyers

Residents in selected Charlotte, Dallas, Detroit, Los Angeles and Miami neighborhoods will be offered the program first.

www.nbcnews.com

Unbelievable!! This was the major contributing factor to the banking crisis of 2006-2008.Giving preferential treatment to under-qualified buyers under the guise of "Racial Equality". You either meet the minimum requirements or you don't.

 

[Dekster]

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.

 

[themirrorthief]

In favor of Blacks and Hispanics. Wonder if it's legal.

Bank of America announces zero down payment, zero closing cost mortgages for first-time homebuyers in Black and Hispanic communities nationwide​

Residents in selected Charlotte, Dallas, Detroit, Los Angeles and Miami neighborhoods will be offered the program first.

Bank of America: New zero down payment mortgages for first-time buyers

Residents in selected Charlotte, Dallas, Detroit, Los Angeles and Miami neighborhoods will be offered the program first.

www.nbcnews.com

but who else wants to live in the ghettos

 

[Meister]

Cleaned the thread up and thread banned one poster.
The topic is BofA and it's lending practices.

 

[NewsVine_Mariyam]

Unbelievable!! This was the major contributing factor to the banking crisis of 2006-2008.Giving preferential treatment to under-qualified buyers under the guise of "Racial Equality". You either meet the minimum requirements or you don't.

So you automatically categorized the recipients of this program as "under-qualified" buyers because they're making this offer to Blacks and Latinos? Yeah, that ain't racist at all </sarc>

There are all types of government benefits for first time home buyers, which is one of the conditions of this program, and qualifying for a mortgage is the first step. And while what BOA is offering makes it easier to get into a home without a down payment, the homeowner will pay extra interests on the loan by either paying for a longer period or will have much larger monthly payments so it's not exactly a give away like you seem to believe.

The biggest deal that I can see is not requiring mortgage insurance for not putting at least 20% down on the purchase which can increase your monthly mortgage significantly (25 to 33%).

In my opinion, if the homeowner never defaults on their loan, they should get some if not most of that money back. I know that's not how insurance works, but in this case, it should.

 

[MarathonMike]

So you automatically categorized the recipients of this program as "under-qualified" buyers because they're making this offer to Blacks and Latinos? Yeah, that ain't racist at all </sarc>

There are all types of government benefits for first time home buyers, which is one of the conditions of this program, and qualifying for a mortgage is the first step. And while what BOA is offering makes it easier to get into a home without a down payment, the homeowner will pay extra interests on the loan by either paying for a longer period or will have much larger monthly payments so it's not exactly a give away like you seem to believe.

The biggest deal that I can see is not requiring mortgage insurance for not putting at least 20% down on the purchase which can increase your monthly mortgage significantly (25 to 33%).

In my opinion, if the homeowner never defaults on their loan, they should get some if not most of that money back. I know that's not how insurance works, but in this case, it should.

This is a replay of exactly what Carter and Clinton did that flooded the markets with 28 MILLION bad home loans most of which were given to under-qualified minorities. Take your race baiting back to the playground and do some studying on the roles that Carter and Clinton played in the banking crisis. Here it comes again.

 

[MarathonMike]

So you automatically categorized the recipients of this program as "under-qualified" buyers because they're making this offer to Blacks and Latinos? Yeah, that ain't racist at all </sarc>

There are all types of government benefits for first time home buyers, which is one of the conditions of this program, and qualifying for a mortgage is the first step. And while what BOA is offering makes it easier to get into a home without a down payment, the homeowner will pay extra interests on the loan by either paying for a longer period or will have much larger monthly payments so it's not exactly a give away like you seem to believe.

The biggest deal that I can see is not requiring mortgage insurance for not putting at least 20% down on the purchase which can increase your monthly mortgage significantly (25 to 33%).

In my opinion, if the homeowner never defaults on their loan, they should get some if not most of that money back. I know that's not how insurance works, but in this case, it should.

Furthermore, The banks create the same problem whether their target class is Blacks, Hispanics, Whites, Muslims, LQBTQ take your pick. If you say everyone of a particular class gets preferential treatment, there will be a great increase in the number of bad loans,. That is supported by 100 years of banking data. It's not racism it's realism. You either meet the minimum requirements for the loan or you don't no matter what color your skin.

 

[Devils_Advocate]

I don't really care, but I do hope they don't get into totally irresponsible lending, like what happened last time these preferences were applied and spark another collapse effecting banking sector at large and the economy of the country.

They will and the Guberment will bail them out while they write billion dollar bonuses to themselves…

 

[MarathonMike]

They will and the Guberment will bail them out while they write billion dollar bonuses to themselves…

Lowering the bar is always a bad idea. When it comes to banking, lowering the bar is a national disaster waiting to happen, just like it did in 2008.

 

[Concerned American]

The banks don't pay those rates--their customers do.

The TARP loans had high rates.

The banks didn't just take it in the shorts on FHA, VA and a host of other FreddyMac and FannyMae loans. The government guaranteed those loans as well, soooo the the taxpayer footed the bill again redistributing OUR wealth from beneficial tax programs to deadbeats

The deadbeats didn't get any wealth, they lost the home to foreclosure.

True, but they walked away from an obligation that they promised to pay.

 

[Lisa558]

I don't really care, but I do hope they don't get into totally irresponsible lending, like what happened last time these preferences were applied and spark another collapse effecting banking sector at large and the economy of the country.

How do you not care about racist lending practices?

 

[White 6]

How do you not care about racist lending practices?

I'm not borrowing nor lending, nor owing anybody. I gave my comment. Post #2 pretty well sums it up. Has it got you worked up? Been turned down for a loan, have you?

 

[Harpy Eagle]

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

MSN

ahhhh....are they being mean to you ??

 

[Lisa558]

I'm not borrowing nor lending, nor owing anybody. I gave my comment. Post #2 pretty well sums it up. Has it got you worked up? Been turned down for a loan, have you?

I’ve never been turned down for a loan. But I, unlike you, do not think lenders should have different lending standards based on race.

Leftists are such racists, as long as the racist practices advantage blacks and Hispanics.

 

[White 6]

I’ve never been turned down for a loan. But I, unlike you, do not think lenders should have different lending standards based on race.

Leftists are such racists, as long as the racist practices advantage blacks and Hispanics.

Go talk to the people that did it, not me. I have no reason to care. I care that I am treated fairly. I see some people get discounts that I do not get as well as me getting discounts most people do not get. Grow up. Nobody told you life was fair or every decision above your level would be to your satisfaction.
Like I said in post #2 "I do hope they don't get into totally irresponsible lending, like what happened last time these preferences were applied and spark another collapse effecting banking sector at large and the economy of the country." That is about as far as I go. Whether they do or don't, I am insulated from the game this time. It won't cost me retirement dollars or close the plant that I work in. I spent no time whining about it or going after people that had nothing to do with. You need to carry your problem down the road.

 

[Toddsterpatriot]

True, but they walked away from an obligation that they promised to pay.

Yes, mortgages allow you to do that.

 

[Concerned American]

Yes, mortgages allow you to do that.

Any loan allows you to do that. Doesn't change the fact that the defaulters are no class deadbeats and their credit report should reflect it --- but it won't in the case of the student loan defaults.

 

[22lcidw]

Good, we need more people buying houses.

Those near zero interest they give for individual savings accounts helps them out a lot. Decades of this. There was a time very little inflation and near 4% interest until we started to lose control of the fiat currency.

 

[Toddsterpatriot]

Any loan allows you to do that. Doesn't change the fact that the defaulters are no class deadbeats and their credit report should reflect it --- but it won't in the case of the student loan defaults.

Any loan allows you to do that.

Mortgages are non-recourse. Not all loans are.

Doesn't change the fact that the defaulters are no class deadbeats and their credit report should reflect it

People who walked away from mortgages did see that reflected in their credit reports.

but it won't in the case of the student loan defaults.

If you're talking about Biden's stupid forgiveness plan, that's not a borrower default.