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Bank of America said it is now offering first-time homebuyers in a select group of cities zero down payment, zero closing cost mortgages to help grow homeownership among Black and Hispanic/Latino communities.
The option will first become available in certain neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. The new mortgage, called the Community Affordable Loan Solution, aims to help eligible individuals and families obtain an affordable loan to purchase a home, the bank said.
They'll have as much success getting these people to make their house payments as Cal State does graduating these same minorities who were passed-through high school and entered college unable to perform simple multiplication.
Wasn't it programs like this that got us into the "Mortgage Crisis" the first time?
I imagine that in 2-3 years when the defaults and forclosure start to increase, the progressives will push for mortgage relief in the name of equity since there are too many blacks and Hispanics losing their houses.
Wasn't it programs like this that got us into the "Mortgage Crisis" the first time?
I imagine that in 2-3 years when the defaults and forclosure start to increase, the progressives will push for mortgage relief in the name of equity since there are too many blacks and Hispanics losing their houses.
In todays America, democrat voters no longer have to pay their bills.
Look at student loans for a glimpse of what the future looks like
Sounds like they are getting on the affirmative action bandwagon. And will cause another crash like it did back in 08 with them giving out these subprime loans.
And yes it is Racist you can't say I'll give you these loans because you are Black or Hispanic but if a white person in dire need of a home looking for the same help is turned down they could prob sue BOA for discrimination dumb move on their part.
Wasn't it programs like this that got us into the "Mortgage Crisis" the first time?
I imagine that in 2-3 years when the defaults and forclosure start to increase, the progressives will push for mortgage relief in the name of equity since there are too many blacks and Hispanics losing their houses.
We are now in the bubble phase of the housing bubble. Like 2006, all time low housing affordability caused banks to get "creative" and stupid. We should have let the stupid broke banks fail. Instead, banks were rewarded for being stupid and getting rich quick off insane risk.
So far the housing boom has been based on the Fed printing press (OK, Treasury...) flooding us with liquidity. Now that everything is tighting up and a bad recession is on the horizon, the banks are going to get "creative" and risky again, and why not? They were told last time in no uncertain terms by the US Government, don't worry about it. We will bail out any amount you wasted.
Wash. Rinse. Repeat. Boom. Bubble. Bust.
That sound you hear is the National Debt blowing through the $40 trillion level like nothing.
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