Bank of America announces zero down payment, zero closing cost mortgages for Black and Hispanic first-time home (legal, drug)

[Igor Blevin]

I am in the market for a home. The 2026 housing crash should be get me a great deal on a foreclosure.

[FordBronco1967]

Assuming NBC has reported everything accurately, then, yes, this is absolutely textbook racism.

[ClaraC]

This certainly seems to violate the Fair Housing Act:

The Fair Housing Act
The Fair Housing Act protects people from discrimination when they are renting or buying a home, getting a mortgage, seeking housing assistance, or engaging in other housing-related activities.

Additionally, the criteria they use doesn't appear to take into account the buyer's ability to purchase a specific price range house. The criteria focuses on past payments of rent, insurance, utilities, etc. in a timely manner. Surely, the loan officers will at least broach with them, the amount of house they could safely purchase with their income level?

"The loans require no mortgage insurance — the additional fee typically charged to buyers who put down less than 20% of the purchase price — and no minimum credit score. Instead, eligibility will be based on factors like timely rent payments and on-time utility bill, phone and auto insurance payments."

[Tedster24]

What if you're mixed race? Are they offering a lesser discount?

[My2cents55]

It's against the law to not rent or sell a home to someone based on race, gender, or disability why shouldn't the same law apply here?

Fair Housing Act violation if you ask me.

[john3232]

For whatever the reason BOA is likely just virtue-signaling.

I'm sure their lawyers realize this won't hold up in court.

[RocketDawg]

Not only is it racist, they'll almost certainly wind up once again with "homeowners" living in a house they can't afford and defaulting on payments.

[RocketDawg]

Originally Posted by Igor Blevin

I am in the market for a home. The 2026 housing crash should be get me a great deal on a foreclosure.

Yep, it certainly will.

[Tedster24]

Ask yourselves if MLK Jr. wanted this.
If you say "yes", go read what he had to say.
This is officially an Idiocracy.

[TMSRetired]

It's closing the wealth gap folks. Now pray these people pay their mortgage so we don't have another housing meltdown