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

[foodyum]

Originally Posted by TMSRetired

So why are they lauding this as a way to build Black and Hispanic home ownership to close the racial wealth gap ? You can't have both

They are counting that black and Hispanic people will apply for these loans and be attracted to the program.
Maybe they won’t be and it will all be white folks ( or Hasidics - yup I’ve seen it) who are interested in cheap money and gentrification!?
Ads and community outreach targets the desired demographic.

[TMSRetired]

Originally Posted by foodyum

They are counting that black and Hispanic people will apply for these loans and be attracted to the program.
Maybe they won’t be and it will all be white folks ( or Hasidics - yup I’ve seen it) who are interested in cheap money and gentrification!?
Ads and community outreach targets the desired demographic.

If that's the case then the program fails right from the start

And next year we'll hear that gap is even bigger

[Goodnight]

Originally Posted by Futuremauian

You enjoy the discomfort of white people? Sounds pretty racist...

How does a benefit that assists underrepresented blacks and Hispanics in home ownership impact white people. Why is this an issue, does it personally impact you or someone close to you.

Did you take issue with other programs that benefited low income first time home owners.

[foodyum]

Originally Posted by TMSRetired

If that's the case then the program fails right from the start

And next year we'll hear that gap is even bigger

That is not the outcome in my experience in working with dozens of banks.
Some are more successful and some even fail.
This does not present that way to me.
I don’t know your experience in this business line and how are so certain of failure.

[Goodnight]

Originally Posted by TMSRetired

If that's the case then the program fails right from the start

And next year we'll hear that gap is even bigger

Why would it fail.

[Goodnight]

Originally Posted by TMSRetired

So why are they lauding this as a way to build Black and Hispanic home ownership to close the racial wealth gap ? You can't have both

The pandemic created a large disparity in home ownership for blacks and Hispanics, this is an attempt at equity.

[TMSRetired]

Originally Posted by Goodnight

The pandemic created a large disparity in home ownership for blacks and Hispanics, this is an attempt at equity.

But it also states you do not have to be Black to apply. What does that even mean when they are specifically targeting Blacks and Hispanics ?

[Rocko20]

Originally Posted by Goodnight

The pandemic created a large disparity in home ownership for blacks and Hispanics, this is an attempt at equity.

A 99% survival rate virus didn't do that. Archaic unnecessary draconian lockdowns did it.

COVID is still flourishing today causing outbreaks, and there's still billions of unvaxxed people, the only difference is no one cares anymore.

You can't legislate people up the social ladder via special treatment and handouts, it only ends in disaster.

[TwinbrookNine]

Certain zip codes. Hmmm
ACORN all over again?

[fat lou]

Originally Posted by Goodnight

How does a benefit that assists underrepresented blacks and Hispanics in home ownership impact white people. Why is this an issue, does it personally impact you or someone close to you.

Did you take issue with other programs that benefited low income first time home owners.

Why does it matter whether or not someone is Hispanic? If someone's parents moved here from Poland or Panama, what's the difference?