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Bank of America announces 0% down payment mortgages for blacks and latinos
09-01-2022, 10:05 AM
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#61
Originally Posted By JayJ350⏩
It's not because anyone can apply and get approved. It's based on the location of the property based on skin color. They're being clever in bypassing that pesky Civil Rights Act. Public universities do the same thing, by the way, regarding college admissions.Sounds like a violation of the civil rights act.
09-01-2022, 10:06 AM
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#62
Originally Posted By MountainLion84⏩
Yeah it's only for first time homebuyers, but I don't see why they cannot rent it out later. Likely attract problematic tenants, though.InB4 savvy white people go into these neighborhoods, buy up everything and gentrify them.
09-01-2022, 10:07 AM
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#63
Originally Posted By JIA⏩
Sounds like we need to update the law.It's not because anyone can apply and get approved. It's based on the location of the property based on skin color. They're being clever in bypassing that pesky Civil Rights Act. Public universities do the same thing, by the way, regarding college admissions.
09-01-2022, 10:08 AM
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#64
09-01-2022, 10:29 AM
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#65
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BofA is likely selling the note to the Fed immediately (via the mortgage-backed securities that they've "stopped buying"), and keeping the loan origination fees. It's basically moral hazard on their end.
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09-01-2022, 10:30 AM
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#66
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What a retarded incentive. This would probably only benefit less than 10%, the rest will be struggling with higher monthly payments and dealing with a higher principal balance with a tremendously high interest rate. Stupid move is stupid. I'll be waiting with cash in hand when the foreclosures come. (Super Ded fkn Srs)
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09-01-2022, 10:37 AM
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#67
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BoA is a powerhouse of a financial institution. There is zero risk on their end from this, whether it’s government subsidies, them reclaiming the home and selling the land, etc.
Also this plan makes you buy a home in an undesirable location. If you’re already low income, and living in a place like that then I guess it’s better to start building equity than renting forever.
Curious about the lack of PMI. Also want to know if these people are getting the market rate (lol at todays rates). Even if they are, I doubt many who qualify for this program even know how APR and amortization works.
Also this plan makes you buy a home in an undesirable location. If you’re already low income, and living in a place like that then I guess it’s better to start building equity than renting forever.
Curious about the lack of PMI. Also want to know if these people are getting the market rate (lol at todays rates). Even if they are, I doubt many who qualify for this program even know how APR and amortization works.
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09-01-2022, 10:46 AM
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#68
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Originally Posted By Anachron⏩
aren't there already 0% down programs for first time home buyers?I don't necessarily see anything wrong with this.
0% down means they have to pay PMI?
And they still have to qualify for the mortgage.
As long as the metrics to qualify for the mortgage aren't relaxed, this is a good thing.
0% down means they have to pay PMI?
And they still have to qualify for the mortgage.
As long as the metrics to qualify for the mortgage aren't relaxed, this is a good thing.
09-01-2022, 11:21 AM
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#69
It's racist at the core, plain and simple. If they want to have an impact for low income, then they should have made it about low income. Statistics show that low income is typically Mexican and Black anyway, so what's the goal here? Seems like they're virtue signaling to me.
The problem with true racists and even feminists is that the extremists of this group don't want equality, they don't even want equity. They feel like victims and want the pendulum to swing back towards their agenda and won't stop until that happens. White people = bad. But like JIA pointed out, they're not just racist towards whites, Asians are discriminated against as well.
The problem with true racists and even feminists is that the extremists of this group don't want equality, they don't even want equity. They feel like victims and want the pendulum to swing back towards their agenda and won't stop until that happens. White people = bad. But like JIA pointed out, they're not just racist towards whites, Asians are discriminated against as well.
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09-01-2022, 09:11 PM
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#70
Originally Posted By donalduck⏩
October 2021:Default rate going ^^^^^
"Approximately One Million Homeowners Remain At Least Six Months Behind on Payments"
https://www.corelogic.com/intelligen...d-on-payments/
July 27 - August 8, 2022:
"Approximately 5 million owner-occupied homes behind on last month's payment" - couldn't find 6 month data but 5 mil is a hefty number
https://www.census.gov/data/tables/2...hhp/hhp48.html- housing tables - table 1a
09-01-2022, 09:25 PM
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#71
Here is how fascism works; businesses do what the government tells them, and the businesses get rewarded. These banks will likely be bailed out, but at the same time they will “owe the regime“.
This is yet another path to serfdom
This is yet another path to serfdom
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09-01-2022, 09:30 PM
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#72
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Originally Posted By natypes⏩
This is exactly what I was thinking. What a joke.Get ready for a repeat of '08
09-01-2022, 10:13 PM
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#73
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hahahahahahahahhhahhahahhaha,srsly fukc this sh!tty country
we all deserve whats happening for us , that what happens when youre a cuck who sits and do nothing
thats why i did this thread yesterday
https://forum.obnoxiousbrutes.com/showt...hp?t=181678633
we all deserve whats happening for us , that what happens when youre a cuck who sits and do nothing
thats why i did this thread yesterday
https://forum.obnoxiousbrutes.com/showt...hp?t=181678633
Cherish your life. Live to tell your story
09-01-2022, 10:16 PM
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#74
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Originally Posted By JayJ350⏩
Lol this. With rates what they are now, BofA is going to make a killing off interest and will get some nice PR/goodwill to boot.This is a pure bait n switch scheme, B of A is about as evil as they come. They are literally trying to trap blacks and latinos in debt, make them their slaves.
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