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Forum » Bank of America announces 0% down payment mortgages for blacks and latinos
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Thread: Bank of America announces 0% down payment mortgages for blacks and latinos

post 1667122583 09-01-2022, 07:00 AM
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Bank of America announces 0% down payment mortgages for blacks and latinos

https://www.msn.com/en-us/money/real...8494a320e8d89e

They justify the racism by targeting urban communities that are majority black and latino and first time homebuyers and that anyone of any race can technically apply to buy a home in those communities.
post 1667122693 09-01-2022, 07:04 AM
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Surely this will end well
post 1667122743 09-01-2022, 07:05 AM
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post 1667122753 09-01-2022, 07:05 AM
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Originally Posted By JIA⏩
https://www.msn.com/en-us/money/real...8494a320e8d89e

They justify the racism by targeting urban communities that are majority black and latino and first time homebuyers and that anyone of any race can technically apply to buy a home in those communities.
So it's not just for blacks and Latinos?
post 1667122853 09-01-2022, 07:07 AM
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Dave Ramsey said this housing market is nothing like 2008 though. Huurr duuurrr.
post 1667122913 09-01-2022, 07:08 AM
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People who can't afford to buy a home can apply for a loan and the bank will give them money even though they can't afford to pay it back.
post 1667122923 09-01-2022, 07:09 AM
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What could go wrong?
post 1667122993 09-01-2022, 07:10 AM
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brb

walking into the loan office like

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post 1667123003 09-01-2022, 07:10 AM
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Originally Posted By IPoopStandingUp⏩
So it's not just for blacks and Latinos?
It's not, that would be illegal, but they get around that by redlining black and latino communities that are eligible for this program.
post 1667123113 09-01-2022, 07:11 AM
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I own a Florida real estate brokerage and if someone came to one of my agents and asked "take me to where the black people live" or "show me properties with predominantly asians" etc, then that would be against the code of conduct. You can not accommodate that request.

I don't see a problem with making favorable loans in poorer communities as this is nothing new - it's been going on (likely) since before you were born.
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post 1667123203 09-01-2022, 07:14 AM
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Originally Posted By JIA⏩
It's not, that would be illegal, but they get around that by redlining black and latino communities that are eligible for this program.
Just so you know, redlining is refusing to make loans in certain communities; the exact opposite of what you have highlighted.
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post 1667123233 09-01-2022, 07:14 AM
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Originally Posted By tripod29⏩
Dave Ramsey said this housing market is nothing like 2008 though. Huurr duuurrr.
Lol, it isn't yet. But this will change that.
post 1667123293 09-01-2022, 07:15 AM
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Originally Posted By Anachron⏩
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.
Did you read the article?
post 1667123323 09-01-2022, 07:15 AM
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Originally Posted By IPoopStandingUp⏩
So it's not just for blacks and Latinos?
Have you ever tried to be white in a black or Latino neighborhood? They ****ing hate you being there. Even your neighbors will refuse to be cordial.
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post 1667123453 09-01-2022, 07:17 AM
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What is the Community Reinvestment Act (CRA)?

The Community Reinvestment Act (CRA), enacted in 1977, requires the Federal Reserve and other federal banking regulators to encourage financial institutions to help meet the credit needs of the communities in which they do business, including low- and moderate-income (LMI) neighborhoods.

https://www.federalreserve.gov/consu.../cra_about.htm
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post 1667123773 09-01-2022, 07:24 AM
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Originally Posted By Anachron⏩
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.
There are millions of white renters eager to own a home and the substantial down payment(often 20% to avoid PMI) is one of the major obstacles to that. Imagine because of your skin color and because you want to live in a certain community with the right skin color dominated that you no longer have that obstacle. Pure racism.
Originally Posted By PaulJerome⏩
I own a Florida real estate brokerage and if someone came to one of my agents and asked "take me to where the black people live" or "show me properties with predominantly asians" etc, then that would be against the code of conduct. You can not accommodate that request.

I don't see a problem with making favorable loans in poorer communities as this is nothing new - it's been going on (likely) since before you were born.
Yes, but those programs targeted based on geolocation(rural) and socioeconomic factors rather than blatant skin color here.
Originally Posted By PaulJerome⏩
Just so you know, redlining is refusing to make loans in certain communities; the exact opposite of what you have highlighted.
I'm calling it redlining because it is exactly the opposite of the racist policies of the past, only against white home ownership. Redlining against white communities if you will. Similar to college admissions: public universities cannot discriminate based on race by the civil rights act, so they sneakily get around that by using geolocation and zip codes and knowing which regions are predominately white or black or latino.
post 1667123793 09-01-2022, 07:24 AM
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Originally Posted By FrankCostanza⏩
Have you ever tried to be white in a black or Latino neighborhood? They ****ing hate you being there. Even your neighbors will refuse to be cordial.
Can confirm.

Lived in Montgomery, AL and Miami, FL. Felt unwelcome and hated everywhere I went. Kids were constantly bullied and harassed.

Now live in a predominately black city, but the neighborhood is all black/asian/indian. There's 2-3 white families. No one talks to me except my next door neighbor (black guy) and that's probably just cause we're both vets.

But yeah, we're the racist ones.
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post 1667123823 09-01-2022, 07:25 AM
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post 1667123893 09-01-2022, 07:27 AM
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Originally Posted By Anachron⏩
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.
Yeah idc if they truly are qualified. Likely there will be too many loans given out though
post 1667123943 09-01-2022, 07:27 AM
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Originally Posted By JIA⏩
I'm calling it redlining because it is exactly the opposite of the racist policies of the past, only against white home ownership. Redlining against white communities if you will. Similar to college admissions: public universities cannot discriminate based on race by the civil rights act, so they sneakily get around that by using geolocation and zip codes and knowing which regions are predominately white or black or latino.
I get it. But it is what it is - nothing to be upset over.

I do wonder why ethnic diversity doesn't apply to things like the NFL or NBA for example (sarcasm intended).
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post 1667123963 09-01-2022, 07:28 AM
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I am guessing BoA worked out a deal with the federal gov't to insure these potential homebuyers so taxpayers are on the hook.

So BoA either gets a lot more money because no down payment plus interest leads to more money naturally. And if the bank has to foreclose, the bank gets reimbursed by taxpayers.
post 1667124013 09-01-2022, 07:28 AM
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post 1667124193 09-01-2022, 07:33 AM
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Originally Posted By PaulJerome⏩
I don't see a problem with making favorable loans in poorer communities as this is nothing new - it's been going on (likely) since before you were born.
Surely you understand Bank of America is a publicly traded company whose sole purpose is to line the pockets of shareholders and the management/bod. This is a poisoned chalice meant to take advantage of people.
post 1667124283 09-01-2022, 07:36 AM
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Bofa going to foreclose on the entire hood in a week.
Instant gentrification but s great opportunity for people with discipline.
post 1667124313 09-01-2022, 07:36 AM
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Originally Posted By Schnitzl⏩
Surely you understand Bank of America is a publicly traded company whose sole purpose is to line the pockets of shareholders and the management/bod. This is a poisoned chalice meant to take advantage of people.
The law requires a level of CRA that each bank must meet. Your problem is not with BofA.
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post 1667124433 09-01-2022, 07:39 AM
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I also love how if they announced this only for white people everyone would freak out. No double standard there at all.

So are white people not able to get 0% down loans?
post 1667124443 09-01-2022, 07:40 AM
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Originally Posted By leafs43⏩
I am guessing BoA worked out a deal with the federal gov't to insure these potential homebuyers so taxpayers are on the hook.

So BoA either gets a lot more money because no down payment plus interest leads to more money naturally. And if the bank has to foreclose, the bank gets reimbursed by taxpayers.
^^This. BOA aint eating chit.
post 1667124493 09-01-2022, 07:40 AM
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post 1667124513 09-01-2022, 07:40 AM
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0 down

Imagine that mortgage
Losers let it happen, winners make it happen.

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post 1667124593 09-01-2022, 07:44 AM
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Wait until about a decade from now when unfortunately many won't be able to keep up with the payments and its now racist to take their homes from them...
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