Bank of America announces zero down payment, zero closing cost mortgages for first-time homebuyers in Black and Hispanic communities nationwide

NBC ^ | 9/1/2022 | NBC

[mikelets456]

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.

Applicants do not have to be Black or Hispanic to qualify for the product, a bank representative said.

“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” AJ Barkley, head of neighborhood and community lending for Bank of America, said in a release. “Our Community Affordable Loan Solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families, and it is part of our broader commitment to the communities that we serve.”

[facedown]

Here we go again.

[Lockbox]

Can I apply if I self identify as Black?

[Red Badger]

I’ve seen this movie before.

It doesn’t end well...........................

[rovenstinez]

Can ASIANS who identify as black...will they qualify.. Or maybe some Ukrainian refuge who came through Mexico and had some Mexican papers... This isn’t RACIST is it?

[dsrtsage]

Sweet, the new generation of NINJA loans

[KarlInOhio]

I can’t wait for cries of racist and red-lining claiming that this is an attempt to simultaneously keep them out of white neighborhoods and to promote gentrification.

[southernerwithanattitude]

Hello 2006!!!!

[EEGator]

Racist and an absolutely foolish business practice.

[Yo-Yo]

Because it worked sooo well last time...

[Jeff Vader]

more racist anti-white policies, so glad I dumped my bofa accounts after the stunt they pulled over jan 6

[DIRTYSECRET]

Legal. They just pick zip codes, not color. Could be wrong but if the whites/asians jump on it B of A gets the virtue signal. Pretty smart wouldn’t you say?

[glennaro]

I'm certain the bank has this capped to something they can afford to lose ... and they'll likely lose all of it!
(But it makes for good PR ... y'know ... "good intentions" and all. But you can "take it to the bank" that BofA damn-well knows the economic and social realities of doing this.)

[FlingWingFlyer]

Racism in Amerika! I LOVE THIS COUNTRY!!! I thought we already tried this liberal thingy with people who can’t or won’t make mortgage payments. Fool me once, shame on you. Fool me twice, shame on me. To hell with the racist Bank of Amerika.

[Spok]

So does this mean redlining is okay now?

[bort]

Time to sell BA stock if you have it

[Vision]

Discrimination

[Tell It Right]

Privilege to both the descendants of slaves and the descendants of those who enslaved 5 to 6 million black slaves in America. That completely dwarfs the 1/4 to 1/2 million black slaves the Anglos had in America.

[MtnClimber]

Maybe they can introduce the great Pre-2008 NINJA loans. NINJA = No Income, No Job or Assets. It worked well for banks that tried it. And they blamed it on Bush. What could go wrong?

[1Old Pro]

Don’t tell me, the government (us taxpayers) are going to insure these loans.