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.
https://www.nbcnews.com/business/consumer/bank-america-zero-down-payment-mortgage-first-time-buyers-details-rcna45662
Part of why I left was this woke BS. Best benefits I ever had but the work environment is intolerable
They need to extend this program to the Irish. We lost a million people who died in the Irish potato famine. Irish people were among the hundreds of thousands of indentured servants who came to North America between the 17th and 19th centuries (Reuters). The Irish were treated horribly when they arrived in America, suffering massive poverty, disease, and hostile discrimination. We lived in tenements and basements with no water, sanitation, or daylight.
This all started back in July 2021 :
https://www.politico.com/news/2021/07/05/biden-housing-dilemma-low-income-497921
WASHINGTON — President Joe Biden’s move to fire the top U.S. mortgage regulator is triggering calls from fellow Democrats to use the agency to expand access to loans for lower-income people, who have struggled to buy homes since the financial crisis.That’s setting up a clash with Republicans over how far the government should go in shaping an industry that makes up one-fifth of the U.S. economy.
BAC is getting Gov't help on this, but it's evidently not being made public. Think back to 2006-2008: the reason for that crisis was that loans were freely given to people with little to no ability to make their monthly payment. These type of programs will create the next Home/Mortgage meltdown - but don't worry: BAC (and probably many on Wall St) will be bailed out by the taxpayers - once again. Another Biden id--tic plan to destroy our finances somehow easily comes to fruition.
I'll bet in 4 to 5 years this will be a total failure. The Bank will be stuck with bad loans, repos of run down houses. The woke and GSE groups will scream bloody mu---r if the program is eliminated. Twenty something years ago when my wife and I purchased our home we had to put money down. We also have to put money aside for the normal house expenses and the unexpected. Things like a new well pump, plumber, electrician or what ever. Does the Bank really think the ones chosen for the program are going to be able to really afford to keep these houses up?
Well I’m sure BOA played a huge role in redlining back in the day. This is still a sh*tty company, no matter how many people they try to help publicly. If only the public knew how they treat their employees.
How abou the Asians? Native Americans?
Not all blacks or hospanics are opprssed. And not all whites are privileged.
Perfect. Now someone can sue them.
The bank is over WOKE it’s getting stupid.
Awww Bank of America is doing such a sweet thing! NOT!
It’s clear that they over leveraged themselves in poor neighborhoods hoping to turn a buck and see that a major downturn is about to happen so they have to dump their inventory of homes.
This is only happening in poor areas, and the people that live in those areas, who are predominately black/Hispanic.
The bank does nothing out of the kindness of their heart. If they cared about people they would allow their employees WFH.
Just check the black or Hispanic box on the application.
Sad to see that other races living in the same cities, with the same economic situation do not qualify. Also sad to see that races which do qualify where discriminated against in the past. Not sure fighting discrimination with discrimination moves us forward though.
Racism will end when people don’t use color or race to qualify for things.
This headline is willfully misleading
I need to get my savings out of bac ASAP for sure.
What If you happen not to be any of those groups in those locations and fall in the same economic predicament? Will your race not qualify you?
When going too woke that you don't realize racism anymore......