Bank of America's "zero down zero closing costs" for first time buyers... if you are a specific race or heritage..."Black or Hispanic"... in certain markets... you have a shot at a good deal!
The loans require no mortgage insurance — the additional fee typically charged to buyers who put down less than 20% of the purchase price — and no minimum credit score.
Baby... we had our new home... but... damn it.. we're wrong heritage... American Indian!
Guess whose going to be paying for these loans if/when they default within the decade? This has been done before...
Yes - I accept biased lending even if doesn't help me, right thing to do
No - doesn't help me so why should I pay for someone else?
No - never
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+1 y
If you are black or hispanic, you should be a mad as heck if you just got a loan and paid $ and down payment. I'd call up your leaders and complain and get a refund on this years taxes. Not fair!
Do you support biased lending policies for the purpose of creating fairness?
I'm just looking at it and seeing the 2008 mortgage crisis again.
America is really just being exploited by Wall Street and no one seems to care.
On one hand, it's going to hit these minority groups even harder. It's also going to crash the entire American financial system again, after this upcoming crash happens.
It's just fucked up how America fucked itself in 08 with these, and now it's gearing up to do it again.
When it all goes to shit and everyone's evicted again a la 2008, Blackrock and Vanguard will be perfectly positioned to buy even more single family homes to rent out.
America, where the dream is a house, 2.5 kids, a dog, and a white picket fence? Nah, America, land of the perpetual renter, more like.
None of you will own your homes and your newspapers (owned by billionaires, mind you) will tell you you'll be happy about it.
And, like lemmings, average white Americans will eat it up. As usual. The ever-bootlicking class traitors they are.
yep, because you know who is going to unload those loans they don't expect to be paid pack. Caveat, they require good payment histories to qualify, but we all know how the rules get changed and softened. Dump these onto secondary markets...
don't worry... if doesn't work out, govt will forgive the debt, print money. Wallah! you see the plan...
2. Lend money to someone who can't afford it sets them up for failure and worse credit because of the default, the economy up for failure and the rest of us who actually work and save will get hit with the bill. It's BS!
No. But what I would like to see is that it's possible for independent analysis to be easily done on all loans. Whether you're a common person or a rich politician. The books should be open for comparison so we can see if Joe Politician gets a $5 million dollar loan with the exact same financial background as Jane Regular Person who got denied when they applied for a $500k loan. Same when it comes to a person's race or whatever else. The only thing that should be considered is the financial track record of the individual. If someone worked hard to have good credit then how they look shouldn't matter. If they don't have good credit then that sucks for them.
exceptional observation. If I'm right... that is the intent of the biased policies, to right wrongs and bring about fairness. wait a minute... if you have two kids and one got a bunch of cookies when they didn't do work for being a lazy manager, and the other kid did all the work and didn't get cookies. Well, that kid complained and to bring about fairness, you create a bias that the one kid only gets cookies for a given time to bring about equality. Isn't that by definition... fair?
Credit score should definitely be considered, as well as past rental and utility payments. I'm ok with the no money down, but mortgage insurance should be required still so everyone else isn't stuck with rising rates when someone defaults. Race / Gender / Whatever should not be part of the equation.
It will more then likely catch on and other too big to fail banks will introduce their version of the program. So it will lead to 08 all over again. Also if our government via Fannie May, Freddie Mac and hud you know we are screwed.
as were others as well, although some were very successful in spite of. But discrimination laws were put in place... now it's illegal. Would you support altering those laws so what they are doing is legal?
not something I was aware of so don't know. sounds like discriminatory practice. it should be... anyone who wants to build a casino... here's some funds. Given by whom? I wasn't aware of BofA's program til yesterday. If I advertised a great loan program for Italian men... I'd be in court as soon as I deny a woman. It looks discriminatory. I suspect there is lots of discrimination that is systematic though, I see that point... Jewish communities rich that pass the $ around within, chinese banks funding chinese people (probably noone else), etc etc... if the laws are softened to make them guidelines, then ok fine. but can't go around discriminating in writing, at the highest levels and say they are laws anymore.
the issue is probably more complex than I'm perceiving...
No actually, you could offer loans to italians. Only men might be troubling…but there are ways to do that. Chase Bank has special rates for businesses owned by people of color.
No it's just increases prices, if people can't afford the price must go down. So I am in favor of making things more affordable instead of making young people debt slaves.
Hm. I seem to remember something about banks offering cheap mortgages to people who may not be able to afford to pay them happening before... can't quite put my finger on what the outcome was of that previous plan... hmmmm
No. It's racist and this is how we got into the market crashing in 2008! They're doing it again. On top of major inflation. They can be this stupid, it's all on purpose.
Because it’s my money… what they are doing is illegal resulting in losses in law suits at minimum and as well they are excluding other classes of people that have been oppressed as well such as mixed race, bi racial, American Indian, Appalachian caucasians, and legal immigrants.
As well it’s unfair to all the hard working black and Hispanic (whatever that means) that just put 20% down paid points and insurance. That’s life though.. maybe they will make it retroactive.
Retroactive? Don't even go there. That is the most Democrat lie of all of their lies. Everyone will get their free healthcare, they will get their free education. They will get everything free, and no one who actually works, or pays for their education in the way of Trades, or everything else that ain't something that gives them equal pay or a REAL standing, has to pay for all the dbags who just want it handed to them free ninety nine. Nothing is free. Fucking earn it.
It's discriminatory and racist towards whites. Hopefully, those Mortgage Rates are fixed. If not, I think they will default. I still wouldn't want to see them lose their home.
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Anonymous
(30-35)
+1 y
No thats racist, and you can bet sjws would scream about if it benefited white people!
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