Bank of America announces a zero down payment and zero closing cost for only black and Hispanic first time homebuyers? Is this racism?

[Anonymous]

Is this racism to only have zero down payment plans for first time homebuyers for only black and Hispanic communities but not for any other kind of communities? Opinions?

Yes, this is racist/discrimination.

No, this is fine.

[AviatorTom]

It probably won't last long. The Justice Department will threaten a law suit and fine for violating Fair Housing Laws, as well as several other anti-discrimination laws.

[MCheetah]

Laws are only as good as those willing to enforce them, rather than disagree with them.

[Hispanic-Cool-Guy]

I don't think that's right. It's definitely discrimination.

[USLegionary]

Yes it's racism, if they are discriminating based on race. But you know how this will go, it will work out like a lot of these programmes for middle class black and Hispanic couples who really don't need help and then the ordinary working class black and Hispanic single couples and single mom's will get a mortgage they can't really afford, the banks will foreclose and take their house and then their house will be bought up by some wealthy individuals and rented out. On the surface these schemes are meant to help but all they will do is drive up house prices and mortgage rates because those in the industry know the government is underwriting it. I believe it will work out well for most Hispanics who are very frugal with their money.

You actually see this a lot with advertising on TV where credit card companies, loan companies etc are specifically targeting black people not out of diversity but because they believe black folks are less responsible with their money. Maybe that's true, so many Americans are paying a 3rd of their earnings just to service the intrest they owe on debts. The debt trap. We saw it all happen 12 years ago but mostly to working class white folks.

[BeMuse]

It's almost like White people learned from the sub-prime mortgage scam back in 2007 and the central bankers said, nah they wouldn't fall for it again... Then they said, how about Blacks and Hispanics, they're dumb enough to fall for it... Lets target them. Once they've earned enough principal we'll turn the screws on them and up the juice until we can foreclose on them and take the property back and leave them homeless... It will be great...

[Chazmatazz269]

Of course it is, and it’s highly illegal. Chances are they’re just pitching it this way to get people in the door. If a white person walks in and applies but is rejected for their skin color alone, that’s a winning lottery ticket. You wouldn’t even need a good lawyer to win that lawsuit. Ell oh ell!

[Dinklex3]

Doesn't say it's only for black and Hispanics.

People spread false information all the time I guess.

https://www.cnbc.com/2022/09/01/bank-of-america-to-help-minorities-buy-first-homes-with-new-mortgages.html

[Anonymous]

LOL. That is basically what causes the first housing crisis and economic crisis. Loans were disproportionately given to minorities. The problem is minorities are generally poorer, so home loans were given to poor people who couldn't afford to pay them back, hence lots of foreclosures.

It is not okay to discriminate against people based on the color of their skin when giving loans. It IS okay (and rational) to discriminate against poor people when giving loans.

https://www.reuters.com/article/us-usa-foreclosures-race/racial-predatory-loans-fueled-u-s-housing-crisis-study-idUSTRE6930K520101004

[bamesjond0069]

I could probably technically argue and selectively fill out paper work to apply to such a program as i am essentially white but am mixed with a semi white but technically non white ethnicity and had it existed a year or two ago I might have used it to buy a vacation home in one of these cities they offer it in, since I know a lot of people in one of them. However I'm smart and these are some of the worst real estate markets in the country, almost as if the program is set up to fail. 🤔

[USLegionary]

That's in my mind too. I do know some folks too that after being rejected reapplied to college claiming to be black or Hispanic because they had an ancestor who maybe was or came from Spain. Even that they were lgbtq or/and Muslim. They got in, I imagine it will be a similar situation for these mortgages.

[MCheetah]

Sue them for discrimination. Sue the f*ck out of them. Imagine if they did that "only for white people."

[purplepoppy]

Yes definitely racist. Don't you people have laws against this kind of stuff.

[Agagagagaga]

Those only apply to White people.

I may be an asshole, but I’m not entirely joking. In fact the Biden Administration awarded financial relief money to Black farmers during Covid over White farmers. It was illegal and was ruled as such, but—whoopsie—the money is already all distributed and gone.

Sorry White farmers! Ya shouldn’t have been born White.

Stuff like this happens much more than people think.

A college in my city was giving free tuition to “underrepresented” (their words) students—except White and Asian students weren’t eligible.

“Sorry. We got too many Whites and Asians going to college. So these other people, they don’t have to pay. But you, well... figure it out.” 🤷‍♂️

[Sixgunsound]

We do have laws against this sort of thing, but just like most things that Democrats just feel like doing one day, laws only apply to certain segments of the population, such as people who aren’t black or Hispanic in this example. This actually showcases Democrat race schism about as well as them calling out the military to evict poor immigrants at gunpoint from posh white only neighborhoods earlier this year. And the Bankster’s in this example are betting on whites to have learned from Obama’s subprime mortgage crash, and so they will only offer to bait the trap for blacks and hispanics to screw them over at a later date and take their homes. Strictly speaking, if race is a criteria, then the matter in question is racist. Things can even be racist if they harm white people, believe it or not.

[Guy13]

Banks are private company and will do wtf they want to do…

[USLegionary]

Banks are bound be discrimination laws, are at least are supposed to be.

[Guy13]

Not during the "Negro" calling President Biden term...

[FunkyMonkee]

As long as something is refusing to be inclusive based on race, it's racist.

[AngryCarl]

As long as it's targeted by neighbourhood and not by ethnicity I don't think it's necessarily problematic.

[Anonymous]

I think they should exclude upper class Blacks and Latinos.

Becoz I agree majority blacks and latinos are not well off so it does sound reasonable to me.

[USLegionary]

I can see how it would go. High earning black and Hispanics with zero down payment on a mansion.

[Anonymous]

Nah look at that list of fitizens liberal utopias with a ghettoization fetish

[Anonymous]

Is not racist only white people think its racist

[KostasKouvalis]

I don't even know what that means

[jimmy2]

They wouldn't not do anything for me

[joeldalton]

Yes it’s racist.