Bank of America just launched a zero down payment mortgage in 21 cities
businessinsider.com
Bank of America just launched a zero down payment mortgage in 21 cities
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Re: Bank of America just launched a zero down payment mortgage in 21 cities
#2Different media outlets have publicized this story by claiming that this program was just for Black and Latino buyers (pretty racist for a company to sell different products and have different policies for people based on race), while this story says that this program is in historically Black and Latino neighborhoods. Kind of a difference if it's open to all people or not. Which is it?
Personally, I'd say that the ''bankers'' are using the guise of ''helping the people of color'' to actually prey on them. This is a slam dunk setup for another government bailout (''Help us Uncle Sam, so many people defaulted on their loans, nobody could see this coming.'') as well as taking control of lots of property during the next economic downturn.
Re: Bank of America just launched a zero down payment mortgage in 21 cities
#3Different media outlets have publicized this story by claiming that this program was just for Black and Latino buyers (pretty racist for a company to sell different products and have different policies for people based on race), while this story says that this program is in historically Black and Latino neighborhoods. Kind of a difference if it's open to all people or not. Which is it? Personally, I'd say that the ''…
Precisely! Also helps to tap into government subsidies by helping minorities. Both racist and predatory.
Re: Bank of America just launched a zero down payment mortgage in 21 cities
#4Different media outlets have publicized this story by claiming that this program was just for Black and Latino buyers (pretty racist for a company to sell different products and have different policies for people based on race), while this story says that this program is in historically Black and Latino neighborhoods. Kind of a difference if it's open to all people or not. Which is it? Personally, I'd say that the ''…
The US government made money from the 2008 bailout. I don't understand why people think it was free money to the banks. No, they were loans that were fully paid back with interest.
Re: Bank of America just launched a zero down payment mortgage in 21 cities
#5Different media outlets have publicized this story by claiming that this program was just for Black and Latino buyers (pretty racist for a company to sell different products and have different policies for people based on race), while this story says that this program is in historically Black and Latino neighborhoods. Kind of a difference if it's open to all people or not. Which is it? Personally, I'd say that the ''…
The US government made money from the 2008 bailout. I don't understand why people think it was free money to the banks. No, they were loans that were fully paid back with interest.
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Re: Bank of America just launched a zero down payment mortgage in 21 cities
#6Earlier quoted context omitted.
The US government made money from the 2008 bailout. I don't understand why people think it was free money to the banks. No, they were loans that were fully paid back with interest.
Quoted post unavailable.
Nowhere in this article is there a relation to bank bailouts.
And I don't need your snide quips either.
Re: Bank of America just launched a zero down payment mortgage in 21 cities
#7Different media outlets have publicized this story by claiming that this program was just for Black and Latino buyers (pretty racist for a company to sell different products and have different policies for people based on race), while this story says that this program is in historically Black and Latino neighborhoods. Kind of a difference if it's open to all people or not. Which is it? Personally, I'd say that the ''…
Well it’s not, Bank of America says it’s available to first time buyers of all races so your insinuation is actually racist.
On a side note, I can’t imagine a better reason for a government bailout— if it results in tens of thousands of first time buyers owning a home, many of whom would continue to do so regardless of the bailout.
Re: Bank of America just launched a zero down payment mortgage in 21 cities
#8Different media outlets have publicized this story by claiming that this program was just for Black and Latino buyers (pretty racist for a company to sell different products and have different policies for people based on race), while this story says that this program is in historically Black and Latino neighborhoods. Kind of a difference if it's open to all people or not. Which is it? Personally, I'd say that the ''…
Well it’s not, Bank of America says it’s available to first time buyers of all races so your insinuation is actually racist. On a side note, I can’t imagine a better reason for a government bailout— if it results in tens of thousands of first time buyers owning a home, many of whom would continue to do so regardless of the bailout.
The less charitable assumption is that it's a way to help gentrify these communities by making it easier for people to buy in what are now cheaper neighborhoods. Raising home prices means more money for banks on future mortgages.
Re: Bank of America just launched a zero down payment mortgage in 21 cities
#9Different media outlets have publicized this story by claiming that this program was just for Black and Latino buyers (pretty racist for a company to sell different products and have different policies for people based on race), while this story says that this program is in historically Black and Latino neighborhoods. Kind of a difference if it's open to all people or not. Which is it? Personally, I'd say that the ''…
Insurance companies are not allowed to redline (excluding an area where they offer their product), and then use the excuse of 'not targeting by race' by claiming they excluded everyone, not just POC.
Feels like the reverse of offering a product only in a certain area should be true.
Re: Bank of America just launched a zero down payment mortgage in 21 cities
#10Different media outlets have publicized this story by claiming that this program was just for Black and Latino buyers (pretty racist for a company to sell different products and have different policies for people based on race), while this story says that this program is in historically Black and Latino neighborhoods. Kind of a difference if it's open to all people or not. Which is it? Personally, I'd say that the ''…
Historically in the US, white people and white neighborhoods have gotten substantially better loan availability and terms (and disproportionately higher appraised home values) than minorities or people living in neighborhoods with large minority populations. See: https://en.wikipedia.org/wiki/Redlining for a very concrete example.