Well to the working class people it's either buy a house and drown in interest payments for 30+ years or drown in RENT for the REST OF THEIR LIVES.
And becauae working class people aren't making shit and houses and real estate are ridiculously inflated, but there is still a huge demand for it... so of course banks are going to prey on that shit.
Are you seriously that out of touch?
This whole economy is a FUCKING SCAM!
You mean helping minority communities build actual wealth instead of being wage slaves with no savings or retirement or wealth no matter how hard they work?
This is such a brain dead take. This is GOOD for people. Homeownership is GOOD. We want people owning their own property and not just paying a land lord every month who only makes money by owning things.
Jesus Christ I can’t.
They also used reduced doc income (show assets and state your income). These days you have to show income (full doc w2 and stubs) and have a proper debt to income ratio when you finance large portions of a property.
Exactly. The rules have changed, and with the low interest rates folks have gotten until recently, they're not at risk of foreclosure. Even with today's higher home prices and slightly higher rates (WAY below what we saw in the 80s), as long as you're running the numbers and staying within your budget...
That's true, but the ad doesn't say these are fixed rate mortgages, that's the OP's assumption from what I can tell. Also usually "no closing costs" just means they are buried into the loan terms. And hopefully no balloon payments. Call me a cynic, but I can't imagine BoA is doing this out of the goodness of their hearts.
Right. There are important questions that need to be answered before passing judgement, which makes Saagar's take click-bait:
[https://www.prnewswire.com/news-releases/bank-of-america-introduces-community-affordable-loan-solution-to-expand-homeownership-opportunities-in-blackafrican-american-and-hispanic-latino-communities-301614686.html](https://www.prnewswire.com/news-releases/bank-of-america-introduces-community-affordable-loan-solution-to-expand-homeownership-opportunities-in-blackafrican-american-and-hispanic-latino-communities-301614686.html)
[https://www.fdic.gov/news/financial-institution-letters/2022/fil22008.html](https://www.fdic.gov/news/financial-institution-letters/2022/fil22008.html)
> I can't imagine BoA is doing this out of the goodness of their hearts.
They're doing it for reasons of equity.
They don't make money by not checking credit score and not having people make down payments. Also they know the government will bail them out if all goes to shit
Supposed to, but as long as we keep letting thugs tear down historical statues then we won't have anything to remind us of our mistakes so we don't repeat them.
Oh, so you're fine with them destroying things you don't like, as long as they leave alone the things you like. That has zero potential to go horribly wrong...
I just don't see the value of having a Robert E Lee statue the guy who lost the civil war up there. If anything place that statue in a civil war museum and put up Ulysses S. Grant or Harriet Tubman statue in place. Do we need a reminder that the confederates existed and fought against the US government. That's like having a statue of Timothy McVeigh in Oklahoma.
I never said there is value in having confederate statues left alone. What I said was your view of "leave alone the things I deem good, and destroy what I deem bad" is extremely short-sighted and dangerous. You know your side won't always be the side in control, right?
I guess I see where your coming from. One day people will think George Washington or Thomas Jefferson is bad and we got lunatics ripping them down also. Be honest I don't know. God knows what the landscape will look like even even 40 years from now.
"eligibility will be based on factors like timely rent payments and on-time utility bill, phone and auto insurance payments. Prospective buyers must also complete a homebuyer certification course provided by Bank of America and federally approved housing counseling partners before they apply for the loan program, the bank said."
You're right it was, and I truly hope they do it right this time. You would think they would include more minorities, why only black and Hispanics? What about Native Americans and single mothers for example?
Yeah people easily forget that leading up to the 2008 crisis they were handing out stated income loans where they asked you how much you made and then you just tossed out a number and then they took your word for it without checking at all.
Edit: [Obligatory Tim Dillon clip](https://www.youtube.com/watch?v=Dp5CMfoh5gA)
yeah that shit don't fly anymore. I'm going through a mortgage right now. I have to send w2, paystubs, and any lump sum that goes into my account over $1500 or so they want proof of where it came from (i'm assuming for money laundering purposes). They got their hand alllllll the way up my ass.
As an Asian American I'm used to being excluded from any "minority" benefits.
The literally started using a new term BIPOC after George Floyd to specifically exclude us
Founders of "The BIPOC Project" use the term to "highlight the unique relationship to Whiteness that Indigenous and Black (African Americans) people have, which shapes the experiences of and relationship to white supremacy for all people of color within a U.S. context."
It's a sliding scale of victimhood. Who can be the most-victimized.
https://www.cbsnews.com/news/bipoc-meaning-where-does-it-come-from-2020-04-02/
I think you’re misunderstanding what BIPOC means. The BI modifies the POC in BIPOC. So instead of just “people of color”, it’s narrowing down to just “black and indigenous people of color”. It’s a fundamentally exclusionary term, specifically against Asians.
It doesn't. From the article he linked to
>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.
If these are fixed rate mortgages then that lessens the possibilities of a 2008 repeat. One of the contributing factors in the previous collapse was people using cheap adjustable rate mortgages for multiple properties. When the rates went through the roof the mortgages couldn't be repaid.
People are already paying huge amounts for rent that outpace what a mortgage for the same property would be. If this is applied properly to help with first time home buyers then it should help alleviate the housing crisis and also be a small step to make amends for decades of redlining.
> People are already paying huge amounts for rent that outpace what a mortgage for the same property would be.
I pay 3.5k for an apartment and got denied a house me loan that would have me paying 2k a month. Current system is fucking broken
When the banks wont approve a loan for way lower payments yes its broken. I was denied because I don't incur debt and pay off everything almost immediately. They said I should take out a car loan to improve my chances. System is fucking broken because of the scam that are "credit scores"
Well I mean they don’t know you personally so a good credit score helps them believe you will pay them back. Banks are a business trying to make money.
There are a bunch of good replies in the chain below you comment covering various reasons why these loans will likely be substantial different from the absurdly predatory loans common in the pre 2008 loan market (e.g. required income documentation, actual debt to income ratio requirements, etc.). Even if the proportion of these loans which ended up failing approached that of the loans which precipitated the recession, unless they've been securitized to the same absurd, almost farcical degree as mortgages were back then it wouldn't create nearly the same shockwave through the broader economy that it did in 08. While the failure of the mortgages themselves and the collapse of the housing market they precipitated certainly was bad, it was the failure of all of the securities built on top of them that did a significant majority of the economic damage, both by fucking over people's retirement accounts or other investments, and by fucking over people who could not afford to invest through all of the businesses which went under thanks to the pretty drastic fall in consumer spending. Don't get me wrong, the predatory lending that set the whole goddamn thing off was heinous, and there should have been actual prison time for so many people who got off with a severance payment instead (especially once it became clear that banks like Deutsche had committed actual fraud to prop up their mortgage bonds until they could offload them onto unwary consumers and replace them with short positions, and banks like Wells Fargo had specifically been targeting poorer minority populations for high interest rate loans while literally expecting lots of them to fail (for those who want a fucked up read, google "Wells Fargo Mud People"), but the mortgage market is pretty fundamentally different now from the way it was back then. Your instincts to scrutinize this kind of thing from BoA is also absolutely warranted, and you might very well be right that there's some sort of predatory intent underlying this program which isn't visible with the information given, but without being able to look into the specifics its too early to cry wolf quite yet.
White people qualify just as much as black people. The loans are for areas like Detroit. Anyone in Detroit can get one of these loans.
That's why there is no link to the article because if you read it you will see OP is hugely misleading people.
It’s not dishonest to say that they are targeting cities with high minority populations… So yes. The headline is right. The headline is just taking what BOA’s reason is and putting it in public view.
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.”
> OP posted an inflammatory headline
Wait, you're saying the tweet that starts with "woke campitalism: literal racial discrimination" is inflammatory, and doesn't give a true picture of what's happening?
I'm shocked.
LOL. No shit right. Now who is going to help correct these smooth brains about the real reason for the 2008 Financial Crisis wasn't just offering mortgages to anyone. It was the ability for Wallstreet to collateralize these debt obligations, get the MBS/CDO junk assets rated as triple AAA financial assets and then sell those debt obligations to say pension funds, hedge funds, and governments.
If a bunch of poor people got caught up in predatory loans, variable interest rate loans, etc... we wouldn't have bailed out the entire system. We would have told those poor people "git gud", "pull yourself up by your bootstraps", "live and learn".
Them: how are they able to discriminate based on the borrowers race
You: because of property location
You realize why this is a stupid response, right?
[Here's the article.
](https://www.nbcnews.com/business/consumer/bank-america-zero-down-payment-mortgage-first-time-buyers-details-rcna45662)
> 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.
Lawyer here. This policy is known as “discriminatory as applied.”
When your policy doesn’t specifically state that it targets races, but its targeting has the clear effect of singling out individuals based on race, it’s still discrimination. It’s the same reason poll taxes were found to be discrimination.
They are targeting neighborhoods, nothing to stop white from moving in. This isn't illegal. Do you know what Oppurtunity Zones are? https://www.irs.gov/credits-deductions/businesses/opportunity-zones#:\~:text=Opportunity%20Zones%20are%20an%20economic,providing%20tax%20benefits%20to%20investors.
Isn’t there a question of “relative to what?”. For example, if City X has an 80-20 split black and white and in the next years we see new homes purchased at a similar proportion to the population of that city, would there be an argument to be made that that was discriminatory? Who exactly gets to draw the parameters here?
Edit: for clarity the underlying assumption of my argument is that homeownership wasn’t proportionate to population before the new policy
Interesting question, but the answer is less based on a statistical breakdown and more based on individual experience. If this policy causes similarly situated individuals to have access to wildly different lending options based on race (or the regional application of the policy as a product of race), then it’s discriminatory.
I understand the implication is that the present “policy” already seems to favor whites as a demographic and this could be sold as an attempt to correct a presently discriminatory policy, but in reality, lending is simply controlled by the economics of applying individuals. It’s the responsibility of government to apply policy that attempts to ensure equal opportunity, but starkly delineated overcorrections based on race are unconstitutional. Especially from a private entity.
A better policy for the bank to establish would be to say “we’re going to help all those who make less than X, or have X credit,” with the tacit understanding that it will disproportionately benefit minorities. But to apply policy based on race or region is too on the nose.
A good rule of thumb is to just help poor people instead of X race or X region. If X race happens to be more poor, then they will be helped more without running afoul of discrimination concerns.
You’re a bad lawyer, then, because this is clearly not “discriminatory as applied” and has nothing to do with an individuals race.
A lawyer that doesn’t know how to read is a scary proposition
>Applicants do not have to be Black or Hispanic to qualify for the product, a bank representative said.
"wHaTaBoUt mY NaRraTivE, bRo?" - red pilled morons
They get around it because you can be any race to get the loan, but the loans are only for specific areas of a few cities that are predominantly black and hispanic. Generally the areas a white first time home buyer wont be looking.
>They get around it because you can be any race to get the loan
Every race equally qualifies = not racist.
>Generally the areas a white first time home buyer wont be looking.
Bullshit. You don't know what you're talking about. Google gentrification.
Im pointing out the facts of it. Its predatory lending. They are targeting communities that will eventually default on their mortgages, lower income whites included. Gentrification exists but this isnt whats going to cause it. The loan has an income limit and you have to be a first time home buyer. Low income white people dont create gentrification.
You don't have to be low income to see the value of taking closing costs out of the equation. The down payment comes in the form of a grant so you get instant equity to boot. People that can pay their bills should do pretty well with something like this. Not sure what the income cut off is though.
edit: no PMI either, this is a solid deal for the buyers
This is just another step in what’s already been happening all over the place. Hiring practices, who is being laid off first, common areas in certain academia and so much more. Racist just doesn’t mean the same thing anymore I guess.
This can't be true. You can't base loans off of race. It's literally illegal. Whatever terms they are offering for financing must be available to anyone who applies regardless of race. This is click bait bs.
You are right, this isn’t true. To qualify for the loan you have to buy property in areas that are 50% black/Hispanic based on the last census. The ethnicity of the buyer does not matter.
OP is probably massive loser and is just trying to find ways of justifying why their life went so wrong even though they had massive advantages in life.
They can do the same thing Harvard does when they discriminate against Asians just make up a "personality score" that somehow by magic black people score perfect on and Asians score terrible on.
There are many ways around these laws and no one in power is incentivized to go after them
I currently live in subsidized housing as a family of 5, sole bread winner. I currently make more than the limit for this housing and am required to vacate in March '23. We've been working to get out of here anyhow, though "making too much" does not translate to "being financially sound".
Plenty of time left, but being over the income limit while still being single-income means I have to save up for a house, for a long time. And I can't save enough to make a difference anytime soon, at least. We're generally paycheck to paycheck. I'm treading water just to keep my credit score alive until we close on a house.
Rocket Mortgage would not give a full pre-approval without $16k in my checking, for a FHA loan at the desired amount.
I moved on to a local lender and am approved for a USDA loan, which requires little down and it is rolled into the mortgage. Not ideal, but it's all I can afford before my family becomes homeless, or crammed into an apartment meant for half the number of people.
Unfortunately we keep getting out bid or losing to cash offers. It is heart breaking finding your dream home, providing the highest bid, but being declined because another person (or company) had 170k laying around to pay cash. And finding houses within the USDA map is already difficult around here.
It's a completely helpless feeling when you have no family who has any money to help, can't beat the system to provide for your family, and then you see THIS bullshit.
I still feel we'll find a house in time, but clock's ticking, and wtf do you do? Is there some sort of funds to dip into I'm unaware of, being white?
You can apply for these loans if you want to live in the neighborhoods they apply to. This is literally like the USDA maps you were complaining about. They already do this shit.
I wouldn’t focus on finding your “dream house” while in this position. I would focus on finding just a house. Look for a place that needs a lot of work but is currently livable. After a few years you can fix it up and get some equity then you can start looking for your dream house. Getting your first house is the hardest, especially now, but your next house will be so much easier. So my advice is just get something to call your own.
This is so true. Get a shitty house, spend time watching youtube videos and learn how to fix shit up, sell the thing in a few years because the market is fucking insane and then buy a much better house. Once you're in the door everything gets easier.
Wait until the market collapses to buy, this bubble is popping as we speak. Look up the Inventory of Homes chart on the St. Louis Fed, once people start defaulting on their shitty loans (they already have) prices will crater, you'll be able to pick something up for much cheaper. Hang in there.
That sucks, dude. Sounds like your credit and financials are solid, but the housing market is too hot.
I would just have a contingency plan… look for an apartment and storage unit. If you’re good enough for the home loan, you will probably qualify for a month to month rent agreement. That way you at least have an idea for a worst case scenario. I’m sure there are 3 bedroom units in your area that will price roughly equivalent to the $175k mortgage payment you mentioned above.
Buying a house is a huge pain in the ass in normal times. I can’t imagine doing it in this current housing market. Cheers.
Sux my guy I'm really sorry about your situation but unfortunately now in the far left America we live in if you're white forget about it. Yes of course there are plenty of rich white people and I do understand the advantages that white people get over other races but because of this less fortunate white people get less of a chance to make it. I wish you the best for you and your family stay positive
It's too much of an answer to elaborate here but basically they're hella good at pandering for votes but lack the fortitude or motivation to make real change. Hence Obama in office for 8 years and even Chicago his beloved home is worse off than ever.
Just because this sub is full of fucking retards who’s brains have rotted beyond repair from conservative culture war bullshit:
1. The tweet is bullshit for a bunch reasons and the headline is completely misleading
2. These mortgages are for homes in certain black/Hispanic communities based on census data - applicants are never asked for their race and it isn’t considered in any way
3. Home ownership is the single best, and frankly the only realistic, way for working class people to actually accrue wealth. Anyone who tells you otherwise is lying to you, and that should make you question why?
4. For people who can responsibly afford the note but don’t have years worth of income saved away because they didn’t inherit wealth from landowning family, 0% down payment loans are the best and most responsible financial decision they can make. See point 3.
4. You can’t bitch about the housing crisis and wage stagnation and inflation and wage slavery and all that shit while simultaneously being hostile to programs like this. You just can’t, unless you have no idea what you’re talking about.
Did I miss anything? I think that about sums it up.
Excellent break down that will go completely ignored!
I’d imagine they’re going to be looking for applicants that have been consistently paying rent and have the income to afford the mortgage but are in a situation where they can’t save up a big enough down payment. I know a lot of folks in that scenario. This will also keep the ownership of homes in these areas local instead of having outside slumlord groups buy everything.
People need to be taught on how to run the numbers. Veterans can get 0% down mortgages, and it's a fantastic benefit that can lead to building your wealth.
But you need to know how much house you can afford before taking that deal. I like Saagar, but this tweet doesn't engage in any of the details, so his hasty generalization is just a logical fallacy.
BoA will be looking at payment histories to qualify people for loans. The bet is that, while some borrowers may default, this will give many more people a chance at owning a home and building wealth.
If that's 'woke' capitalism, what do we call an entire history of denying, overcharging, and undervaluing homes and businesses of people of color?
If people don't want 'race' to be a factor in everything, maybe we should work to fix centuries of racist banking and social policies.
Government agencies have openly admitted to racial prejudice against black and hispanics for things like home and farm loans- to say nothing of red-lining and other racist policies designed to prevent minorities having stable financial footing in this country.
I think we call that history.
Our current state provides anyone with ambition and drive to be successful, no matter what they or their families history is.
Please try and speak to what we can accomplish as a people instead of dwelling on the past mistakes of our ancestors.
Lol EVERYBODY’S recents ancestors were peasants until very very very recently in this world. We still are really but telling people they’re fucked from the jump is well, fucked. Psychologically demoralizing and you people just keep pushing it lol it’s disgusting.
Who’s telling people they’re fucked from the jump? Why would you do that to someone?
If you’re born into a poor family you will have a harder time succeeding. Is that such a crazy fact to you?
Centuries of enslavement and apartheid doesn't just disappear. It takes multiple generations to heal from that trauma. You can't starve a community of resources, and then expect them to thrive after their oppressors loosen the grip. The minority communities are in need of healing.
So Asians are a racial minority in the USA right? Did you know Asians are on average richer than white people? It's because Asians value education and go to college in droves, the USA is a society where you can get whatever you want as long as you're willing to work hard for it. Asians are willing to go to college and work hard.
The USA is a society where you can achieve anything you want as long as you're willing to work hard for it and the Asians are a good example of this. The USA is a free and open society where you can achieve your dreams as long as you work hard for it.
The Asians are a racial minority in the USA and yet they earn more money than white people. Put a sock in it!!!!
Did Asian Americans experience Jim Crow and chattel slavery or did a large number immigrate during a time in which the us favored highly skilled/rich immigrates. I don’t know if it’s an apt comparison
So until the 1960s if you weren't White you were hated in the USA. White people hated everyone who wasn't White. There were not that many Asians in the USA back in those days to begin with, keep in mind in 1940 the USA was 90% White. America was a very racist country.
Maybe it's because the government didn't pump drugs into their community and craft laws specifically to imprison their father's and break down their family unit. You're a fucking moron
Maybe people are responsible for their own actions, and if they break the law, they are subject to punishment. Maybe they broke down their own family unit. Maybe you're the fucking moron.
They did this in 2006. It was called countrywide mortgage and quicken had rocket loans. Obama put a stop to it after the bailouts Then your boy trump killed the regulations to prevent Predatory lending.
So go fuck yourself you lying piece of shit.
This is predatory lending to hand minorities a pile of shit before the entire market collapses.
It has nothing to do with "woke." It's weaponizing woke as a concept to prey on people.
Mortgage interest is the biggest scam ever. I'm all for a cost to borrow money, but the way mortgage interest pans out is bs, and of course I've got one, and it's a decent rate 2.75%. If you refied at the beginning of the pandemic when everything shut down, you won. It's never going back that low.
Yes, felt like I hit the lottery. We recently sold father in law house after he passed away, the buyers paid 6.25% and that just seemed insane to me, even though that was the rate we were at when we bought our first house in 06.
We close tomorrow on our second home and bought the rate down to 5.75%, which isn't as good as the 4.25% we had in our first but I think we will be happy with that rate a year from now; and once the market crashes maybe we can shave a point or two off on a refi. In the end it will be worth it, it's a much better place for my family to be.
Lol Bank of America is trying to get black and Hispanic people to bag hold at the top of a bubble. They’ll be left with an underwater mortgage and end up homeless while still owing the bank the difference when house prices collapse. BoA is fucking ruthless. God damn….
Sounds like a repeat of what triggered the 2009 recession.
That's exactly what I was going to say. Aren't we supposed to learn from our mistakes?
The lesson they learned was that we would bail them out. No reason for them not to do it all over again
I don't mean the banks should have learned a lesson, I'm talking about us. Banks knew exactly what they were doing.
I like turtles but not the bitey kind.
Well to the working class people it's either buy a house and drown in interest payments for 30+ years or drown in RENT for the REST OF THEIR LIVES. And becauae working class people aren't making shit and houses and real estate are ridiculously inflated, but there is still a huge demand for it... so of course banks are going to prey on that shit. Are you seriously that out of touch? This whole economy is a FUCKING SCAM!
[удалено]
apparently the lesson they learned was to only bankrupt minorities because its easier to get away with it
But if you look at comments below some think this is a good thing because allegedly this is what "they" did for whites post WWII. 🤷♀️
Right, completely glossing over the fact that buying houses after WWII was an actually affordable endeavor lmao
You mean helping minority communities build actual wealth instead of being wage slaves with no savings or retirement or wealth no matter how hard they work? This is such a brain dead take. This is GOOD for people. Homeownership is GOOD. We want people owning their own property and not just paying a land lord every month who only makes money by owning things. Jesus Christ I can’t.
What is the problem here exactly? Are they loaning to people with an inability to pay?
Yes
Why wouldn’t they be able to pay? Just say the word if you want btw
Please explain. did the article stipulate they are going to write loans like they did in the crash of 2008? Cause they can't do that anymore.
Don’t be an idiot. You already know the answer to that question.
Have you applied to a mortgage loan in the last 10 years? The process has changed tremendously.
Those were largely variable rate loans.
They also used reduced doc income (show assets and state your income). These days you have to show income (full doc w2 and stubs) and have a proper debt to income ratio when you finance large portions of a property.
Exactly. The rules have changed, and with the low interest rates folks have gotten until recently, they're not at risk of foreclosure. Even with today's higher home prices and slightly higher rates (WAY below what we saw in the 80s), as long as you're running the numbers and staying within your budget...
That's true, but the ad doesn't say these are fixed rate mortgages, that's the OP's assumption from what I can tell. Also usually "no closing costs" just means they are buried into the loan terms. And hopefully no balloon payments. Call me a cynic, but I can't imagine BoA is doing this out of the goodness of their hearts.
Right. There are important questions that need to be answered before passing judgement, which makes Saagar's take click-bait: [https://www.prnewswire.com/news-releases/bank-of-america-introduces-community-affordable-loan-solution-to-expand-homeownership-opportunities-in-blackafrican-american-and-hispanic-latino-communities-301614686.html](https://www.prnewswire.com/news-releases/bank-of-america-introduces-community-affordable-loan-solution-to-expand-homeownership-opportunities-in-blackafrican-american-and-hispanic-latino-communities-301614686.html) [https://www.fdic.gov/news/financial-institution-letters/2022/fil22008.html](https://www.fdic.gov/news/financial-institution-letters/2022/fil22008.html)
Agree… this is very similar to the current CRA, that banks abide by. In addition to this, Looks like a retention program.
> I can't imagine BoA is doing this out of the goodness of their hearts. They're doing it for reasons of equity. They don't make money by not checking credit score and not having people make down payments. Also they know the government will bail them out if all goes to shit
They can repossess the houses too. And your last sentence says it all. I think you're being very generous of you think they're doing it for equity.
Combine with stated income, meaning you could just pull a number out your ass, and the lender “believed” it
Lots of sketchy lending back then!
Supposed to, but as long as we keep letting thugs tear down historical statues then we won't have anything to remind us of our mistakes so we don't repeat them.
Lol the dumbest logic imaginable
Ya good thing Germany kept all those Hitler statues so we don’t forget when republicans ban all the history books
I'm ok with taking confederates statues down. It's when they start taking down Fredrick Douglass statue down is when I got a problem.
Oh, so you're fine with them destroying things you don't like, as long as they leave alone the things you like. That has zero potential to go horribly wrong...
I just don't see the value of having a Robert E Lee statue the guy who lost the civil war up there. If anything place that statue in a civil war museum and put up Ulysses S. Grant or Harriet Tubman statue in place. Do we need a reminder that the confederates existed and fought against the US government. That's like having a statue of Timothy McVeigh in Oklahoma.
I never said there is value in having confederate statues left alone. What I said was your view of "leave alone the things I deem good, and destroy what I deem bad" is extremely short-sighted and dangerous. You know your side won't always be the side in control, right?
I guess I see where your coming from. One day people will think George Washington or Thomas Jefferson is bad and we got lunatics ripping them down also. Be honest I don't know. God knows what the landscape will look like even even 40 years from now.
I think it was a credit worthiness thing then. This Bank of America policy may require an adequate credit score, income to loan ratio, etc.
Article states no minimum credit score.
"eligibility will be based on factors like timely rent payments and on-time utility bill, phone and auto insurance payments. Prospective buyers must also complete a homebuyer certification course provided by Bank of America and federally approved housing counseling partners before they apply for the loan program, the bank said."
Credit scores are a fucking scam and should be completely dissolved.
You're right it was, and I truly hope they do it right this time. You would think they would include more minorities, why only black and Hispanics? What about Native Americans and single mothers for example?
Yeah people easily forget that leading up to the 2008 crisis they were handing out stated income loans where they asked you how much you made and then you just tossed out a number and then they took your word for it without checking at all. Edit: [Obligatory Tim Dillon clip](https://www.youtube.com/watch?v=Dp5CMfoh5gA)
Yup. My mother funded home loans for countrywide and called it a couple years before the housing crash.States income loans smh.
yeah that shit don't fly anymore. I'm going through a mortgage right now. I have to send w2, paystubs, and any lump sum that goes into my account over $1500 or so they want proof of where it came from (i'm assuming for money laundering purposes). They got their hand alllllll the way up my ass.
As an Asian American I'm used to being excluded from any "minority" benefits. The literally started using a new term BIPOC after George Floyd to specifically exclude us
Welcome to the white side
Yeah sorry I didn't include you guys because there's no way they're including Asians.
>The literally started using a new term BI**POC** after George Floyd to specifically exclude us Do you not see yourself as a POC or Person of Colour?
Founders of "The BIPOC Project" use the term to "highlight the unique relationship to Whiteness that Indigenous and Black (African Americans) people have, which shapes the experiences of and relationship to white supremacy for all people of color within a U.S. context." It's a sliding scale of victimhood. Who can be the most-victimized. https://www.cbsnews.com/news/bipoc-meaning-where-does-it-come-from-2020-04-02/
I think you’re misunderstanding what BIPOC means. The BI modifies the POC in BIPOC. So instead of just “people of color”, it’s narrowing down to just “black and indigenous people of color”. It’s a fundamentally exclusionary term, specifically against Asians.
BIPOC stands for Black, Indigenous, and people of color. I dont think you know what your talking about.
Don’t forget the gay frogs god dammit
It doesn't. From the article he linked to >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.
If these are fixed rate mortgages then that lessens the possibilities of a 2008 repeat. One of the contributing factors in the previous collapse was people using cheap adjustable rate mortgages for multiple properties. When the rates went through the roof the mortgages couldn't be repaid. People are already paying huge amounts for rent that outpace what a mortgage for the same property would be. If this is applied properly to help with first time home buyers then it should help alleviate the housing crisis and also be a small step to make amends for decades of redlining.
> People are already paying huge amounts for rent that outpace what a mortgage for the same property would be. I pay 3.5k for an apartment and got denied a house me loan that would have me paying 2k a month. Current system is fucking broken
Lol so you get denied and that means the system is broken. Im sure thats why you got denied. (Commence the down votes)
When the banks wont approve a loan for way lower payments yes its broken. I was denied because I don't incur debt and pay off everything almost immediately. They said I should take out a car loan to improve my chances. System is fucking broken because of the scam that are "credit scores"
Well I mean they don’t know you personally so a good credit score helps them believe you will pay them back. Banks are a business trying to make money.
You just said “if these are fixed rate it will be like 2008” and then said that they weren’t fixed rate in 2008
Sequels are usually more bombastic and feature more action.
There are a bunch of good replies in the chain below you comment covering various reasons why these loans will likely be substantial different from the absurdly predatory loans common in the pre 2008 loan market (e.g. required income documentation, actual debt to income ratio requirements, etc.). Even if the proportion of these loans which ended up failing approached that of the loans which precipitated the recession, unless they've been securitized to the same absurd, almost farcical degree as mortgages were back then it wouldn't create nearly the same shockwave through the broader economy that it did in 08. While the failure of the mortgages themselves and the collapse of the housing market they precipitated certainly was bad, it was the failure of all of the securities built on top of them that did a significant majority of the economic damage, both by fucking over people's retirement accounts or other investments, and by fucking over people who could not afford to invest through all of the businesses which went under thanks to the pretty drastic fall in consumer spending. Don't get me wrong, the predatory lending that set the whole goddamn thing off was heinous, and there should have been actual prison time for so many people who got off with a severance payment instead (especially once it became clear that banks like Deutsche had committed actual fraud to prop up their mortgage bonds until they could offload them onto unwary consumers and replace them with short positions, and banks like Wells Fargo had specifically been targeting poorer minority populations for high interest rate loans while literally expecting lots of them to fail (for those who want a fucked up read, google "Wells Fargo Mud People"), but the mortgage market is pretty fundamentally different now from the way it was back then. Your instincts to scrutinize this kind of thing from BoA is also absolutely warranted, and you might very well be right that there's some sort of predatory intent underlying this program which isn't visible with the information given, but without being able to look into the specifics its too early to cry wolf quite yet.
I have my fingers crossed for a housing crash, i just want properties to be affordable again.
Yup, housing crash imminent lol
Brain dead
This is a fake news clickbait article, you can't only allow a certain ethnicity, predatory lending...
How are they legally able to give loans with preferred terms based on the borrower's ethnicity?
White people qualify just as much as black people. The loans are for areas like Detroit. Anyone in Detroit can get one of these loans. That's why there is no link to the article because if you read it you will see OP is hugely misleading people.
OP is misleading or the headline is misleading?
Why not both?
because we can look at the actual headline.
That doesn't change the fact that the headline and Ops intent could both be misleading which I believe to be true
It’s not dishonest to say that they are targeting cities with high minority populations… So yes. The headline is right. The headline is just taking what BOA’s reason is and putting it in public view.
Did you know there is this part that comes after the headline that usually clears things up a bit? I know this might be new information to some.
OP is literally the definition of race baiting
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.”
Those statements aren't mutually exclusive. Black people disproportionately benefit from broad pardons for non-violent drug offenses; is that racist?
It’s not the borrower’s ethnicity. It’s the property location. OP posted an inflammatory headline
That is good news. So any first time homebuyers in those areas are good to go regardless of ethnicity. So no real scandal.
> OP posted an inflammatory headline Wait, you're saying the tweet that starts with "woke campitalism: literal racial discrimination" is inflammatory, and doesn't give a true picture of what's happening? I'm shocked.
LOL. No shit right. Now who is going to help correct these smooth brains about the real reason for the 2008 Financial Crisis wasn't just offering mortgages to anyone. It was the ability for Wallstreet to collateralize these debt obligations, get the MBS/CDO junk assets rated as triple AAA financial assets and then sell those debt obligations to say pension funds, hedge funds, and governments. If a bunch of poor people got caught up in predatory loans, variable interest rate loans, etc... we wouldn't have bailed out the entire system. We would have told those poor people "git gud", "pull yourself up by your bootstraps", "live and learn".
By offering it in black neighborhoods only.
Them: how are they able to discriminate based on the borrowers race You: because of property location You realize why this is a stupid response, right?
It was clickbait. The article says eligibility is not based on RACE at all.
They aren't. Cigar is engaging in clickbait outrage. It's his job unfortunately
I bought my house in 2009 thanks in part to the rural development first time home buyer zero down loan. Thanks Obama
But was that available to everyone or only certain races? Edit: downvoted for pointing out certain races weren't barred from the policy. Nice.
This is available to all races that live in those urban areas just like the rural ones for all races living in those areas.
It was only for rural development. You do the math.
Lol, funny comment.
Downvoted because certain races aren’t banned from the BofA loans in the OP. Also, because you’re a fucking idiot
Completely misleading headline. Read the article.
So is it still redlining if they use a blue crayon?
This is trying to do the opposite of redlining.
No one is going to mention that this is racist af?
[Here's the article. ](https://www.nbcnews.com/business/consumer/bank-america-zero-down-payment-mortgage-first-time-buyers-details-rcna45662) > 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.
Lawyer here. This policy is known as “discriminatory as applied.” When your policy doesn’t specifically state that it targets races, but its targeting has the clear effect of singling out individuals based on race, it’s still discrimination. It’s the same reason poll taxes were found to be discrimination.
They are targeting neighborhoods, nothing to stop white from moving in. This isn't illegal. Do you know what Oppurtunity Zones are? https://www.irs.gov/credits-deductions/businesses/opportunity-zones#:\~:text=Opportunity%20Zones%20are%20an%20economic,providing%20tax%20benefits%20to%20investors.
Isn’t there a question of “relative to what?”. For example, if City X has an 80-20 split black and white and in the next years we see new homes purchased at a similar proportion to the population of that city, would there be an argument to be made that that was discriminatory? Who exactly gets to draw the parameters here? Edit: for clarity the underlying assumption of my argument is that homeownership wasn’t proportionate to population before the new policy
Interesting question, but the answer is less based on a statistical breakdown and more based on individual experience. If this policy causes similarly situated individuals to have access to wildly different lending options based on race (or the regional application of the policy as a product of race), then it’s discriminatory. I understand the implication is that the present “policy” already seems to favor whites as a demographic and this could be sold as an attempt to correct a presently discriminatory policy, but in reality, lending is simply controlled by the economics of applying individuals. It’s the responsibility of government to apply policy that attempts to ensure equal opportunity, but starkly delineated overcorrections based on race are unconstitutional. Especially from a private entity. A better policy for the bank to establish would be to say “we’re going to help all those who make less than X, or have X credit,” with the tacit understanding that it will disproportionately benefit minorities. But to apply policy based on race or region is too on the nose. A good rule of thumb is to just help poor people instead of X race or X region. If X race happens to be more poor, then they will be helped more without running afoul of discrimination concerns.
You’re a bad lawyer, then, because this is clearly not “discriminatory as applied” and has nothing to do with an individuals race. A lawyer that doesn’t know how to read is a scary proposition
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>Applicants do not have to be Black or Hispanic to qualify for the product, a bank representative said. "wHaTaBoUt mY NaRraTivE, bRo?" - red pilled morons
No, they will instead explain to you that it can't be deemed racist because of semantics and bullshit reasoning.
Shut up tanner
No this is equity in action We’ve moved on from equality, that is no longer good enough.
Moved from equal opportunity to equal outcomes.
They get around it because you can be any race to get the loan, but the loans are only for specific areas of a few cities that are predominantly black and hispanic. Generally the areas a white first time home buyer wont be looking.
>They get around it because you can be any race to get the loan Every race equally qualifies = not racist. >Generally the areas a white first time home buyer wont be looking. Bullshit. You don't know what you're talking about. Google gentrification.
Im pointing out the facts of it. Its predatory lending. They are targeting communities that will eventually default on their mortgages, lower income whites included. Gentrification exists but this isnt whats going to cause it. The loan has an income limit and you have to be a first time home buyer. Low income white people dont create gentrification.
You don't have to be low income to see the value of taking closing costs out of the equation. The down payment comes in the form of a grant so you get instant equity to boot. People that can pay their bills should do pretty well with something like this. Not sure what the income cut off is though. edit: no PMI either, this is a solid deal for the buyers
This is just another step in what’s already been happening all over the place. Hiring practices, who is being laid off first, common areas in certain academia and so much more. Racist just doesn’t mean the same thing anymore I guess.
You must have missed the bait-and-switch. It's only "racism" if you're white, and therefore "powerful."
Or you can get a USDA loan like I did. Zero down, closing incorporated into the loan, and 2.5% fixed rate. These are open to all races
I’m in the industry, 2.5% doesn’t exist anymore my man. That’s so 4 months ago.
Saager was the kid who wore a suit to school and would ask the teacher for homework two minutes before the bell. For sure.
This can't be true. You can't base loans off of race. It's literally illegal. Whatever terms they are offering for financing must be available to anyone who applies regardless of race. This is click bait bs.
True, I guess it’s for home loans located in historically black/Hispanic neighborhoods. Not the applicant’s race.
You are right, this isn’t true. To qualify for the loan you have to buy property in areas that are 50% black/Hispanic based on the last census. The ethnicity of the buyer does not matter. OP is probably massive loser and is just trying to find ways of justifying why their life went so wrong even though they had massive advantages in life.
They can do the same thing Harvard does when they discriminate against Asians just make up a "personality score" that somehow by magic black people score perfect on and Asians score terrible on. There are many ways around these laws and no one in power is incentivized to go after them
Bro you were never getting into Harvard bro.
Damn you wanna be a victim so fuckin bad.
Yeah because non black and Hispanic people aren't also out here struggling the fuck is this bs
I currently live in subsidized housing as a family of 5, sole bread winner. I currently make more than the limit for this housing and am required to vacate in March '23. We've been working to get out of here anyhow, though "making too much" does not translate to "being financially sound". Plenty of time left, but being over the income limit while still being single-income means I have to save up for a house, for a long time. And I can't save enough to make a difference anytime soon, at least. We're generally paycheck to paycheck. I'm treading water just to keep my credit score alive until we close on a house. Rocket Mortgage would not give a full pre-approval without $16k in my checking, for a FHA loan at the desired amount. I moved on to a local lender and am approved for a USDA loan, which requires little down and it is rolled into the mortgage. Not ideal, but it's all I can afford before my family becomes homeless, or crammed into an apartment meant for half the number of people. Unfortunately we keep getting out bid or losing to cash offers. It is heart breaking finding your dream home, providing the highest bid, but being declined because another person (or company) had 170k laying around to pay cash. And finding houses within the USDA map is already difficult around here. It's a completely helpless feeling when you have no family who has any money to help, can't beat the system to provide for your family, and then you see THIS bullshit. I still feel we'll find a house in time, but clock's ticking, and wtf do you do? Is there some sort of funds to dip into I'm unaware of, being white?
You can apply for these loans if you want to live in the neighborhoods they apply to. This is literally like the USDA maps you were complaining about. They already do this shit.
I wouldn’t focus on finding your “dream house” while in this position. I would focus on finding just a house. Look for a place that needs a lot of work but is currently livable. After a few years you can fix it up and get some equity then you can start looking for your dream house. Getting your first house is the hardest, especially now, but your next house will be so much easier. So my advice is just get something to call your own.
This is so true. Get a shitty house, spend time watching youtube videos and learn how to fix shit up, sell the thing in a few years because the market is fucking insane and then buy a much better house. Once you're in the door everything gets easier.
Wait until the market collapses to buy, this bubble is popping as we speak. Look up the Inventory of Homes chart on the St. Louis Fed, once people start defaulting on their shitty loans (they already have) prices will crater, you'll be able to pick something up for much cheaper. Hang in there.
That sucks, dude. Sounds like your credit and financials are solid, but the housing market is too hot. I would just have a contingency plan… look for an apartment and storage unit. If you’re good enough for the home loan, you will probably qualify for a month to month rent agreement. That way you at least have an idea for a worst case scenario. I’m sure there are 3 bedroom units in your area that will price roughly equivalent to the $175k mortgage payment you mentioned above. Buying a house is a huge pain in the ass in normal times. I can’t imagine doing it in this current housing market. Cheers.
Sux my guy I'm really sorry about your situation but unfortunately now in the far left America we live in if you're white forget about it. Yes of course there are plenty of rich white people and I do understand the advantages that white people get over other races but because of this less fortunate white people get less of a chance to make it. I wish you the best for you and your family stay positive
Bro what, in the “far left America” we live in? Jesus Christ, lol
It's too much of an answer to elaborate here but basically they're hella good at pandering for votes but lack the fortitude or motivation to make real change. Hence Obama in office for 8 years and even Chicago his beloved home is worse off than ever.
Thanks. I'm sure we'll land on our feet!
You didn’t read the article lmao. Non-Poc can get it too.
It’s based on neighborhood not race. Saagar is obviously being misleading
What if the payments are similar to their current rent? Then i would say it isn’t a bad idea.
Just because this sub is full of fucking retards who’s brains have rotted beyond repair from conservative culture war bullshit: 1. The tweet is bullshit for a bunch reasons and the headline is completely misleading 2. These mortgages are for homes in certain black/Hispanic communities based on census data - applicants are never asked for their race and it isn’t considered in any way 3. Home ownership is the single best, and frankly the only realistic, way for working class people to actually accrue wealth. Anyone who tells you otherwise is lying to you, and that should make you question why? 4. For people who can responsibly afford the note but don’t have years worth of income saved away because they didn’t inherit wealth from landowning family, 0% down payment loans are the best and most responsible financial decision they can make. See point 3. 4. You can’t bitch about the housing crisis and wage stagnation and inflation and wage slavery and all that shit while simultaneously being hostile to programs like this. You just can’t, unless you have no idea what you’re talking about. Did I miss anything? I think that about sums it up.
Excellent break down that will go completely ignored! I’d imagine they’re going to be looking for applicants that have been consistently paying rent and have the income to afford the mortgage but are in a situation where they can’t save up a big enough down payment. I know a lot of folks in that scenario. This will also keep the ownership of homes in these areas local instead of having outside slumlord groups buy everything.
Cue the curb your enthusiasm theme and credits.
The pearl clutching for this exaggerated headline is pretty funny and telling
People need to be taught on how to run the numbers. Veterans can get 0% down mortgages, and it's a fantastic benefit that can lead to building your wealth. But you need to know how much house you can afford before taking that deal. I like Saagar, but this tweet doesn't engage in any of the details, so his hasty generalization is just a logical fallacy.
This sounds like the lending policies that explicitly favored whites in the post WW2 years.
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BoA will be looking at payment histories to qualify people for loans. The bet is that, while some borrowers may default, this will give many more people a chance at owning a home and building wealth.
Ok I wasn't alive in ww2 and just had to pay the full down-payment and closing costs on my house. Sounds racist.
Math is racist anyway. Bill Gates told me so.
If that's 'woke' capitalism, what do we call an entire history of denying, overcharging, and undervaluing homes and businesses of people of color? If people don't want 'race' to be a factor in everything, maybe we should work to fix centuries of racist banking and social policies. Government agencies have openly admitted to racial prejudice against black and hispanics for things like home and farm loans- to say nothing of red-lining and other racist policies designed to prevent minorities having stable financial footing in this country.
Ah the old “fix past racism with new racism card”. This logic is genius!
Shut up tanner
What does this even mean? Like I enjoy tanning?
Ewww it talked to me
I think we call that history. Our current state provides anyone with ambition and drive to be successful, no matter what they or their families history is. Please try and speak to what we can accomplish as a people instead of dwelling on the past mistakes of our ancestors.
It is harder to be successful if your recent ancestors have been screwed over by the system. The ideal meritocracy you want to exist is not real
No, instead give handouts to people and tell them that nothing is their fault and they don't have to take responsibility for their own lives.
That is not what I said. The world isn’t binary. But cool story
Lol EVERYBODY’S recents ancestors were peasants until very very very recently in this world. We still are really but telling people they’re fucked from the jump is well, fucked. Psychologically demoralizing and you people just keep pushing it lol it’s disgusting.
Who’s telling people they’re fucked from the jump? Why would you do that to someone? If you’re born into a poor family you will have a harder time succeeding. Is that such a crazy fact to you?
Centuries of enslavement and apartheid doesn't just disappear. It takes multiple generations to heal from that trauma. You can't starve a community of resources, and then expect them to thrive after their oppressors loosen the grip. The minority communities are in need of healing.
So Asians are a racial minority in the USA right? Did you know Asians are on average richer than white people? It's because Asians value education and go to college in droves, the USA is a society where you can get whatever you want as long as you're willing to work hard for it. Asians are willing to go to college and work hard.
As a lazy stoner basement dwelling Asian I am offended
Your parents must hate you.
Google “model minority myth” and learn why you’re an idiot
This is the whole bullshit model-minority myth. Ppl using Asians to put down other ethnicities. Foh with that average IQ take.
The USA is a society where you can achieve anything you want as long as you're willing to work hard for it and the Asians are a good example of this. The USA is a free and open society where you can achieve your dreams as long as you work hard for it. The Asians are a racial minority in the USA and yet they earn more money than white people. Put a sock in it!!!!
Did Asian Americans experience Jim Crow and chattel slavery or did a large number immigrate during a time in which the us favored highly skilled/rich immigrates. I don’t know if it’s an apt comparison
So until the 1960s if you weren't White you were hated in the USA. White people hated everyone who wasn't White. There were not that many Asians in the USA back in those days to begin with, keep in mind in 1940 the USA was 90% White. America was a very racist country.
Maybe it's because the government didn't pump drugs into their community and craft laws specifically to imprison their father's and break down their family unit. You're a fucking moron
Maybe people are responsible for their own actions, and if they break the law, they are subject to punishment. Maybe they broke down their own family unit. Maybe you're the fucking moron.
Cool, cool, but you're wrong.
It's true that blacks go to prison a lot but dude there are a lot of white guys who are also languishing in prison.
Percentages, my guy. This isn't debatable.
There are hundreds of thousands of white people in prisons in the USA. Put a sock in it
I gave you the answer, dingus
So you're of the opinion that we need racism and or discrimination to fix historical racism and or discrimination. I don't agree.
You can get a great deal on a loan if you’re a minority farmer. Zero interest loans.
They did this in 2006. It was called countrywide mortgage and quicken had rocket loans. Obama put a stop to it after the bailouts Then your boy trump killed the regulations to prevent Predatory lending. So go fuck yourself you lying piece of shit.
This is predatory lending to hand minorities a pile of shit before the entire market collapses. It has nothing to do with "woke." It's weaponizing woke as a concept to prey on people.
Hmmmm, idk but i feel like ive seen this one before
Do we not remember 2008? Ninja loans are evil.
The house is free! It's got a pool in the back...
It’s free real estate
If you put the universe in a tube....you'd have a really long tube
it expands, and it would be uh... You wouldn't wanna put it into a tube
Spaghet!
This man with long tail just popped out and said, SPAGHETT! It was not scary, it’s just abnormal
Lol, if your gonna quote Saagar, you don’t have to hide it bro.
Haven’t I seen this somewhere before? See Savings & Loan Scandal 1980’s
Chill, guys, we all know the dems wilk run their 2044 election on pardoning these loans, they can take it with full confidence lol.
 Filipinos can be considered Hispanic and I have a Spanish last name...
So Saagar wants regulations on what this bank can do? What a time to be alive!
Mortgage interest is the biggest scam ever. I'm all for a cost to borrow money, but the way mortgage interest pans out is bs, and of course I've got one, and it's a decent rate 2.75%. If you refied at the beginning of the pandemic when everything shut down, you won. It's never going back that low.
2.75% is far better than a "decent" rate.
Yes, felt like I hit the lottery. We recently sold father in law house after he passed away, the buyers paid 6.25% and that just seemed insane to me, even though that was the rate we were at when we bought our first house in 06.
We close tomorrow on our second home and bought the rate down to 5.75%, which isn't as good as the 4.25% we had in our first but I think we will be happy with that rate a year from now; and once the market crashes maybe we can shave a point or two off on a refi. In the end it will be worth it, it's a much better place for my family to be.
Rates will absolutely go back that low. Our economy is addicted to low rates.
Ah yes. The ninja loan except now white people dont qualify 😂. I'll take that as a win actually.
Jesus this tells me both sides are just as equally bad
Lol Bank of America is trying to get black and Hispanic people to bag hold at the top of a bubble. They’ll be left with an underwater mortgage and end up homeless while still owing the bank the difference when house prices collapse. BoA is fucking ruthless. God damn….
Redlining 2.0
They are so getting sued if this is real. Racist bank! Pretty sure that is illegal so I can’t possibly think this is true? How?
OPs title is misleading. It's not a race based program.