Bank of (parts of) America is offering home loans with very favorable terms. No minimum down payment, no minimum credit score, no closing costs, and no mortgage insurance or points required. Instead, eligibility will be based on factors like timely rent payments and on-time utility bill, phone and auto insurance payments. The only catch? Those terms are only available to black or Hispanic first-time homebuyers.
Someone please explain to me how this doesn’t fall afoul of the Fair Housing Act. Imagine if someone were to offer similar loan products to whites only. The screaming would be audible in space.