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.
It's just Boris · September 1, 2022 at 8:40 am
It will be just like the loan market crisis of several years ago, but with less initial “liar loan” paperwork on the part of the people who are buying (or “buying”) homes they cannot maintain, let alone continue to pay for.
And of course there will then be wailing and blamecasting when those loans have a higher fraction of defaults than those that were pre-qualified and put some money down, sympathy for those that lost “their” home which nobody who understands middle school math would have loaned them money for, and calls for retribution against the responsible. (That’s responsible lenders and borrowers, not the people actually responsible for the mess.)
Bryce · September 1, 2022 at 9:55 am
I just happen to self-identify as a black or Hispanic first time buyer.
Bank of Asshats wanna play games, let’s play games
Vitaeus · September 1, 2022 at 2:39 pm
Buried in the article is a BoA statement that anyone in the neighborhoods they are targeting will be able to apply. nothing says they have to give anyone not a POC a loan
Bear Claw Chris Lapp · September 2, 2022 at 6:12 am
Ignore it that is just the ghost of Barney Frank rearing oops I can’t say that. We know how this ended last time.
12 days I am free of b of a. they are corrupt and I whipped their ass a time or two with the power of the CFPB one of their own corrupt goobermint agencies.
Freedom is a wonderful thing.
Carlos the Jackal · September 2, 2022 at 8:16 am
Barney Frank unavailable for hanging…
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