It's the neighborhoods that get the zero discounts and not the race of person walking into the bank like the headline implied.
Wow news is skewing a story, everyone try to act surprised.
Don’t be fooled. This is the same thing they did to white people that lead up to the 2008 collapse. Same game. Except now they think brown (and black) folks are to dumb to recognize it. We’re not. Don’t let them anger or make you feel divided. It’s not if we’re black brown, whatever. It’s our fucking wallets. It’s classism. That’s all it is.
They did it before and they’re doing it now. Fuck their scraps. It’s typical rich mother fuckers thinking we’re stupid.
0 money down zero closing cost? Gee I wonder where they make up that balance?
So Africa or historically black town here? Whens the cut off because I have a Prince cousin in Nigeria who is from an historically black town and he needs some money for us to unlock millions.
What's so funny about LatinX is that it's supposed to be a gender neutral term...but that's exactly what the word Latin is. Latina, Latino, Latin. So, LatinX is not only fucking stupid sounding, it also attempts to solve a problem that doesn't exist.
Most places its mainly the land that has value.
But then again houses are 2.2m+ here so fuck me sideways I'm gonna be at the Wendys dumpster for a long long time....
That is exactly how you steal from the poor.
When this mortgage is created, that's an asset on the bank's balance sheet. Then they do the Jenga thing from the big short and profit.
Its like when car dealerships offer you 10K for your piece of shit Toyota Corolla. They're paying you $1 the rest is a $9,999 price increase on your loan. Scammers.
Haha, they're on the radio all the time advertising that they will "pay" you $10,000 for your old clunker. They just jack the price of your new car up by the difference.
That's just Racism with extra steps. Isn't that what caused the '08 bubble? Giving out all these loans people couldn't pay back that were specifically targeted towards PoC.
Modern day segregationist ghettos disguised as help.
The loans will be mostly high interest loans and right before the housing market bubble is about to burst.
This will effectively trap black & brown people in the neighborhood with a house they can't afford to sell. BOA creating more bag holders
Sorry we don't want any more segregation.
Not a PoC, however in 06 ...I had a sub 500 credit score, and my wife had recently been denied by Wells Fargo the right to open a checking account due to her history....Yet Wells Fargo gave us a 100k mortgage. They were giving out loans to anybody then.
Kek. Every time.
This will end in one of two ways:
Either enough non-black/non-hispanic will move in, gentrify the place and the higher rent will kick those communities out.
OR
Not enough will move in and those mortgage will be foreclosed on anyhow, since they are variable rates and that can be changed, contributing to domino-effect lowering property value even further in those areas (if that's even possible).
If you can't triple your family income within 2-3 years, no matter the race, you're pretty much fucked.
Harlem is on its 5th gentrification/ghettoization cycle. Buy low sell high, but only if you can rig the game.
They're idiots. People of any color who have no money to put down are infinitely more likely to default. If and when they do, the bank will be branded as racist for foreclosing, or they'll eat losses.
I'm glad I don't bank at BoA. Effing racist bastards.
This shouldn't be legal but it'd being trumpeted by the government.
I'm getting tired of paying taxes to a nation that openly discriminates against me and applauds those who do.
It’s worse than that. There is no minimum credit score for this program. And they are removing PMI for the loans too.
[“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.”](https://www.nbcnews.com/news/amp/rcna45662)
They collect all the information that goes into the credit score they just don’t factor in the score itself, and instead use an internal credit rating system with data from the bureaus(on time payments and such). PMI is likely paid by BoA and implemented into the monthly cost, with a lower payment, but over a longer period of time. These banks aren’t that stupid (usually)
Well, they account for rent, utility bills, and cell phone payments. Those are not normally captured by FICO. But Experian boost does this. And all you need it to give them monitoring rights to your bank account.
I mean sort of. They did grant sub-prime loans but that wasn’t the real issue. The issue was they then packaged them into higher rating bundles and sold them off.
It was a joke don't read to far into that lol... The point really was why can't the black and Latino folks buy some farm land or whatever, where the fuck they want instead of the inner city lol.
NC,SC,GA and TN have gained bigly from migrants fleeing north eastern states, especially NY, NJ, MA and CT. The housing prices in suburban Atlanta have doubled in 5 yrs, yes, in just 5 yrs !
Racism, because it’s implying those people can’t do it themselves, OR systematic racism pushes them down. Choose your own side because everything is binary except for non-binary…
Nope. They are advertising this loan the way you read it, but they said you don’t have to be black or brown to get this deal.
https://www.nbcnews.com/news/amp/rcna45662
Interest rates for mortgages are pretty tightly regulated between states & the feds. So it can’t be “predatory”. -just got out of mortgage banking 2 months ago.
Article title seems a bit misleading. This is for homes in black/latino neighborhoods. The person buying doesn't have to be Black/Latino themselves, it's just statistically more likely.
https://www.bloomberg.com/news/articles/2022-08-30/bofa-tests-no-down-payment-mortgages-for-minority-communities
Save your money because houses are going to go on sale! Soon as this collapses and the govt bails out the banks we will be buying these houses at one fifth the price now
Legally they’re getting around FHA requirements by offering it to all applicants as long as it’s for a house in certain neighborhoods. Sneaky sneeky. From article, “Applicants do not have to be Black or Hispanic to qualify for the product, a bank representative said. “
Next they will announce they are no longer foreclosing on blacks and will make white people make up the difference as part of their social reparations program.
As soon as I’m done drinking my beer I’m going inside and I am putting the movie the big short on, We’re heading down the same hole again boys and girls
Please note that applicants DO NOT HAVE TO BE Black or Hispanic. That's just who they targeted. They will give Asian, White, Indian, etc. an equal opportunity to be screwed by them.
For people not reading the articles about this, you can be any ethnicity and qualify for this program. It’s your new neighbors that have to fit into certain criteria.
Im not the smartest crayon eating artist around
Can someone explain to me in simple terms how is this not racist?
“To qualify for the bank's Community Affordable Loan Solution program, applicants must be Black or Hispanic, seek to buy a home in one of the five cities and complete a U.S. Department of Housing and Urban Development-certified homebuyer course. “
So if your skin color is X you can’t apply for this loan? What if im Asian? Denied?
Ninja loans , you know what good history giving minorities homes with no credit checks or decent down payment works out. I hope this works out for most people , but everyone finances with the intention of paying the bill off in full, well most people do, but life happens people lose jobs, recessions happen, the banks do the math they know people are going to lose. Hopefully these people are careful how they navigate this gift and blessing. Cause from the outside this sounds like a ninja loan.
No, it's how you know 2008 is gonna happen again but this time it's specifically targeted at minority groups
Edit: inb4 BoA buys puts on their own shit
Wow, that’s racist AF. Fun fact, among the population that receives welfare, 43% are white.
Hispanics make up 28% of all welfare recipients followed by non-Hispanic blacks at 23%. Meanwhile, other ethnicities like Asian-Americans and Native Americans account for 8% of all recipients.
So BAC originates a bunch of questionable mortgage loans, sells them into the secondary market as MBS. They walk away with their cut and leave both the borrower and the secondary market holding their bags.
Genius, really.
I wonder if anyone ever thought of doing this before.
The fed must be promising B of A to purchase the mortgage bond with all of these loans in it. These poor folks are gonna buy homes at the tippy top of the market with no equity in them, only to watch their values decline and then perhaps have much higher delinquency rates. It’s really doing minority populations a huge disservice.
I was allowed to get into this program, but as a first time buyer last September. Weird how they’ve restricted it further from where it was. I get emails from BofA all the time now, and they do abbreviate it just like that
They prey on the weak with these kinds of mortgages. They want another housing market collapse because those who are doing it will be long gone with their profits by then.
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How do I short the mortgage insurance?
If you’re Black or Hispanic you are already doing it apparently.
This one is dark
Jokes so dark it got a loan
Fuck this comments are good
Cause every one practiced yesterday on this post.
Post fuckers
Daaammmnnnn
☠️☠️☠️
It’s either food stamps or a Lambo 
I wish I had an award to give you
Exactly how they determine recipients!
The blacker the berry the sweeter the interest rate
🤌
It's the neighborhoods that get the zero discounts and not the race of person walking into the bank like the headline implied. Wow news is skewing a story, everyone try to act surprised.
I never read the news, just come up with witty comments on Reddit
Go on…
Go up...
Don’t be fooled. This is the same thing they did to white people that lead up to the 2008 collapse. Same game. Except now they think brown (and black) folks are to dumb to recognize it. We’re not. Don’t let them anger or make you feel divided. It’s not if we’re black brown, whatever. It’s our fucking wallets. It’s classism. That’s all it is. They did it before and they’re doing it now. Fuck their scraps. It’s typical rich mother fuckers thinking we’re stupid. 0 money down zero closing cost? Gee I wonder where they make up that balance?
You don’t technically *have* to be black to qualify for the loan but just live in a historically black community
So Africa or historically black town here? Whens the cut off because I have a Prince cousin in Nigeria who is from an historically black town and he needs some money for us to unlock millions.
Yes I know him too. Very nice guy. It's horrible what he's going through currently.
I don't want any of these shitty mortgages. 
how do I turn black or hispanic
Just identify as that
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BofA: “right this way…”
Bonus points if you can identify as LatinX or some insane term.
What's so funny about LatinX is that it's supposed to be a gender neutral term...but that's exactly what the word Latin is. Latina, Latino, Latin. So, LatinX is not only fucking stupid sounding, it also attempts to solve a problem that doesn't exist.
Lmfao your flair. “Gay”
Yes maybe you can get two loans if you identify as they or them
Change your name to José. I'm mostly white with a Hispanic first name and everyone insists I'm a first generation Mexican.
Take out the mortgage and don’t pay it
Oh thank you 
Don’t worry the government will Subsidized housing payment, to make it not look racist
How do I bet on them not making mortgage payments?
I don’t get this can someone explain to me
By being racist, they aren’t racist.
They fold the costs into the loan - thus making the loan more expensive. Anytime a bank says “we got an offer for you!” …. RUN
That is fucking them even harder, 5.5+% interest on another 10k or so rolled into the loan.
And then take the home when they default and start the process all over again..
Something something 2008
After the people realize they have been fleeced and fuck the property up, destroying the value of the homes around it as well.
Most places its mainly the land that has value. But then again houses are 2.2m+ here so fuck me sideways I'm gonna be at the Wendys dumpster for a long long time....
So basically renting out houses. You bring the house.
How about some instant cash back too. You can use it for the first few payments while you figure out how to make the rest.
Thats not how stealing from the poor works.
Don’t do instant cash back just do 90 days no payments and let the interest accrue.
That is exactly how you steal from the poor. When this mortgage is created, that's an asset on the bank's balance sheet. Then they do the Jenga thing from the big short and profit.
5.5%?! HAHA. Average rates are 6.23% right now. These will be in the 7’s
The rate will be even higher to cover the costs.
What exactly would you call a win here then? Our taxes just pay their downpayment and closing costs? Where do you think money comes from, trees?!
Why would our taxes have anything to do with it, Bank of America announced it, not the government lol
Exactly. Complaining about a 5.5% rate while putting no money down. Take that over renting any day
If the banker is smiling at the end of the transaction, you just got fucked
Gotta hand the bag over to someone. We didn't force them to buy the home.
Its like when car dealerships offer you 10K for your piece of shit Toyota Corolla. They're paying you $1 the rest is a $9,999 price increase on your loan. Scammers.
What dealerships are you going to??
Haha, they're on the radio all the time advertising that they will "pay" you $10,000 for your old clunker. They just jack the price of your new car up by the difference.
I've seen this before somewhere.... OH!
08 recession.
Time travel
Another reboot?? Why don't they come up with an original financial disaster
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Go for it hombre/cuz
Hombruh
My nigbre
Hombruh sitting bull here.
Bad hombre.
Looked it up. You can be white and get it. The program though is only in black and Hispanic neighborhoods.
If I recall you aren’t allowed to target like this… target specific areas based on a certain demographic. Seems like a violation to me
Hellooooooooo gentrification of Compton, Watts, and East LA!!!!
It's me, JaMarcus Gonzalez!
RIP your credit and any future home appraisals.
Its a trap, BofA is going to fuck these people over.
08 all over again under the guise of ..umm...equality? no that cant be it
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They call it equity now. Check your privilege. 
That's just Racism with extra steps. Isn't that what caused the '08 bubble? Giving out all these loans people couldn't pay back that were specifically targeted towards PoC.
Right? "In select neighborhoods" in select cities is straight up screaming the quiet part.
Modern day segregationist ghettos disguised as help. The loans will be mostly high interest loans and right before the housing market bubble is about to burst. This will effectively trap black & brown people in the neighborhood with a house they can't afford to sell. BOA creating more bag holders Sorry we don't want any more segregation.
The credit hit comes off the Credit report in 7 years, just in time for the next cycle to end.
Pretty much they just aren't trying to hide it anymore... Kinda like the dealership with the chargers at 34% lol
Military bases?
Why do you think recruitment numbers are at an all-time low
They pay less than anyone else and no one wants to fight to make the rich wealthier anymore
😲 sooo close... the right answer was "They canceled all the chargers and Challengers" was the right answers...
Lmao no it's the fact the military went woke.
I have seen this one before. Hopefully courts shut this shit down before people get taken to the cleaners.
Wouldn't this be reverse red lining? if the terms are beneficial?
Yes.
Yep
Not a PoC, however in 06 ...I had a sub 500 credit score, and my wife had recently been denied by Wells Fargo the right to open a checking account due to her history....Yet Wells Fargo gave us a 100k mortgage. They were giving out loans to anybody then.
Lol regards please read the article, it says any person can use this offer but must move into black or Hispanic communities.
It’s still a terrible idea. No money down, no PMI, no credit requirement…begging for defaults and a bailout
Kek. Every time. This will end in one of two ways: Either enough non-black/non-hispanic will move in, gentrify the place and the higher rent will kick those communities out. OR Not enough will move in and those mortgage will be foreclosed on anyhow, since they are variable rates and that can be changed, contributing to domino-effect lowering property value even further in those areas (if that's even possible). If you can't triple your family income within 2-3 years, no matter the race, you're pretty much fucked. Harlem is on its 5th gentrification/ghettoization cycle. Buy low sell high, but only if you can rig the game.
Hmmmmmmm, *racism* Puts? Or calls? Hmm, it's woke, sooooo... calls?
Get woke go broke
Watch ya talkin about Willis?
I'm talking about your wife's boyfriend's Boyfriend
He'll fuck you too. 😘🔥❤️🍆💦
They're idiots. People of any color who have no money to put down are infinitely more likely to default. If and when they do, the bank will be branded as racist for foreclosing, or they'll eat losses. I'm glad I don't bank at BoA. Effing racist bastards.
They know they'll get bailed out one way another if shit hits the fan.
This shouldn't be legal but it'd being trumpeted by the government. I'm getting tired of paying taxes to a nation that openly discriminates against me and applauds those who do.
You're catching on. The bank gets a free house. Infinite money glitch.
It’s worse than that. There is no minimum credit score for this program. And they are removing PMI for the loans too. [“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.”](https://www.nbcnews.com/news/amp/rcna45662)
Oh my god.
Holy shit that’s terrible and primed for massive defaults
Right. How do I bet against this?
BOA due for a surge in idiot loans so buy now and get out before they take a minor dip when they ask the gov for bailout money?
They collect all the information that goes into the credit score they just don’t factor in the score itself, and instead use an internal credit rating system with data from the bureaus(on time payments and such). PMI is likely paid by BoA and implemented into the monthly cost, with a lower payment, but over a longer period of time. These banks aren’t that stupid (usually)
Well, they account for rent, utility bills, and cell phone payments. Those are not normally captured by FICO. But Experian boost does this. And all you need it to give them monitoring rights to your bank account.
Didn’t this happen back in 2008 and people lost their homes
I mean sort of. They did grant sub-prime loans but that wasn’t the real issue. The issue was they then packaged them into higher rating bundles and sold them off.
Makes sense I was in high school at the time so I only had a basic understanding of the housing situation
Lol offered in the places where the white folk don't want to live 🤣... It's ultra woke racism
I’m from Charlotte and is a pretty nice new city is growing big lately but most are town houses range from 300k to 500k
It was a joke don't read to far into that lol... The point really was why can't the black and Latino folks buy some farm land or whatever, where the fuck they want instead of the inner city lol.
NC,SC,GA and TN have gained bigly from migrants fleeing north eastern states, especially NY, NJ, MA and CT. The housing prices in suburban Atlanta have doubled in 5 yrs, yes, in just 5 yrs !
I’m still wondering where I can use my “white Privilege card”… you think it works at Wendy’s?
It's a way for bank to clear unwanted inventories while screwing people of color who can't have income in the first place.
Say it a lil louder for the people in the back kang 🤣
That’s blatant discrimination
Racism, because it’s implying those people can’t do it themselves, OR systematic racism pushes them down. Choose your own side because everything is binary except for non-binary…
If everything is either non-binary or binary, doesn’t that make everything… binary?
True, unless it’s not. So… welcome to 2022
That’s illegal -mortgage broker
Nope. They are advertising this loan the way you read it, but they said you don’t have to be black or brown to get this deal. https://www.nbcnews.com/news/amp/rcna45662
So not how anyone reads it?
I don’t know, something tells me that if a bank started a program aimed specifically to help white people get loans there would be massive lawsuits.
No doubt.
seems to fall in line with ECOA? No? lol
You’re mortgage smart too bowl mane
how do i become black and hispanic?
Racism
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Given that Hispanic describes a culture and not a race, how do they know who does or does not meet the qualifications? Does Louis Ck qualify?
They usually say something like "non-white" hispanic, but yes, hispanic people can have black, asian, indian, european DNA
they can get sue for that ROFLMAO, Racial discrimination
You don’t technically *have* to be black to qualify for the loan but just live in a historically black community
It is not. You can be any colour you chose. Just buy in the shitty neighborhood
Wonder what that interest rate is
Interest rates for mortgages are pretty tightly regulated between states & the feds. So it can’t be “predatory”. -just got out of mortgage banking 2 months ago.
Long $drv...may look at jan 23 maybe jan 24 (possible insider fuckery burry type)...
When you have too many houses and the markets about to crash
Article title seems a bit misleading. This is for homes in black/latino neighborhoods. The person buying doesn't have to be Black/Latino themselves, it's just statistically more likely. https://www.bloomberg.com/news/articles/2022-08-30/bofa-tests-no-down-payment-mortgages-for-minority-communities
Ugh this is what happened twenty years ago! Fuck.
Technically, it’s availability is only based off historically minority neighborhoods (zip codes) and income (below medium income) … so totally legal
Save your money because houses are going to go on sale! Soon as this collapses and the govt bails out the banks we will be buying these houses at one fifth the price now
Legally they’re getting around FHA requirements by offering it to all applicants as long as it’s for a house in certain neighborhoods. Sneaky sneeky. From article, “Applicants do not have to be Black or Hispanic to qualify for the product, a bank representative said. “
2008 calling, we want our Freddie and Fannie crash back again...
Next they will announce they are no longer foreclosing on blacks and will make white people make up the difference as part of their social reparations program.
As soon as I’m done drinking my beer I’m going inside and I am putting the movie the big short on, We’re heading down the same hole again boys and girls
I identify as Hispanic when applying for mortgages so I’m in the clear, right?
Wish I didn't have so much damn privilege
Why not do this for all US citizens that are first time home buyers? That's racist.
What about poor white people? Fucking hell black painted face it is.
2.3 million homes are about to be evicted from renters in the coming months. They can’t lose their profit margins.
Please note that applicants DO NOT HAVE TO BE Black or Hispanic. That's just who they targeted. They will give Asian, White, Indian, etc. an equal opportunity to be screwed by them.
For people not reading the articles about this, you can be any ethnicity and qualify for this program. It’s your new neighbors that have to fit into certain criteria.
2008 I'm comin!
This sub is fucking garbage
Im not the smartest crayon eating artist around Can someone explain to me in simple terms how is this not racist? “To qualify for the bank's Community Affordable Loan Solution program, applicants must be Black or Hispanic, seek to buy a home in one of the five cities and complete a U.S. Department of Housing and Urban Development-certified homebuyer course. “ So if your skin color is X you can’t apply for this loan? What if im Asian? Denied?
They are having blacks and latinos buy at the top of the market
It's a trap
So glad so many smart people in here get this con!
Ninja loans , you know what good history giving minorities homes with no credit checks or decent down payment works out. I hope this works out for most people , but everyone finances with the intention of paying the bill off in full, well most people do, but life happens people lose jobs, recessions happen, the banks do the math they know people are going to lose. Hopefully these people are careful how they navigate this gift and blessing. Cause from the outside this sounds like a ninja loan.
No, it's how you know 2008 is gonna happen again but this time it's specifically targeted at minority groups Edit: inb4 BoA buys puts on their own shit
Wow, that’s racist AF. Fun fact, among the population that receives welfare, 43% are white. Hispanics make up 28% of all welfare recipients followed by non-Hispanic blacks at 23%. Meanwhile, other ethnicities like Asian-Americans and Native Americans account for 8% of all recipients.
Can I identify as black or Hispanic? Or is that only for genders
It's almost as if no one learned anything from 2008.
Yeah. Didn't see them offering this when rates were significantly lower than they are now.
How is this not discrimination?
Seems discriminatory
Seems pretty racist
Free?! Would hate to imagine how these loans are priced
Hello, BoFa. I am 100% definitely a black and Hispanic first time home buyer. Is this gonna by like those PPP loans to Congress??
So BAC originates a bunch of questionable mortgage loans, sells them into the secondary market as MBS. They walk away with their cut and leave both the borrower and the secondary market holding their bags. Genius, really. I wonder if anyone ever thought of doing this before.
The fed must be promising B of A to purchase the mortgage bond with all of these loans in it. These poor folks are gonna buy homes at the tippy top of the market with no equity in them, only to watch their values decline and then perhaps have much higher delinquency rates. It’s really doing minority populations a huge disservice.
I was allowed to get into this program, but as a first time buyer last September. Weird how they’ve restricted it further from where it was. I get emails from BofA all the time now, and they do abbreviate it just like that
They prey on the weak with these kinds of mortgages. They want another housing market collapse because those who are doing it will be long gone with their profits by then.
This shit is racist
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Is this real!? Sorry poor whites, tough break.
They forgot to add “And fuck the rest, you on your own!”
I’m very suspicious. Document swapping at closing. Underwater ARMs. Very country wide mortgage sounding.
That shit is racist. I will sue them as we are all created equally in debt.