Black and Hispanic homebuyers can get a mortgage from Bank of America
without a down payment or closing costs under a new program the company is offering in five U.S. cities that aims to address the 'racial home ownership gap', whatever the fuck that means.
The program, announced this week, is geared toward first-time 'homebuyers of color' in Charlotte, Dallas, Detroit, Los Angeles and Miami, and specifically excludes white people.
Bank of America said they have to lower their standards to implement the program, so applicants under this program will not have their credit score taken into account when applying for a home loan. Instead, loan processors will look at their ethnicity and/or the color of their skin first, then - and only in some cases - if the applicant has paid their rent, phone, auto insurance or utility bills on time.
The program, announced Tuesday, is intended to 'help Black and Hispanic families own a home and start building wealth', according to AJ Barkley, Bank of America's head of neighborhood and community lending. "What we don't want to do with this program is place people in homes they cannot stay in."
So, I ask again - how is this not racist at it's core? Are we no longer a
country where what's good for one is good for all? (Asking for a friend).
...
I gave up on Bank of America many years ago when I was in College. No business should give preferrence based on race as it is against the Civil Rights Act Law. This just makes my decision to leave BoA that much better.
ReplyDeleteWasn't that the same kind of thing that caused the housing crash issue back in 2008 or whenever it was? Giving mortgages to people who they knew weren't going to be able to pay them?
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