BoA Ripped Over No Down Payment, No Closing Costs Mortgage Plan For Minorities | Eastern North Carolina Now | Bank of America is under fire for a new mortgage lending program geared specifically to black and Hispanic homebuyers.

Coronavirus Disease 2019 (COVID-19)
    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Greg Wilson.

    Bank of America is under fire for a new mortgage lending program geared specifically to black and Hispanic homebuyers.

    The loans, to be made in select minority communities throughout the country, require no down payments and no closing costs. Although white homebuyers in those neighborhoods who meet certain criteria are eligible for the program, the North Carolina-based lender said it is designed explicitly for blacks and Hispanics.

    "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," A.J. Barkley, head of neighborhood and community lending for Bank of America, said.

    The lending scheme, called the Community Affordable Loan Solution, is being rolled out in certain neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami. It also has no minimum credit score requirement and buyers won't have to pay mortgage insurance, which buyers who don't put 20% down typically must pay.

    California attorney Harmeet Dhillon said the program could potentially violate her state's Unruh Act, a 1959 law that prohibits businesses from discriminating against consumers based on various factors including race, color, religion, ancestry, and national origin. She said it could also violate the federal Consumer Credit Protection Act.

    Steve Cortes, a former CNBC, Fox News, and Newsmax business commentator who also served as a campaign spokesman for former President Trump, called the program racist.

    "Hey Americans who happen to be white: You bailed out Bank of America when they (and every other big bank) nearly collapsed the economy," Cortes tweeted. "Now...BofA pays you back with an explicitly race-based lending program that overtly discriminates against white people. Had enough???"

    Twitter user Breanna Morello joked on Twitter that she could qualify simply by identifying as a minority, even though she is not.

    "As a transracial woman, I am excited that @BankofAmerica will be providing me and other transracial Americans with the opportunity of owning a home without a down payment and closing costs," Morello tweeted. "Transracials EVERYWHERE need to take advantage of this opportunity."

    Bank of America has a checkered history with minority communities. Countrywide Financial, a subprime lender it bought in 2008, was fined $335 million for allegedly charging black and Hispanic homebuyers higher interest rates than whites.

Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?
  Yes, the Democrats have a bold plan, yet to be revealed, to save us.
  No, there will have to be a complete undoing of the damage done by these Democrats.
  I can't do simple math, so how am I to understand the concept of basic economics.
841 total vote(s)     What's your Opinion?

Go Back

Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )

Gov. Abbott Drops Off First Busload Of Migrants In Chicago Daily Wire, Guest Editorial, Editorials, Op-Ed & Politics NASA Strikes $1.4 Billion Deal With Elon Musk’s SpaceX For Five More Missions


Latest Op-Ed & Politics

A local man is struggling to rid himself of his job despite ramping up his "quiet quitting" efforts over the last several weeks. Reports indicate that these challenges are likely the result of him being incredibly lazy at work from the very beginning.
Florida Governor Ron DeSantis‘ (R) campaign blasted Vice President Kamala Harris (D) Friday afternoon over remarks that she made suggesting that the administration is working to prioritize distributing relief funds for natural disasters based in part on race.
Every day the Biden Border Crisis gets worse, but who continues to remain silent on it?
Vice President Kamala Harris (D) faced backlash online Friday afternoon after saying that the Biden administration was prioritizing giving disaster relief to minorities for the sake of “equity” because the administration wants everyone to end up “in an equal place.”
Trudeau ban includes bolt action rifles as "assault weapons"
The clown emoji 🤡 held a press conference Monday with the express purpose of distancing itself from Democrats who, according to the clown emoji, have caused significant harm to its brand and livelihood.
Florida Governor Ron DeSantis (R) warned those who are thinking about looting in the wake of Hurricane Ian that they are putting their lives at risk as the state supports citizens using the Second Amendment.
North Dakota prosecutors on Friday leveled a murder charge against the man who allegedly ran down 18-year-old Cayler Ellingson earlier this month because he was a “Republican extremist” and had threatened him.


Ukrainian forces roll down west bank of Dnipro River as Russians retreat
Despite installing a new "Trinity Wishbone" offense during fall camp, PragerU has once again found itself dead last in the NCAA after a 94-0 drubbing at the hands of the Florida Gators.
Hurricane Ian barreled into South Carolina on Friday afternoon, threatening Charleston, Myrtle Beach, and other coastal cities with 7-foot storm surges and massive – and potentially deadly – flooding.
The Federal Reserve Board of Governors announced that six of the nation’s largest banks will take part in a process to examine economic risks posed by climate change.
After careful consideration, America has decided that religious people can still be allowed in society, so long as they aren't one of those psychos who actually believe their religion.
Democrats and legacy media love democratically elected women — unless those women stand athwart wokeism, yelling, “Get away from me, you freaks. God. Family. Country.”
In this episode of The John Woodard Show, John Woodard Interviews Sandy Smith. Sandy is a successful business executive who has started businesses, created jobs, and worked her way up the hard way. The high energy, can-do attitude Sandy brings is exactly what's needed in D.C. to drain the swamp...


Back to Top