Bank Of America Announces Special Mortgage Lending Program Specifically For Black/Hispanic Communities

Bank of America just announced a new program called the “Community Affordable Loan Solution” which will “expand homeownership opportunities in Black/African American and Hispanic-Latino communities.” They will offer “zero down payment, zero closing cost mortgages for first-time homebuyers in Black and Hispanic communities nationwide.” According to NBC, “residents in selected Charlotte, Dallas, Detroit, Los Angeles and Miami neighborhoods will be offered the program first.” I am all about homeownership. Ownership of anything is empowering and financially more advantageous than renting. But this plan has all kinds of red flags going off in my head.

This is basically just a 2008 real estate crash throwback. A major reason the housing market crashed back then was because big banks were handing out loans to people who couldn’t actually afford those loans. Along with zero down and zero closing costs, Bank of America now promises that “it requires no mortgage insurance or minimum credit score.” That is so financially irresponsible, for both the lender and the borrower. The zero downpayment and zero closing costs are enticing to people who do not have the financial literacy to understand exactly what they can afford, and the no minimum credit score will entice people with a terrible financial and lending history. It’s not about race. It’s about financial ability to afford the mortgage you’re getting, and not borrowing more than your finances actually allow.

And while financial fitness to get a mortgage has nothing to do with race, Bank of America decided to make it about race. Basically about overt racial discrimination, actually. It’s incredible. The entire plan is specifically for black and hispanic Americans. It is literally a race-based lending program. They are saying that they are going to give certain racial demographics extra special loans with extra special terms, while specifically excluding certain racial demographics. That’s literal racism. Bank of America is pretending like they’re working to close the homeownership racial gap. But is unrealistically and irresponsibly lowering the financial standards and discriminating against certain demographics really the way? No. It’s just a virtue signal for a quick “win” to earn bonus points with the woke mob. They already got bailed out to the tune of $45 billion dollars cash after the 2008 crash. So I suspect they’re banking on another bailout down the road once millions of Americans, predominantly black and hispanic Americans, are financially ruined by Bank of America’s financial irresponsibility in lending beyond the financial means of these hardworking Americans. The bank will probably survive because they will have paid their woke dues and will “deserve” another bailout. The families will be ruined, but Bank of America doesn’t care.