Bank of America to Offer Zero Down, Zero Closing Cost Mortgage Loans To Blacks/Hispanics

Once again progressives have advanced programs that are prejudiced against people with white skin only.

According to The 14th Amendment to the U.S. Constitution, these programs are unconstitutional.

Section 1.
All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside. No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.

According to Bank of America, Whites and Asians need not apply for their new zero down payment, zero closing cost mortgage in select cities.

The massive national bank on Wednesday announced a new mortgage home loan program for first-time homebuyers, but only blacks and Hispanics will be eligible.

There will be zero mortgage insurance (loans over 80% loan to value typically charge borrowers mortgage insurance fee) and no minimum credit score!

What could possibly go wrong? All we have to do is look back at 2008 when the housing market collapsed.

Many with zero-down mortgages, whose properties’ loan to value went negative, simply walk away, forcing the banks to foreclose on them.

“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” AJ Barkley, head of neighborhood and community lending for Bank of America, said in a release. “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.”

NBC News reported:

“Bank of America said it is now offering first-time homebuyers in a select group of cities zero down payment, zero closing cost mortgages to help grow homeownership among Black and Hispanic/Latino communities.”

“The option will first become available in certain neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. The new mortgage, called the Community Affordable Loan Solution, aims to help eligible individuals and families obtain an affordable loan to purchase a home, the bank said.”

“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. Instead, eligibility will be based on factors like timely rent payments and on-time utility bill, phone and auto insurance payments. Prospective buyers must also complete a homebuyer certification course provided by Bank of America and federally approved housing counseling partners before they apply for the loan program, the bank said.”

“During the pandemic, rising home prices and low housing supply have disproportionally impacted Black households more than any other race/ethnic group,” the NAR said in a report. White households are now 40% more likely to be able to afford to buy a home compared with Black households, the association said.”

This is unconstitutional and will be destructive for the same groups they claim to be trying to help.

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