It’s stupid, reckless, racist, patronizing … but otherwise, Bank of America’s “Community Affordable Loan Solution” program is a great idea. BOA is floating no money down, no closing cost mortgages specifically for black and hispanic first-time homeowners. What could go wrong?
According to a BOA press release, the program will start in “in certain Black/African American and/or Hispanic-Latino neighborhoods” in five different cities. Borrowers don’t need a minimum credit score or mortgage insurance. All they need is the correct skin color and a history of “timely rent, utility bill, phone and auto insurance payments.”
Why? Because BOA learned nothing in 2007, when subprime mortgage lending gave us the Great Recession. And multi-culti happy talk never does out of style:
"Homeownership strengthens our communities and can help individuals and families to build wealth over time," said AJ Barkley, head of neighborhood and community lending for Bank of America. "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."
So BOA panders now and when things go south, we all pay.
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