As reported by NBC News, Bank of America is now offering zero down payment, zero closing costs loans to first-time black and Hispanic homebuyers via a policy that, frankly, should have been challenged in court five minutes after it took effect.
"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 outlet reported, citing bank officials.
No doubt to cover their rear ends, a bank official told the network that persons who apply don't have to be black or Hispanic.
“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.”
So clearly, while applicants don't have to be black or brown, the fact is, those consumers are obviously the priority -- and that's where the legal issues begin.
NBC News noted further:
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.
The racial gap in homeownership rates in the U.S. remained substantial in 2020, the most recent year for which National Association of Realtors data are available.
Homeownership among whites was at 72.1, percent, compared with 51.1 percent for Hispanics and 43.4 percent for blacks. The NAR said that the black homeownership rate in 2020 was lower than it was in 201o.
But here are some things to consider. First, are there banks that are systematically discriminating against minorities (and that is a pejorative term, considering that in many parts of the country, whites are the minority)? If so, which ones? And if they are, why haven't typical left-wing groups like the ACLU filed suit against them?
Could there be other reasons -- cultural, perhaps -- that explain lower homeownership rates for non-whites? Maybe a higher percentage of whites have a natural tendency to want to own their homes versus renting them.
There are likely a number of reasons to explain why there are differences in homeownership rates between ethnic groups that have nothing at all to do with racism. But to woke Bank of America, that can be the only explanation. So the 'solution,' of course, is to discriminate against whites, which means Bank of America is using a discriminatory policy to end discrimination.
"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. The report added that white households are 40 percent more likely now to be able to afford a home compared with black households.
Here's another way of looking at this situation: 'Democrat-led lockdowns that dragged on for a year or more longer than they should have disproportionately impacted racial minorities.' But don't expect the left-wing media (or the corporate bankers) to even go there.
Our country is devolving into tribalism, and it's the left's fault. We can't continue to fracture ourselves this way, or we won't survive.