Bank of America is trying to turn people of color into debt slaves. They are offering blacks and Hispanics no down payment mortgages. One can only imagine what the terms of these mortgages are, but it is highly doubtful that the terms will benefit the person taking out the mortgage.
Bank of America, $BAC, has launched a trial program for first-time homebuyers in minority communities, offering mortgages that don't require down payments or closing costs.
The program will be available in Charlotte, Dallas, Detroit, Los Angeles and Miami.
— unusual_whales (@unusual_whales) August 31, 2022
NEW: Bank of America announces zero down payment, zero closing cost mortgages for Black and Hispanic first-time homebuyershttps://t.co/mI0UH3H7EH
— NBC News Business (@NBCNewsBusiness) August 31, 2022
A similar thing was done in the lead up to the 2008 financial crisis. The banks were giving out loans to people who had no income, no job and no assets. These were called NINJA loans.
Lots of colorfuls took out these NINJA loans that they couldn’t possibly pay back. The end result was a housing market collapse and all sorts of issues with mortgage backed securities which were rated much higher than their actual value. These were being traded between Jewish Wall Street firms and the whole thing finally collapsed and almost took down the whole system with it.
They are marketing this program like they’re trying to do something nice for colored people. In reality, they’re doing this because it is more likely for blacks and Hispanics to take out retarded loans with a ridiculous type of interest rate attached to it.
It might not matter though. The whole economic system is in such fragile condition, they might not even get the chance to fully implement this stupid program.
