Last edited:
- 7,384
- 29,179
Bank of America Tests No-Down-Payment Mortgages for Minority Communities
(Bloomberg) -- Bank of America Corp. started a trial program aimed at helping first-time homebuyers in Black and Hispanic neighborhoods by offering mortgages that don’t require down payments, closing costs or minimum credit scores, all considered longtime obstacles to narrowing the gap between...finance.yahoo.com
This is honestly a good look. They're giving black people the opportunity to fight gentrification
Banks generally design initiatives like this one to comply with the Community Reinvestment Act, a 1977 law intended to counteract redlining and ensure that financial institutions serve those who live in the communities where they operate.
Large banks, like Bank of America, are subject to three different tests under the CRA: lending tests, service tests, and investment tests.
The following infographic summarizes the retail lending test: https://www.occ.gov/topics/consumers-and-communities/cra/evaluating-cra-performance.pdf
Banks that systematically exclude low and moderate income borrowers can be barred from pursuing mergers and acquisitions, so it's fair to say that Bank of America isn't doing this out of the goodness of their hearts.
That said, regulations like the CRA have been an important, if inadequate, check against discriminatory lending, and have pushed banks to begrudgingly extend credit opportunities to historically disenfranchised borrowers, as well as invest in affordable housing. We ought to be strengthening the CRA to better safeguard against abuse and account for racial disparities.
Past is prologue. Banks pitched subprime mortgages - which were disproportionately sold to Black borrowers regardless of income and triggered the largest loss of Black American wealth in the nation's history - in much the same way: as an avenue towards home ownership that could bypass historical obstacles like high down payments. They were, however, often deceptively marketed - as many borrowers were either unaware that the affordable monthly payments on offer were only introductory "teaser rates," or led to believe that they could simply refinance their loans once the rate adjustments kicked in. Many of these loans could - and have been - characterized as predatory.
As always, due diligence and healthy skepticism are well-warranted.
- 160,699
- 142,474
- 160,699
- 142,474
- 160,699
- 142,474
- 22,261
- 18,845
I've always wondered why you summon other men to your posts
- 14,873
- 36,024
Wasn't the whole manosphere movement the result of white dudes who wouldn't marry American women because of reasons?
We got incels going on actual killing sprees because their dicks stay dry; we have female dating strategy subs blowing up to the point they get banned from reddit (and have to make their own website), and black people online are somehow the worst?
Some of our people need to see the world beyond their bubble and have some perspective. Let's stop the gratuitous slander for a minute...
- 3,683
- 3,446
Wasn't the whole manosphere movement the result of white dudes who wouldn't marry American women because of reasons?
We got incels going on actual killing sprees because their dicks stay dry; we have female dating strategy subs blowing up to the point they get banned from reddit (and have to make their own website), and black people online are somehow the worst?
Some of our people need to see the world beyond their bubble and have some perspective. Let's stop the gratuitous slander for a minute...
while i would kinda agree with the assertion that the way black folk tend to air ourselves out in (public) discourse in unique, the reasoning is nonsense & in any case wouldn’t be particular to black folk…
i think because folk do tend to exist in their own bubbles it is harder to see the ways that dynamic of intersexual ‘slander’ isn’t all that different across groups altho it may not be as obvious or visible out group, it is definitely something to keep in mind before classifying a particular group as aberrant…
- 6,058
- 3,746
I'd like to see the fine print as well. My guess is they're creating their own version of the NACA Program, which they underwrite loans for already. Myself and other NT'ers have gotten our homes using the NACA program. NACA does no downpayment, no PMI, low interest rates with incentives to buy in targeted zip codes. It's a little different than traditional lenders because they scrutinize your ability to actually make a payment, and require you to payoff certain debt over a few months when deciding how much of a loan you qualify for. And you'd more than likely qualify for less than what you'd get from a traditional lender.
If BoA is doing a 1:1 copy of the program, then my only hesitation is the loss of third-party oversight by NACA.
Meh.
Not even surprised.
Misandry on full display. This is a post from the "black business" she owns
Just because someone is my color doesn't mean they are my kind.
What she got going on in her world is none of my business.
As long as they stay away from me with all that foolishness - we good.
No.
- 14,873
- 36,024
The concept of mail order brides and the justifications for going that way (which all boil down to opposition to western and westernized women) has been prevalent among white men and can be found in plenty of online forums that predate social media. I will gladly speculate that the older subscribers to the manosphere and everything that is related to it either lurked or were frequent posters on sites such as bodybuilding.com.
Black folks don't have the monopoly on the online gender slander.
What does "gender slander" mean?
- 5,619
- 5,983
Black men and black women need to stop coming at each other throats. I come from a black women and my black woman counterpart comes from a black man. We have so much trauma to unpack its not even funny.
- 14,873
- 36,024
Men slandering women and vice versa.
The problem isn't men and women.
The problem is accountability and an overall disdain for values, standards, facts, logic, and reason.
Modern decisions ≠ Traditional results
Also -
Its our job as individuals to deal with our "trauma".
Nobody has to put up with our BS.
- 8,715
- 5,390
I hope the remaining Caribbean countries use this moment to abolish the monarchy. It would be constitutionally tricky but the Independence Era is heading into its 60th anniversary for many countries. Barbados led the way for those who hadn't done it in the beginning. What else could they be waiting for? Even republicans who didn't like the Queen kind've respected her as a near constant. Almost like she wouldn't die. But now she has and King Charles III of Jamaica doesn't have much popular support. May as well rip off the band-aid now.
- 8,749
- 7,525
Was talking to my pops about this. What would be the benefit of this? I am speaking from a place of ignorance so feel free to send me links and a place to start. Jamaica has been independent for 40 years no? Is it their schooling/court system, driving on the left side, monetary system etc? I just don't know what the benefits are.
- 26,531
- 29,740
If someone is not satisfied by the ruling of the local courts in Jamaica, they can make an appeal to the British high Court. This can be good/bad depending on how you look at it.
- 44,833
- 66,536
- 1,615
- 4,264
good riddance.
- 26,531
- 29,740
- 1,615
- 4,264
he handle her ignorance with grace.
- 160,699
- 142,474
- 5,619
- 5,983
