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[–]WickedWitchOfTheWest 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Bank of America slammed for ‘discriminatory’ preferential mortgage scheme exclusively for Blacks and Hispanics: Bank of America is making it easier for Black and Hispanic prospective homebuyers to acquire a mortgage. Whites and Asians need not apply

An American investment bank has been accused of discrimination after announcing an initiative that will see first-time homebuyers be offered a mortgage without any down payment or closing costs, but only if they’re Black or Hispanic.

The scheme, expected to be trialed in Charlotte, Dallas, Detroit, Los Angeles, and Miami neighborhoods, is the first of its kind, intended to provide minorities with a chance to step onto the property ladder, but critics have slammed the bank for what some call its racist program.

Former Trump campaign adviser Steve Cortes tweeted: “Hey Americans who happen to be white: You bailed out Bank of America when they (and every other big bank) nearly collapsed the economy. Now…BofA pays you back with an explicitly race-based lending program that overtly discriminates against white people. Had enough???”

[...]

In a press release announcing the plan, the bank did not address the obvious concerns of positive discrimination, or explain how disadvantaged White or Asian families could benefit from any similar scheme.

Under the program, prospective Black or Hispanic homebuyers will be able to acquire a mortgage without any down payment, no mortgage insurance, no closing costs, and no minimum credit score.

Credit default swap crisis, take two!