Is Bank of america giving special loans to minorities? (No)

#2
#2
happy-go_vol said:
Bank of America: New zero down payment mortgages for first-time buyers

Isn't this against the law? I guess asians don't qualify. Is it time to make asians officially white?
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Wasn't this done before back in the mid 2000s and led to the first mortgage crisis in 2007-2008? I know if you were black, breathing and did not have bad credit, a $275,000 mortgage was not a problem. People in Atlanta were buying houses, slapping some sheet rock up, painting it and selling it to a cousin or something and walking away with $125,000 or more from the closing table. The cousin got a few thousand for signing their name. Make a couple of payments to avoid mortgage fraud and let the bank have it back. At the time, I discussed it with a bank mortgage officer about houses being sold that were worth no where near the sale price/appraisal value and got told it didn't matter: they literally were not allowed to turn them down legally due to Dodd-Frank.

This will not end well.
 
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#3
#3
GroverCleveland said:
Wasn't this done before back in the mid 2000s and led to the first mortgage crisis in 2007-2008? I know if you were black, breathing and did not have bad credit, a $275,000 mortgage was not a problem. People in Atlanta were buying houses, slapping some sheet rock up, painting it and selling it to a cousin or something and walking away with $125,000 or more from the closing table. The cousin got a few thousand for signing their name. Make a couple of payments to avoid mortgage fraud and let the bank have it back. At the time, I discussed it with a bank mortgage officer about houses being sold that were worth no where near the sale price/appraisal value and got told it didn't matter: they literally were not allowed to turn them down legally due to Dodd-Frank.

This will not end well.
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This is by design. Bofa will get the gov to bail them out.
 
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#4
#4
GroverCleveland said:
Wasn't this done before back in the mid 2000s and led to the first mortgage crisis in 2007-2008? I know if you were black, breathing and did not have bad credit, a $275,000 mortgage was not a problem. People in Atlanta were buying houses, slapping some sheet rock up, painting it and selling it to a cousin or something and walking away with $125,000 or more from the closing table. The cousin got a few thousand for signing their name. Make a couple of payments to avoid mortgage fraud and let the bank have it back. At the time, I discussed it with a bank mortgage officer about houses being sold that were worth no where near the sale price/appraisal value and got told it didn't matter: they literally were not allowed to turn them down legally due to Dodd-Frank.

This will not end well.
Click to expand...
I think all races qualified for the loans that you speak of. This go round BofA is isolating the debacle to people of color.
 
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#6
#6
GroverCleveland said:
Wasn't this done before back in the mid 2000s and led to the first mortgage crisis in 2007-2008? I know if you were black, breathing and did not have bad credit, a $275,000 mortgage was not a problem. People in Atlanta were buying houses, slapping some sheet rock up, painting it and selling it to a cousin or something and walking away with $125,000 or more from the closing table. The cousin got a few thousand for signing their name. Make a couple of payments to avoid mortgage fraud and let the bank have it back. At the time, I discussed it with a bank mortgage officer about houses being sold that were worth no where near the sale price/appraisal value and got told it didn't matter: they literally were not allowed to turn them down legally due to Dodd-Frank.

This will not end well.
Click to expand...

I worked for a sub prime lender in eastern KY pre-mortgage crisis. Race had nothing to do with it in my experience. Greed did. Always does.
 
#7
#7
Jxn Vol said:
I think all races qualified for the loans that you speak of. This go round BofA is isolating the debacle to people of color.
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Well, in Atlanta, the bulk of what we were seeing tended to be one race in the West End and, in the discussion with the banker, it was intimated they couldn't turn minorities down in neighborhoods like that.
 
#8
#8
Where does it say race will be a factor or requirement for loan approval? This seems like part of the existing program to use alternative credit to determine eligibility. A couple companies involved in that recently went under and it's possible BoA is filling a gap
 
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#9
#9
MarcoVol said:
I worked for a sub prime lender in eastern KY pre-mortgage crisis. Race had nothing to do with it in my experience. Greed did. Always does.
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Oh, the folks making the money off of it were all races. They were using minorities to get the loans.
 
#11
#11
GroverCleveland said:
Oh, the folks making the money off of it were all races. They were using minorities to get the loans.
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Uhhh no they were not just using minorities. Again, I worked for a lender. We doled out terrible loans to all races and considering the demographics of our location, I’d estimate 95% of them were to unsuspecting white people.
 
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#12
#12
It says they are starting the program in a few select big city markets. Luring dupes into overpriced properties in unsafe areas with a nice 6.5 to 7% interest rate. Whites/Asians should be glad they aren't getting this "deal".
 
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#13
#13
volgr said:
It says they are starting the program in a few select big city markets. Luring dupes into overpriced properties in unsafe areas with a nice 6.5 to 7% interest rate. Whites/Asians should be glad they aren't getting this "deal".
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Everyone is eligible for the program
 
#14
#14
GroverCleveland said:
Wasn't this done before back in the mid 2000s and led to the first mortgage crisis in 2007-2008? I know if you were black, breathing and did not have bad credit, a $275,000 mortgage was not a problem. People in Atlanta were buying houses, slapping some sheet rock up, painting it and selling it to a cousin or something and walking away with $125,000 or more from the closing table. The cousin got a few thousand for signing their name. Make a couple of payments to avoid mortgage fraud and let the bank have it back. At the time, I discussed it with a bank mortgage officer about houses being sold that were worth no where near the sale price/appraisal value and got told it didn't matter: they literally were not allowed to turn them down legally due to Dodd-Frank.

This will not end well.
Click to expand...

Clinton got it started back in the mid-90's. It just took time for the collapse to happen.
 
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#15
#15
MarcoVol said:
Uhhh no they were not just using minorities. Again, I worked for a lender. We doled out terrible loans to all races and considering the demographics of our location, I’d estimate 95% of them were to unsuspecting white people.
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Sorry, I wasn't clear. In the West End, it tended to be one race and they were being used. ymmv.
 
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#20
#20
MarcoVol said:
Uhhh no they were not just using minorities. Again, I worked for a lender. We doled out terrible loans to all races and considering the demographics of our location, I’d estimate 95% of them were to unsuspecting white people.
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I can remember all the refi offers that used to roll in. 125% of value, no closing costs etc. Never considered it because it seemed like a horrible idea to purposely put myself under water.
 
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#21
#21
Majors said:
Left loves a good you need us now. Im more concerned about those living beyond their means getting foreclosed and losing their home.
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It's a win win. The gubment bails out the bank and the people will now rely on the gov for welfare.
 
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#22
#22
Majors said:
Clinton got it started back in the mid-90's. It just took time for the collapse to happen.
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Irresponsible banking practices caused the crisis, not a Democrat or Republican. Investment banks and hedge funds were wildly unregulated so unless you mean that Clinton didn’t regulate them enough? Otherwise, your blame is in the wrong place.

Greed caused it. Banks were using sub-prime lending to qualify more people than could get qualified under regular terms which led to predatory lending. Was not caused by a POTUS or government policy (unless again you’re speaking to the lack of policy).
 
#23
#23
ClearwaterVol said:
I can remember all the refi offers that used to roll in. 125% of value, no closing costs etc. Never considered it because it seemed like a horrible idea to purposely put myself under water.
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Smart man. You’d be surprised (or maybe not) how many people take that bait. We were lending to folks mainly in eastern KY who were already in debt and were rocking credit scores in the low 500s. Rolling all their debt into their mortgage and slapping an insane rate, adjustable rate at that, on there.
 
#24
#24
MarcoVol said:
Irresponsible banking practices caused the crisis, not a Democrat or Republican. Investment banks and hedge funds were wildly unregulated so unless you mean that Clinton didn’t regulate them enough? Otherwise, your blame is in the wrong place.

Greed caused it. Banks were using sub-prime lending to qualify more people than could get qualified under regular terms which led to predatory lending. Was not caused by a POTUS or government policy (unless again you’re speaking to the lack of policy).
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The Community Reinvestment Act of 1997 and the repeal of Glass Steagall in 1999 caused it. Yes, greed was the underlying root cause but without both of those actions being signed by Bill Clinton the crash of 2009 doesn't happen.
 
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#25
#25
ClearwaterVol said:
I can remember all the refi offers that used to roll in. 125% of value, no closing costs etc. Never considered it because it seemed like a horrible idea to purposely put myself under water.
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I remember sitting in the mortgage broker’s office and her telling me how much we qualified for. It was shocking. I asked her if she knew what “house poor” was.
 
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