I guess Bank of America is going to be begging for a taxpayer funded bailout after they give all these mortgages to people who can't afford to pay...

[Mac-7]

If they were in the military, they would be available for 100% financing with no PMI or minimum credit score requirement through the VA anyway. The USDA also offers such loans in some rural areas through its 502 Direct Program though they do require a minimum credit score of 640 which most people can get just having a heart beat and no recent bankruptcy.

If borrowers cant afford a down payment they are just living paycheck to paycheck and are always on the brink of default

 

[Harpy Eagle]

Fuck off you stolen valor fuck. Between Myself (Vietnam), my Grandfather (WWI & WWII) Two uncles (WWII), My father (WWII, Korea, Vietnam), my sister (Navy nurse) and two brothers, who served twenty year careers. In my immediate family we have over 80 years service, counting grandparents and uncles, add another 28. Five of the eight of us served in war zones. Run along puke. BTW, we always bought homes.

If this were true you would know that MOST military members do not buy houses.

 

[Harpy Eagle]

The new trend is renting because younger people today don't want to do the repair and maintenance of a home. If they have a problem, they only want to call one number, and that's the landlord.

Several years ago I read an article that claimed millennials rent everything. They rent their apartment, their furniture, their appliances, and many lease their cars. They don't want to own much of anything.

There is some validity to this, also the millennials are more mobile and renting allows for that as well.

 

[Harpy Eagle]

WTF are you babbling about?
There are many thousands of ex-military who own homes in Nassau County alone.

I am talking about people still on active duty. Most of them do not own due to the fact they move every 3 to 4 years.

 

[Carl in Michigan]

Bank of America is offering zero down payment mortgages with no closing costs for first-time homebuyers in certain Black and Hispanic neighborhoods in a new program designed to chip away at inequality in the housing market

Didn't want try this nonsense under Clinton/Reno?

 

[Harpy Eagle]

If they were in the military, they would be available for 100% financing with no PMI or minimum credit score requirement through the VA anyway.

The VA the does not require a minimum credit score, but the lender that is actually giving you the money still does.

 

[Indeependent]

I am talking about people still on active duty. Most of them do not own due to the fact they move every 3 to 4 years.

I appreciate you making that clear.

 

[skews13]

I guess Bank of America is going to be begging for a taxpayer funded bailout after they give all these mortgages to people who can't afford to pay them back.

This article from CNN says they will be giving mortgages with no down payment and no minimum credit score.

Bank of America to offer zero-down payment mortgages in certain Black and Hispanic communities

Bank of America to offer zero-down payment mortgages in certain Black and Hispanic communities​

September 1, 2022

Bank of America is offering zero down payment mortgages with no closing costs for first-time homebuyers in certain Black and Hispanic neighborhoods in a new program designed to chip away at inequality in the housing market.

The new loan, launched this week, requires no minimum credit score nor mortgage insurance, which lenders typically charge when borrowers put less than 20% down.

Instead of a traditional credit score, first-time homebuyers will be evaluated based on their history of making timely payments for rent, utilities, phone service and auto insurance.

Bank of America said the new mortgage, known as the Community Affordable Loan Solution, is available in certain census-designated markets including Black and Hispanic neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami.

The bank said borrowers do not need to be Black or Hispanic to qualify. Eligibility is based on borrower income and home location.

“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 statement. “Our Community Affordable Loan Solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families.”

Why not. 2008 showed that giving out bad loans is good business if you’re a lender.

 

[Toddsterpatriot]

Why not. 2008 showed that giving out bad loans is good business if you’re a lender.

Bad loans given out in 2008 were big money losers for lenders.

 

[Mac-7]

Bad loans given out in 2008 were big money losers for lenders.

Actually it was bad loans going back to the last years of clinton

Liberal government policy caused the 2008 crash and recession

 

[Indeependent]

Bad loans given out in 2008 were big money losers for lenders.

Why does the CEO allow it?

 

[The Duke]

I guess Bank of America is going to be begging for a taxpayer funded bailout after they give all these mortgages to people who can't afford to pay them back.

This article from CNN says they will be giving mortgages with no down payment and no minimum credit score.

Bank of America to offer zero-down payment mortgages in certain Black and Hispanic communities

Bank of America to offer zero-down payment mortgages in certain Black and Hispanic communities​

September 1, 2022

Bank of America is offering zero down payment mortgages with no closing costs for first-time homebuyers in certain Black and Hispanic neighborhoods in a new program designed to chip away at inequality in the housing market.

The new loan, launched this week, requires no minimum credit score nor mortgage insurance, which lenders typically charge when borrowers put less than 20% down.

Instead of a traditional credit score, first-time homebuyers will be evaluated based on their history of making timely payments for rent, utilities, phone service and auto insurance.

Bank of America said the new mortgage, known as the Community Affordable Loan Solution, is available in certain census-designated markets including Black and Hispanic neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami.

The bank said borrowers do not need to be Black or Hispanic to qualify. Eligibility is based on borrower income and home location.

“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 statement. “Our Community Affordable Loan Solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families.”

Oh no! And it's the same people that did it before in power now. Bank of America should be to let fail and pay off the depositors before any staff get anything. And when the staff does, pay off from the bottom up.

 

[The Duke]

Unless the government is guaranteeing the mortgage, how is the taxpayer on the hook?

The government used taxpayer money to bail out the banks last time. Bad! Bad!

 

[Ray From Cleveland]

If borrowers cant afford a down payment they are just living paycheck to paycheck and are always on the brink of default

If they can't save enough for a deposit, how are they going to replace a roof, a hot water tank, a leak between the walls, termite damage or have to dig up a drain pipe all the way to the street?

 

[Mac-7]

If they can't save enough for a deposit, how are they going to replace a roof, a hot water tank, a leak between the walls, termite damage or have to dig up a drain pipe all the way to the street?

They wont

The house will slowly fall apart due to neglect and end up being abandoned someday

 

[22lcidw]

Bank of America is owned by the globalists. The financiers and the private owners and printers of fiat currencies. It is just a route from one entity to another. They can balance the books if they want to. The bankers who will accuse you of ethnic hate are trillionaires.

 

[Aldo Raine]

Is Blackrock a big mortgage lender?

No I believe they are an investment company that does so primarily in mortgage companies.
MAGA

 

[Aldo Raine]

Unless the government is guaranteeing the mortgage, how is the taxpayer on the hook?

I am assuming when the gubnit has to bail out the bank. Remembering to big to fail.
MAGA

 

[Harpy Eagle]

I appreciate you making that clear.

Sorry I was unclear in my first post. Buying a house when you are going to move in 3 to 4 years is a risky thing that most active military members do not do.

 

[The Duke]

Sorry I was unclear in my first post. Buying a house when you are going to move in 3 to 4 years is a risky thing that most active military members do not do.

I had a friend that was gone half the time or more, but he bought a house for his wife and kids.