Cries of Racism Over Bank of America's New Mortgage Program Miss the Bigger Issue (Connecting the Dots: Bank of America Corp, the U.S. Department of Housing and Urban Development (HUD) and Soros Funded Think Tanks All Networking)
Source: AP
Photo/Elise Amendola, File
Townhall
Leah Barkoukis |Posted:
Sep 01, 2022 4:15 PM
https://townhall.com/tipsheet/leahbarkoukis/2022/09/01/bank-of-america-n2612545
Bank of America on
Tuesday announced a program to help first-time homebuyers in select communities
across the country obtain affordable home loans by nixing closing costs and
down payments.
The Community
Affordable Loan Solution will be available for certain black and Hispanic
neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami, though a
bank representative claimed applicants don’t necessarily have to be Hispanic or
black to qualify.
A statement
announcing the program specifically addresses the homeownership disparity
between white and black Americans and hispanic and white Americans.
The program uses
other guidelines when considering who qualifies for a loan.
The Community
Affordable Loan Solution is a Special
Purpose Credit Program which uses credit guidelines based on
factors such as timely rent, utility bill, phone and auto insurance payments.
It requires no mortgage insurance or minimum credit score. Individual
eligibility is based on income and home location. Prospective buyers must
complete a homebuyer certification course provided by select Bank of America and HUD-approved housing counseling partners prior
to application. (BoA)
"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, and it is part of our broader commitment to
the communities that we serve."
The program was
blasted on social media. While many called the move discriminatory, others
pointed out it sounds exactly like what led to the subprime loan crisis.
Connecting
the Dots:
A.W. Clausen was
the chairman & CEO for the Bank of America Corp. and an honorary
trustee at the Brookings Institution (think
tank).
James T. Lynn was
an honorary trustee at the Brookings
Institution (think tank) and the secretary for the U.S. Department of Housing and Urban Development (HUD).
Foundation to Promote Open Society was a funder for the Brookings Institution (think tank) and the Urban Institute (think tank).
George Soros was
the chairman for the Foundation to Promote
Open Society and is a board member for the International Crisis Group.
Carla A. Hills was
a board member for the International Crisis
Group, the secretary for the U.S.
Department of Housing and Urban Development (HUD)
and is a life trustee at the Urban Institute
(think tank).
Sarah Rosen
Wartell was the deputy assistant secretary for the U.S. Department of Housing
and Urban Development (HUD) and is the president for the Urban Institute (think tank).
Henry G. Cisneros was
the secretary for the U.S. Department of
Housing and Urban Development (HUD)
and is a trustee at the Urban Institute
(think tank).
Resources:
Past Research
Bank of America Reaches
$17 Billion Mortgage Settlement with US (Past Research
on Bank of America)
FRIDAY, AUGUST
22, 2014
https://thesteadydrip.blogspot.com/2014/08/bank-of-america-reaches-17-billion.html
Housing and Urban
Development Officials Called to Testify Before Congress over Scandal (Past Research on HUD)
FRIDAY, FEBRUARY
28, 2014
https://thesteadydrip.blogspot.com/2014/02/housing-and-urban-development-officials.html
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