An executive arm of the federal government is collaborating with the scandal-plagued Bank of America on a big money giveaway plan that allegedly “targets people of color” with the promise of free goods.
This occurs just before the historic midterm elections of 2022 by utilizing government funds to enable specific people in targeted locations acquire real estate for free, free, free.
Bank of America announced in a press release that it is now offering ‘first-time homebuyers in a select number of cities zero down payment, zero closing cost mortgages to help increase homeownership among Black and Hispanic/Latino communities. This may be Democrat Joe Biden’s attempt to win back his escaped voter base, as recent reports indicate that Democrats have lost a significant number of these voters.
According to media sources, Biden’s base of minority voters, particularly blacks, Hispanics, and Asians, are fleeing him ahead of the midterm elections in November, as a result of an unexpectedly bad economy and a dismal outlook.
According to a set of fresh Zogby surveys shared with Secrets on Wednesday, support among the three demographics that comprise the traditional Democratic base is well below what is required to win large in the upcoming midterm elections or in 2024. Biden’s support ratings among blacks and Hispanics have dropped by double digits.
In addition, pollster Jonathan Zogby predicted that no more than 35% of each category would vote for Biden in the Democratic primary in 2024.
However, that was before free items existed; examine the following.
“Bank of America’s Community Affordable Loan Solution aims to make sustained homeownership attainable for more Black and Hispanic families, offering zero down payment, zero closing cost mortgages,” according to a state about the program.
The program is criticized for luring individuals into financial problems with promises of free items that do not last long.
The bill is always due at some time, but the program seems quite good at the moment.
“The option will first become available in certain neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. The new mortgage, called the Community Affordable Loan Solution, aims to help eligible individuals and families obtain an affordable loan to purchase a home, the bank said,” Rob Wile reported for CBS News.
More on this story via The Republic Brief:
“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 release. “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.”
According to media reports, the loans require no mortgage insurance — the additional fee typically charged to buyers who put down less than 20% of the purchase price — and no minimum credit score. CONTINUE READING…