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I hope this doesn't turn out to be another sub-prime fiasco.
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Bank of Assholes. Is Khan the CEO?
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I smell a rat.
ANY lender that makes security backed loans are VERY HEAVILY regulated by a whole host of entities.
They are NOT going to be making loans that don't fit a certain underwriting guidelines, if they did, they would get fucked by the FDIC, SEC, Fannie & Freddie, FRB, OCC, CFPB, FFIEC, FTC, let alone the agencies that lenders fall within the NAGGL, the biggest being the SBA.
NO, something else is pushing this - has anyone fucking seen Detroit? the article mentions that as one city - utter fucking wasteland, you do NOT fucking lend in parts of detroit, there are miles and miles of abandoned property - they city owns huge swaths of land there: (Detroit Land Bank)
Yeah, this is typcial democrat bad idea and disaster waiting to happen.
And YOU will be stuck paying the bill.
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This has disaster written all over it... here we go again with the "predatory" loans .... lol
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This looks like a repeat of earlier mistakes. The people getting these loans will not have any skin in the game and the result is likely to be the same as when loans were made at 100%, 125%, etc of the LTV (loan to value of property).
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But but but racial justice and social equity!
You just knew that the crap loans would show up at the top of the market
BofA will be blamed when the foreclosures start
Probably called racist, then get cancelled
Funny how last time this happened, government was the root cause
Are regulators behind this move too?
How would BofA get around the rules/regs unless the watchdogs signed off, right?
Anyway, got my popcorn and soda
Gonna watch this train wreck play out
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Anyone putting in zero downpayment is horribly irresponsible
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Interest rates have been rising to over 6%, maybe they should cut interest rates to half a percent if they really want to give people a good deal. Well zero closing costs is nice to do with a good downpayment
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Interesting stat, 71% White people own homes.
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higher than I thought
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71% of whites own homes, or 71% of homeowners are white?
Big difference.
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What goes up must eventually come down. Same as stocks.
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I’m on the lending field. This program has been going on for more than 10 years.
Nothing new Aside from the fact bofa is deciding to heavily advertise and market it.
And yes, very few will actually qualify.
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Sheesh I totally read that headline wrong... yeah nothing new here .... belay my previous precious comment.
Whattya know .. a Dodger fan set me straight.
Thanks
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As dodger fan pointed out they will have to have the income to qualify .... its not like the sub-prime market... just an encouragement to invest in certain areas.
But BofA .... I worked for them for a bit right out of college a very dark soulless place.
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I forgot why I quit messing with B of A. But have ysed other banks since then....all banks are out for one thing lol..just like gals..
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Wachovia got bought out so that bznk change was automatic but B of A i used to have to...but long ago.
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10 fucking years they been at this and what've they got to show for it?
Everybody still hates BofA
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I don't recall putting any seals/stamps on b of a mortgage docs.. most docs I have sealed in the south are quicken/ rocket mortgage, freedom veterans lending, mr cooper, wells loan mods, ect...the title companies I hVe worked with used those lending institutions.
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RKT $7.62 down from $38 high
Lots of the non-bank mortgage lenders will be gone soon, couple already BK
Wondering if United Wholesale Mortgage will survine
BofA, Wells and Chase all announced that they've pulled back from mortgage lending
Can the RE market stay solid when nobody can get a loan?
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if i am not mistaken the real estate market is already crashing?
are people still buying?
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B of A will just package these bad loans and sell them to some other lender, just like 2005-2007.
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Mobil homes and tents count?
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Does it count if i identify as black?
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I wouldn't say the RE market is crashing, at least not around SoCal.........yet
Markets where people moved to remote work are likely in trouble, in many cases
Boise, Austin, Las Vegas, parts of FL and TX
Right now it's just the air coming out, with envelope-pushing sellers cutting price
We'll know over the next 6 - 12 months if this "recession" and higher rates actually cause an RE price decline.......or if we're just going sideways for a while
Too early to tell just yet, imho
All bets are off if Biden gets half the population earmarked as criminal deviant enemies of the state
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He was only talking about you Goebbels. No one else.
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And then, there is this.
BOA Potentially Foreclosing on 1 MILLION Home Owners | Economic Update
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The STORM is coming Peoples! Beware just like 2008 "
"The Big Short "
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"I’m on the lending field. This program has been going on for more than 10 years.
Nothing new Aside from the fact bofa is deciding to heavily advertise and market it"
CNBC headliner says "Bank of America LAUNCHES zero down...."
"Launches" tells me it's new, not 10 years old.
Called the "Community Affordable Loan Solution"
No minimum credit score or mortgage insurance is required.
Change the name to "Get foreclosed on, you stupid bastard loan solution"
Brown/Black people get some of that hopy/changy shit
Then pull the rug out from underneath them
Foreclose, Unlawful Detainer, Sell their shit after 35 days, Crap credit for 7 years
BOOM! Equity and Social Justice.
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| There are 29 comments on this blog. |
