Bank of America is trying out a new program.
Bank of America announced August 30 that it is launching a trial program, called the Community Affordable Loan Solution, offering mortgages that do not require closing costs, down payments, or minimum credit scores. People in predominantly Hispanic or Black neighborhoods in Charlotte, North Carolina; Dallas; Detroit; Los Angeles; and Miami that meet specific income requirements will have access to the program.
JPMorgan Chase is following BAC down that walk of shame.
…expanded its grant program in February 2021 to offer $5,000 for closing costs and down payments to homebuyers purchasing homes in predominantly minority neighborhoods.
But other groups of Americans in other inner-city sections need not apply.
It’s not actually income that’s the determining criterion. It’s skin color.
These banks are behaving insultingly, too. BAC and JPM are telling blacks and Hispanics that they think blacks and Hispanics are incapable of competing, much less getting ahead, on their own capabilities, their own intelligence: blacks and Hispanics need special treatment from institutions.
Echoes of Democrat Woodrow Wilson’s infamous claim that blacks should be grateful for the protections of segregation.
These are two banks with which I will never do business.