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 September 3, 2022

Bank of America blasted over special no down payment mortgage plan for minorities

Bank of America is being criticized over a new mortgage program that includes special privileges for black and Hispanic homebuyers.

The loan offer includes no down payment or closing costs based on race.

"Homeownership strengthens our communities and can help individuals and families to build wealth over time," A.J. Barkley, head of neighborhood and community lending for Bank of America, said in a news 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," he added.

The new program could be in violation of state and federal laws as it bases its financing on ethnicity rather than on financial needs.

The attempt to help diverse homebuyers may end up backfiring for Bank of America as it seeks to launch the program to help minorities with housing purchases.

Written By:
Staff Writers

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