Well it didn't go well the first time....let's try it again.

[HeavyAssault]

Bank of America tests no-down-payment mortgages for Black, Latino homebuyers

Bank of America announced this week that it is starting a mortgage option for first-time home buyers offering no down payments, closing costs or minimum credit scores.

www.foxbusiness.com

Here we go........again.

 

[Jefe's Dope]

Translation: NO ONE is buying these fucking slum houses. Better to get some money than no money and then we can sell it to collections for pennies on the dollar after our insanely successful public image campaign which will bring in virtue signaling A+ credit customers.

 

[HeavyAssault]

I'd send you a chicken dinner but DoorDopes is awful.

 

[Sean the Nailer]

I wonder if they'll accept 'dime-bags' for mortgage payments.......?

 

[Rthur]

So by this you mean a high risk of default with a government bailout and you'll still own the properties...

R

 

[SHEEPDOG1]

We had a program like this in the 90's. Totally fucked up some good neighborhoods.

 

[Shooter McGavin]

Housing market burst is already coming, so let's pile on to that and get another .gov handout. Because you know banks are too big to fail and tax payers are suckers.

 

[TheGerman]

These were the people on ARMs and interest only mortgages on houses that weren't worth what they paid for them the day it closed.

On top of that, the mortgage was 80% of their combined monthly income.

 

[BCP]

Looks like it is in crazy neighborhoods and you don't have to be black/hispanic etc to qualify.

 

[WeiserBucks]

On top of that, the mortgage was 80% of their combined monthly income.

What % should it be according to the people smarter than me?

 

[TheGerman]

What % should it be according to the people smarter than me?

Like 30?

 

[WeiserBucks]

Like 30?

That makes me feel better about my stupid self, mine is less than 10.

 

[Huskydriver]

Bank of America tests no-down-payment mortgages for Black, Latino homebuyers

Bank of America announced this week that it is starting a mortgage option for first-time home buyers offering no down payments, closing costs or minimum credit scores.

www.foxbusiness.com

Here we go........again.

Someone's gotta compete with VA loans

 

[OldSalty2]

Go big or go home.

The bigger they go, the more likely to have taxpayer dig them out.

So why not?

 

[Maser]

The crackhouse market aint doing so well huh? Who woulda thought?

 

[TurboTrout]

I don’t understand what you mean about it didn’t go well for them

My tax dollars just bailed them out, now if we had a real free market and they were allowed to just die like the cockroach they are, no one would remember their name

 

[theLBC]

maybe trying to get rid of a large influx of reo listings?

 

[supercorndogs]

What % should it be according to the people smarter than me?

The lower the % is probably the smarter you are.

 

[Vodoun daVinci]

It won't get fixed until it's so fucking broke that it can't even crawl - Nothing gets fixed in the 21st Century until it's demise is cataclysmic. The Republic has failed and the best we can do is control the crash where we can. Let it crash and we'll fix it in the mix. We are powerless otherwise.

Control the crash in your neighborhood and wait for the opportunity to fix it when it hits rock bottom. There's nothing else we can do but stew about it.

VooDoo