Joe Biden’s administration has managed to utterly decimate most aspects of the economy.
But one area that’s escaped is now in the sights of one woke corporation.
And corporate activists are doing their best to destroy the housing market with dangerous loans based on skin color.
The next massive housing crisis appears to be rising from the ashes like the villain in a second Disney movie sequel.
Now “too big to fail” Bank of America is taking a second shot at getting Americans into homes they can’t afford with no equity.
The program which is being implemented in Los Angeles, Dallas, Detroit, and Charlotte is being carefully targeted to make sure it’s only being offered in neighborhoods with predominantly minority neighborhoods.
The loans are being offered with no down payment, closing costs, or private mortgage insurance.
There’s also no minimum credit score required.
Ironically, all the focus on “equity” and making sure more minority community members can get a mortgage is likely to create massive problems for those they’re supposed to be helping.
While they’re not outright admitting it, these new loans have a lot in common with the “state-income” loans that caused the 2007/2008 housing crisis.
The tanking economy at that time wiped out the one source of wealth Americans are most likely to have: their homes.
It also left an estimated one in five families in America facing foreclosure.
Now the industry is inching back closer to the cliff that spelled financial ruin for a fifth of the country’s homeowners only 14 years ago.
In the words of one Twitter user, “Hmm… this definitely won’t be a total disaster.”
Another posted, “I’m only 28, but I do read my history when 08 had the housing crisis when they lowered the standards for minorities and poor people alike they single handedly defaulted on those mortgages and now people are falling for the repeat. #bankofamerica”
Usually, if homebuyers don’t put down a big down payment, they have to include private mortgage insurance in their monthly payments.
While PMI is often viewed as simply a way to shield lenders from risk, some policies offer a partial claim advance to help keep buyers from foreclosing if they’re suddenly faced with unexpected difficulties such as losing a job or other temporary hardships beyond their control.
Ironically, as much as the Left is obsessed with their woke version of “equity,” supposedly trying to ensure minorities get ahead, they’re really dragging them down.
“It’s a trap,” Twitter user salongirl wrote. “It’s #corporateAmerica controls you. #bankofamerica make minority’s beholden. Wonder what the interest rate will be 4 the term of the mortgage? That’s how they get u. Ur payment goes up n u loose ur house. This happened in 2008 when everyone qualified..short memories”
Unfortunately, Americans are all about to get a refresher on how subprime mortgages work—and taxpayers will likely end up on the hook once again to pay for a mess bigger than what Bank of America can handle.
But hey, Joe Biden and the Democrats probably think the boost this nakedly racist and surely illegal scheme could give them ahead of the Midterms is worth the nightmare that will follow.
Political Animal News will keep you up-to-date on any new developments in this ongoing story.