“Mark my words: This act of “anti-racism” today will be called “systemic racism” tomorrow,” Vivek Ramaswamy said.
What exactly is anti-racism, Vivek, and why is it so bad?
Perhaps anti racism is a better alternative?
Vivek Ramaswamy strongly criticized Bank of America’s decision to offer home loans with “no down payment” specifically targeting individuals from lower-income Black and Hispanic communities.
Taking to X, Ramaswamy wrote, “Mark my words: This act of “anti-racism” today will be called “systemic racism” tomorrow – when minorities end up defaulting on these loans.”
Can someone please inform Vivek that 42 percent of black households and 49 percent of Hispanic households are occupied by the homeowner(s), and that most folks in those demographics don’t default on home loans?
What is Bank of America’s new move?
Bank of America has taken a commendable step to address the needs of communities, particularly those belonging to Black/African American and Hispanic-Latino backgrounds. Through their Community Affordable Loan Solution, individuals in cities like Charlotte, Dallas, Detroit, Los Angeles, and Miami can now have access to affordable loans for purchasing homes. This move aims to empower eligible individuals by providing them with a viable solution towards homeownership.
“The Community Affordable Loan Solution is a Special Purpose Credit Program which uses credit guidelines based on factors such as timely rent, utility bill, phone and auto insurance payments,” Bank of America said online, adding that no mortgage insurance or minimum credit score will be needed.
You can apply for eligibility based on your income and the location of your home. The program is open to individuals from all races and ethnic backgrounds, ensuring equal opportunities for everyone.
Wait, what?
The program is open to individuals from ALL RACES AND ETHNIC BACKGROUNDS.
Did someone tell Vivek that?
“This new program is in addition to and complements Bank of America’s existing $15 billion Community Homeownership Commitment to offer affordable mortgages, industry leading grants and educational opportunities to help 60,000 individuals and families purchase affordable homes by 2025,” the bank wrote.
According to the National Association of Realtors, there is a concerning disparity in homeownership rates between different racial and ethnic groups. The statistics reveal that White Americans have a significantly higher homeownership rate compared to Black and Hispanic Americans. Such disparities make it incredibly challenging for people of color to achieve their dream of owning a home.
“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” said AJ Barkley, head of Neighborhood and Community Lending for Bank of America. “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.”
