Can anyone who was alive and aware of their surroundings only a few years ago not recall the financial crisis of 2008, with its sub-prime scandal and its gift wrapping of worthless, mortgage-backed securities which were sold to Fannie Mae and Freddie Mac as secure real estate investments? And can no one recall how deeply involved Bank Of America, and its subsidiary Country Side Financial, was with that scandal and the upheaval that resulted?
And can one try to imagine the permanent damage that this scheme did to the minority individuals who innocently took the offered loans, with no proof that many of these families had the wherewithal to make the payments needed to keep the loans, and then to have this tower of corruption crumble and the loans buckle in spite of the good intentions of the loan recipients, thereby further ruining their credit ratings?
Well, the geniuses at Bank Of America are at it again with zero-down, community affordable loans for blacks and Hispanics.
On top of all of the disasters being caused by the fools in the Biden administration, what we don’t need is another collapse of the real estate market that this idiotic move may well create. Are leftists trying to cause the financial collapse of America, or is it just an accompanying side-benefit of their stupid rule?
And in addition to possibly being injurious to the borrower and to the nation as well, this sort of loan is illegal because it‘s racist, but the Biden administration just sits on its hands and pretends they love this new form of “equity” that is being offered. Our far left Democrat government doesn’t care if what BOA is doing creates another real estate/housing crash, because an economic crash is obviously what they want to happen, since that would mean every American would have to depend on big government for their food and housing, and that serves the ends of leftist governments, like Joey Biden’s, by keeping citizens subservient, dependent and in poverty.
Life in America just gets more idiotic every day, and we must end this idiocy at election time, and boot these far-left fools out of office.