Vivek Ramaswamy Challenges Bank of America’s Controversial Home Loan Move

 

Vivek Ramaswamy expressed alarm in a Twitter post about Bank of America’s decision to only give house loans “without down payment” to Black and Hispanic populations. Ramaswamy warns that this “anti-racism” move will be dubbed “systemic racism” tomorrow if minority default on these loans.

Bank of America launched the Community Affordable Loan Solution, which focuses on properties in Black/African American and Hispanic/Latino communities in places such as Charlotte, Dallas, Detroit, Los Angeles, and Miami. 

For credit review, the approach prioritizes variables such as timely rent, utility bill, phone, and auto insurance payments, eliminating the need for mortgage insurance or a minimum credit score.

Eligibility for the program is based on income and residence, and it is open to people of any race or ethnicity. This effort supplements Bank of America’s existing $15 billion Community Homeownership Commitment, which aims to help 60,000 individuals and families purchase affordable homes by 2025 through inexpensive mortgages, subsidies, and educational opportunities.