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Mega Bank Institutes Explicitly Racist Mortgage Program

At a glance

  • Bank of America has begun offering zero-downpayment, zero-closing cost mortgages to certain first-time homebuyers.
  • Here’s the catch: Applicants must be minorities.
  • The bank bills the program as an effort to help first-time homebuyers, but others panned it as blatant racism, and some said it sounded like the subprime loans that contributed to the 2008 financial crash.

 

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