By now you may have heard that Bank of America is launching a new zero down, zero closing mortgage loan specifically targeting minority non-white communities for first time house buyers. The program is officially known as the Community Affordable Loan Solution. Eligibility is based on ethnicity, income, and location. No minimum credit score or mortgage is required.
Does America never learn? This is a recipe for disaster! We have been down this road before when several Federal savings and loan institutions (Freddie Mae and Freddie Mac) did the same thing. The results were millions of non-whites defaulted, and the Federal government had to bailout the entire housing industry otherwise they would have gone bankrupt and taken the whole system with them! What the Bank of America is doing is a prime example of Work Capitalism. The cure for Woke Capitalism is Folk Socialism!
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