No down-payment mortgages for minorities offered by Bank of America.

The last time this was tried, it WRECKED the housing market.

And it was only a few decades ago. People who were given special access to mortgages would take them out, and then NOT MAKE THE PAYMENTS.

When you have no personal stake in how the thing turns out, you don't make good decisions, because bad decisions do not HURT you.

The down payment is the personal stake. And banks, of course, KNOW this about human beings, that having a stake causes them to make better decisions. It's why there IS such a thing as a DOWN PAYMENT.

The left STILL believes it's unfair that there is something like a property ladder, where you buy something that goes up in value quickly and strongly, and that increase in value can be monetized with second mortgages, or used to move up to better property. The property ladder is a wealthbuilding instrument available only to people with good enough credit and enough money to make the down payment. The left remembers when housing went up 20% per year with no visible downside (yet). They considered it racially unfair that white people took advantage of this phenomenon and that poorer folk could not. Never mind that most poor people are white, of course, or that there was always a substantial portion of minorities who did just fine economically. Democrats to the rescue!

They saw the property ladder as a closed room full of money that black people couldn't get into. They STILL see it this way.

And here is more proof that banks are now adjunct government offices, doing what government wants them to do without even being compelled.