Bank of America Launched Zero Down Mortgages to Minority Communities

Too Little, Too Late? Bank of America recently launched a Zero Down Mortgage Program That Targets minority neighborhoods. As of right now, there are 5 Metro Markets that will serve as testing ground for this new loan program, called The Community Affordable Loan Solution. The participating Metros are as follows: Detroit, Los Angeles, Charlotte, Miami and Dallas. Critics are saying that this program is predatory/discriminatory and comes with additional risks that really doesn't help those communities. These type of loan programs are typically created as a means to generate loan income when overall lending activity is down.