Bank of America Chief Executive Officer Brian Moynihan joined 'Special Report' for a wide-ranging interview, where he spoke on the topic of zero-down mortgages.
recently came under fire over a reported plan to offer zero-down mortgages in minority communities, with some critics lodging complaints over the racial aspect, while others warned it reminded them of the preceding months of the 2008 banking collapse.was asked about the policy, to which he said it is intended to attract all aspects of investment to underprivileged communities.
Some conservatives lambasted Bank of America over the announcement, with ACT For America's Brigitte Gabriel asking about the policy for"middle-class White families," and former Trump adviser and speechwriter Stephen Miller retweeting the report with a solicitation for"legal aid" from his organization, America First Legal."Back in the [Gerald] Ford administration in 1974, there was an Equal Credit Opportunity Act.
He said Bank of America previously engaged in a program that accrued $5 billion in investments for low-to-moderate income financing applicants in 2021.
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