A melody we've heard before--BofA to provide zero-interest mortgages, cash equity in down payments only to home-buyers in Black, Hispanic neighborhoods
Waiting to see how this paper will be mixed in and sold with other mortgages, just like sub-prime mortgages were leading up to 2008.
Repeal the federal reserve act. Nuke the bankers.
We all know where this leads. BofA is going to churn these loans out and mix them into derivatives that they will get off their books ASAP. Some will be repaid. The vast majority will not. The system will break just like last time. Every Bank CEO will fly in their corporate jets to DC to beg for a bailout. Which they will get. Then they will pay lavish salaries and bonuses. Just like last time. Rinse and repeat.
How much you want to bet this boosts their ESG score?
Figure out how you could’ve capitalized off the last time......do THAT now.
Me I’m getting off the crazy train. I’m pulling all investments that are backed by nothing.
But you do you boo.
When Too big to Fail is just too damn big, period.