Indian-American GOP hopeful Vivek Ramaswamy severely criticised Bank of America’s move to provide home loans ‘without down payment’ to people from Black and Hispanic Communities.
Taking to X (previously Twitter), Ramaswamy said, Mark my words, this act of “anti-racism” today will be called “systemic racism” tomorrow – when minorities end up defaulting on these loans.
In a bid to expand homeownership opportunities in Black/African American and Hispanic-Latino Communities, Bank of America recently introduced Community Affordable Loan Solution that offers home loans ‘without down payment’.
Regarding the scheme, Bank of America said in its statement, “The Community Affordable Loan Solution is a Special Purpose Credit Program which uses credit guidelines based on factors such as timely rent, utility bill, phone and auto insurance payments.”
“It requires no mortgage insurance or minimum credit score. Individual eligibility is based on income and home location. Anyone from any race or ethnicity is welcome to apply. Prospective buyers must complete a homebuyer certification course provided by select Bank of America and HUD-approved housing counseling partners prior to application,” the statement adds
Ramaswamy’s popularity dropping since September
The presidential candidate, who initially garnered media attention by making several controversial comments, witnessed a drop in popularity among Republicans nationwide since September. Meanwhile, his unpopularity among all Americans has reached a new high in national polls.
Ramaswamy is still far behind in the state polls, with less than 10% support.
He has also been promoting right-wing conspiracy theories in his campaign speeches. He has said that the Jan. 6, 2021, assault on the Capitol was an “inside job,” alleged that the 2020 election was rigged by “big tech” and implied that the “great replacement theory” was a Democratic agenda.
Ramaswamy has vowed to withdraw from the GOP primary ballot in Colorado. This decision comes in response to a recent ruling by the state’s Supreme Court, which removed former President Donald Trump from the ballot due to his involvement in the January 6, 2021 Capitol attack.
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Published: 28 Dec 2023, 10:23 AM IST