What Bank of America's mortgage pilot can and can't fix for homeownership disparities
The company says it hopes to help Black and Latino borrowers buy houses and build wealth with its new pilot program. Experts say it's a start, but doesn't go far enough.
Bank of America launched a pilot program last week that foregoes a down payment, closing cost, minimum credit score and mortgage insurance for some first-time homebuyers in some Black and/or Latino neighborhoods.
The goal is to bolster homeownership among communities that have historically faced trouble in the real estate market and particularly help Black and Latino families build wealth over time.
Some experts say it's a good step forward, but worry the program
