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'Zero-Down' Mortgages Spread as Banks Eye Racial Inequity

“Zero down payment” mortgages have been proliferating recently, as lenders including Bank of America, JPMorgan Chase and TD Bank offer such programs amid efforts to address racial inequity. So reports Axios.

Urban InstituteLiam Reynolds, a researcher at the Urban Institute who has written about zero-down mortgages, told the news site that such initiatives could significantly reduce the racial homeownership gap if widely adopted.

The efforts arose in response to the historical practice of redlining, outlawed in 1968, through which the government and private sector worked to block Black buyers from federally backed mortgages.

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