A mortgage loan just for Black Homebuyers. A loan of our own, a mortgage loan designed to assist Black people to become homeowners. The Closing the Gap Home Loan Program intends to help close the 30% homeownership gap between blacks and whites.
00:00:55.920Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia.
00:01:00.380The reason that Legacy named this new loan program Closing the Gap is because there's 30% homeownership gap between blacks and whites,
00:01:07.880meaning only four out of every 10 black families own the home that they live in.
00:01:13.980There's more white people in the country, by the way, than blacks.
00:01:17.200And a lot of white people don't own a home, especially nowadays.
00:01:20.960The Closing the Gap loan program is only 1% down payment with free appraisal and I presume low interest as well, right?
00:01:29.400They're going to have some kind of deals for that.
00:01:31.900Legacy's goal is to fund $1 billion to black homeowners by homebuyers by the end of 2023 and to fund $1 billion and more to black homebuyers every year thereafter.
00:01:43.120So Ben Slayton, the president and CEO, says he was the first black realtor in America.
00:01:47.880I don't know what evidence there is for that.
00:02:11.040For the first time in history, African-Americans are building a nationwide mortgage banking company by African-Americans for African-Americans.
00:02:30.020Our mission to empower the African-American communities throughout the United States with a focus on building sustainable wealth through homeownership.
00:04:02.860So I have to say, in addition to this, like this is gaining traction and all this, Biden and Maxine Waters, they're working to pass the Down Payment Toward Equity Act, where blacks can get free money and other non-whites $25,000 for free toward a home.
00:05:00.700There's other civil rights orgs that offer down payment assistance, lending to get blacks in homes because it's racist that more white people are homeowners.
00:05:09.140Although we have zero options just for being white.
00:05:13.600People don't just give us money, civil rights orgs and these banks and all these programs and equity programs just for being white, right?
00:05:24.860Giving supposed oppressed non-white groups this leg up that we never had, giving them free money and perks to get ahead while we are attacked and penalized for being white and told that we're privileged.
00:05:40.040But on the other side, as they become more dependent and greedy, right, they're going to wreck it for themselves because they will.
00:05:47.640We're going to have to become stronger, fitter, more adapted to maneuver around a lot of these challenging circumstances that are systemic.
00:05:57.880This is real systemic racism against white people.
00:06:42.960What if there was someone who was really wealthy in our community who was like, I'm going to offer, you know, like, yeah, white mortgages that are 0% down.
00:06:50.980I'm not saying we're unable to do it, but I'm saying as for now until we have, like, an ADL or whatever, you know what I mean?
00:06:58.640The only group that can't have things that are explicitly their own is white people.
00:07:04.440And to a certain extent, that's also because, you know, there's, like, an unspoken, like, we've done a lot of this stuff, and now we kind of have to be held down to be, like, to be put in our place.
00:07:21.860That's why they've wheeled out, like, a lot of this is mental prisons.
00:07:25.280I mean, obviously, there is a physical one there, too, if you break ranks or whatever, but much of it to control the, you know, European spirit or Western spirit, whatever you want to call it, it's like white guilt, for example, or indoctrinating young white people into thinking that they're more evil.
00:07:39.260Or they have to give up things or if they've earned something or if they've had their parents pass something down to them.
00:07:45.200It's their, like, responsibility if they want to be seen as good people to give that away and give that to other people.
00:07:51.320And we can't have things that are just ours because that leads to, you know, train cattle cars and, you know, whatever else.
00:07:58.220Archie says, Legacy, this company, their biggest department is the collections department.
00:08:03.180I wonder how that's going to go down because it was also, like, you're going to give a pass on credit scores, right, and things like, oh, you have a Netflix account?
00:08:12.920That's going to count towards your credit score.