Posted on 07/08/2019 6:01:03 PM PDT by SJackson
Sen. Kamala Harris, D-Calif., announced Saturday that she would invest $100 billion of federal money into housing assistance for black families as part of an effort to close the racial wealth gap in the United States if elected president.
"After generations of discrimination, it’s time to give Black families a real shot at homeownership," Harris tweeted on Saturday.
While appearing at Essence's Global Black Economic Forum, she emphasized the role of homeownership in driving the growth of wealth in the U.S. According to Harris' campaign, she would help 4 million homebuyers through down payment and closing-cost assistance -- granting up to $25,000 from the Department of Housing and Urban Development.
"If we eliminate racial wealth disparities in homeownership rates, median Black wealth would grow $32,113 per household, and the wealth gap between Black and white households would shrink 31 percent," her campaign said.
The program would target residents in red-lined communities -- areas the Home Owners' Loan Corporation has dissuaded lenders from investing in -- which her campaign identified as a culprit behind wealth disparities.
(Excerpt) Read more at foxnews.com ...
Sounds racist.
It is racist.
Apparently this idiot missed the Great Society program. We’ve spent trillions on welfare and it hasn’t done squat except leave Blacks worse off than ever. But then, that WAS the plan to make them destitute and dependent on the Demonrats. Just ask LBJ.
This is gonna work great. Not like it’s ever been tried before and failed miserably and then crashed the economy or anything like that.
Isn’t this just taking the mask off of the Community Reinvestment and Development Act? The root of the problems that resulted in the Great Recession? Is Kammy looking for a crisis to exploit in furthering the fundamental transformation of America?
This is essentially a repackaged version of what was tried in the early 2000s and led to the “subprime” crisis and the collapse of Fannie & Freddie. The idea that easy-money home ownership is the cure for the black economic underachievement is a dangerous, discredited fantasy.
Why didn't Kamala introduce legislation on this? She can still do it. Why didn't Bernie introduce legislation to pay off student loans?
Warren, Booker. None of these Democrats did a thing in the Senate except now they're running for POTUS and have a whole laundry list of things that have to get passed in Congress anyway.
How many dxxxx does she have to sxxx to earn the $100Bln?
She is planning to use her own money.
Right?
How about NOBODY gets a #$#$ing penny and buy your own @#$#ing house with your OWN #$#$ing money!!!
But that’s just me.
Why not just have them stand next to a paper grocery bag? If they are darker, then hand'em a check for $25K.
The more radical the proposal, the quicker the inevitable (and necessary) collapse. I'm learned to embrace absurdity like this.
That's why it was such a disaster--the banks knew that many of the later mortgages were made to people with dodgy credit histories. So, they packaged them up and securitized them, getting them off their books. Wall Street (think Merrill Lynch, Lehman, Bear Stearns, AIG) wound up holding the bag, as well as foreign entities in Germany and Iceland. And, if a creditor was aggressive in trying to collect on those loans, it was labelled a predatory lender.
That is not to excuse the inept and greedy collection practices of Wells Fargo and Bank America, BTW. But, that was after the fact corruption, not before the fact causation.
Wow, she must be concerned she doesn’t have the Black vote wrapped up so she proposes something to buy those votes.
Every time programs like this where homes were given to the “unfortunate blacks,” those same unfortunate blacks trashed the houses then moved out when they were not livable anymore.
Senator Willie Brown’s Girlfriend could just show the black women how to sleep their way up the ladder - starting with a six-figure “ghost job” on a company board.
If at first you don’t succeed, search for the votes and try again.
Free homes? Soon to be Free Single Family Slums... What next Free Caribbean vacations?
And the “heels-up, knees-wide”, ineligible to be POTUS KamelToe is going to pay for this how? It should be from her own money, not ours.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.