Kamala Harris has $100 BILLION plan for tackling black homeownership, racial wealth gap

I recall some similar programs that led to a financial crisis just not too long ago. How soon they forget history when running for office while promising free stuff.

From Fox News: 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.

“Redlining has resulted in households of color receiving just 2% of the [Federal Housing Administration] loans expanded between 1934-1962, and formerly redlined neighborhoods are sites of deep racial disparities in home value and lending activity,” an information sheet from her campaign read.

Her plan would also seek to increase credit access by alter crediting reporting standards to include payments on credit cards, student loans, auto loans, and mortgage payments.

The announcement came after polling showed her advancing amid a dispute with the frontrunner, former Vice President Joe Biden, over comments he made about racial issues.

After she targeted Biden during the first Democratic primary debate, Biden’s lead dropped in a Quinnipiac poll. That same poll showed Harris rising from 7 percent to 20 percent and leading Sen. Elizabeth Warren, D-Mass.

Racial issues have become a major topic as many Democrats accused the administration of bias against minorities. Former Rep. Beto O’Rourke, D-Texas, also sought to address racial wealth disparities with a plan that would vastly expand the federal government’s investment in women- and minority-owned businesses.

The 2020 hopeful claimed his plan would “unlock over half a trillion dollars” in resources and “spur the development of 200,000 new women and minority-owned small businesses.”

It also would redirect $100 billion in federal contracting toward small businesses, expand access to mentorship opportunities, open a public credit reporting agency and work through certain avenues to expand access to markets and capital.

DCG

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Steven BroilesDr. EowynLophattJM Tomlinsoncogitoergosumantra Recent comment authors
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Alma
Member
Alma

Kamala Harris is full of shit and much more. She has the nerve to say she wants to “close the racial gap”, blacks were no longer discriminated until Obama got in office, It was Obama that created the racial divide, he elevated racism and that billion dollars she wants from US, why can’t she use it to better the lives of the blacks, Latinos, whites, homeless, the poor. Obama became a millionaire in eight years, that rich boy is living it up and doesn’t care, Kamala is a dreamer but her time is not now or ever.

Old Guy
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Old Guy

When a politician proposes some kind of gift to a race of people, do they mean that it’s intended for those who are ethnically 100% whatever the color of the day is, or are those who are mixed eligible? What’s the cut-off? And how will it be determined what one’s ethnic make-up is? Do we need to submit a DNA test result? The pandering politicians are just throwing pasta at the fridge again. Any time a politician promises to reward one slice of the population the politician should be eliminated from the race. I’m really tired of politicians, especially those… Read more »

Kevin Lankford
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Kevin Lankford

Since the fraud obama (well,..him being the most prominent visual marker), race has become more idealized than citizenship,….even “Natural Born Citizenship”,… of which little prissy kamala is not natural born of any where.

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cogitoergosumantra
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cogitoergosumantra

“Her plan would also seek to increase credit access by alter crediting reporting standards to include payments on credit cards, student loans, auto loans, and mortgage payments.” I presume this means those facts WON’T be included in FICO scores? So that those who DON’T make timely (at least minimum) payments on loans they’ve contractually agreed to pay back, won’t then be held accountable for such non-repayment? Those scores were *just* altered to make them appear “better”. You see ads for links (Experian Boost) to “improve your credit scores” on TV here daily. S/he’s a loon, as is Beto for his… Read more »

cogitoergosumantra
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cogitoergosumantra

One more thing: Clinton’s administration did a LOT to increase home ownership for those without the means to afford them back in the ’90s, and look where that got us — the “Great Recession”. I’m ALL for making credit, business opportunities, and home ownership available to all who QUALIFY for such things. That’s the incentive to work hard, save, and become so qualified. If the only reason these folks are not being given such opportunity is their race, color, creed, religion, sex, etc., then by all means, fix things. But somehow, I doubt that’s the case. And to make such… Read more »

Jo
Member
Jo

Kamala Harris is a socialist and they’re so good at using our taxpayer money on BS. She is not black. Her father is Jamaican and her mother is from India. It’s all about getting the black vote. She is a total fraud and liar.

Lophatt
Member
Lophatt

All these schemes are just wealth redistribution. If blacks don’t make enough to afford to buy a home it isn’t my fault. Maybe if they stayed in school and learned the difference between “axe” and “ask” they might be able to land a better job. Asians are “minorities” too and I don’t hear them complaining. How about we stop talking about race? I don’t care about race. It isn’t up to me to make whoever feels oppressed happy. We talked much less about race before Obongo. “Race” can be proven to be a vehicle for communist propaganda. There is nothing… Read more »

Dr. Eowyn
Admin

All Kamala and other Demonrats do is to pander to so-called “victim” groups by “robbing Peter to pay Paul”. None of them offers any constructive idea on GENERATING wealth; all they promise is the malevolent wealth redistribution of socialism.

Lophatt
Member
Lophatt

Absolutely. It’s madness for their aficionados to be willing to let them pluck them like chickens. “Government” doesn’t give anything to anybody. It “takes” from the citizens and gives to the invaders.

Steven Broiles
Member

Be He not deceived: Kamala Harris the interloper is a Communist who has come to steal, to rob and to destroy. It matters not that she is not a natural born citizen: Barack Obama buried that. And make no mistake: Jamaal Harris has been plain and candid that she traded her sexual favors to get ahead. Not only does this make her a whore, it makes her just as dangerous as Jezebel or Cleopatra. I had a supervisor in my last teaching position who killed to conceal her crimes. Don’t be fooled by any such “honesty” now: Harris IS a… Read more »

Lophatt
Member
Lophatt

She had a reputation as a lawyer that was akin to Hillary Clinton. She will say ANYTHING that she thinks will benefit her. If challenged she starts backpedalling.

She used Willie Brown (for gawd’s sake!). She’d have used Al Sharpton if she thought it would benefit her. Listen to her schtick. She is going to rule like a tyrant via EO.

Now, just how stupid would somebody have to be to vote for someone who came right out and said that? She’s as craven has the coughing crusader.