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Tags: harris | fha | subprime

Harris Needs Lessons on History, Lending Practices

senator kamala harris democrat of california and democratic presidential candidate
Sen. Kamala Harris, D-Calif., Democratic presidential candidate for the U.S. 2020 election. (Getty Images) 

Michael Reagan By with Michael R. Shannon Friday, 26 July 2019 05:31 PM Current | Bio | Archive

There are differing views on the cycles of history. George Santayana wrote, "Those who cannot remember the past are condemned to repeat it."

Mark Twain expressed a contrasting view," History doesn't repeat itself, but it often rhymes."

We think both men would agree that regardless of whether it is an exact repetition or something merely similar, it makes sense not to repeat history that produced a disaster.

This brings us to Sen. Kamala Harris, D-Calif., and her giveaway train campaign for the Democratic presidential nomination. Fox News reports that Harris promised, "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."

Sen. Harris then tweeted, "After generations of discrimination, it’s time to give black families a real shot at homeownership."

That’s a remarkable statement for her to make.

Does Sen. Harris mean to imply that during the eight year presidency of Barack Obama, the nation’s first black president, the federal government was carrying on or ignoring discrimination against black families who wished to buy a home?

Harris isn’t just ignoring recent history dating back to the Obama administration.

Her political clock appears to have stopped in 1962. Harris said, "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."

And what created this gap?

According to her, "Redlining has resulted in households of color receiving just 2 percent 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."

Redlining? Redlining was banned by federal legislation and regulations in the1960s and 1970s. Does Harris really believe that during the Carter, Clinton and Obama administrations the FHA was a hotbed of unreconstructed racists denying black families the ability to buy a home?

And where was Harris during the 2008 sub-prime mortgage crash?

Affirmative-action mortgages, which began during the Clinton administration and really took off during the Bush administration, caused the sub-prime mortgage crisis and the resulting so-called Great Recession.

And Kamala Harris wants to repeat the process?

The policy always starts out as an effort "to increase credit access" by loosening the rules for mortgage qualification.

And it always ends with a credit free-for-all that produces disaster.

Harris’s "wealth gap" is more a product of cultural collapse than government discrimination.

The black community is currently afflicted by an over 70 percent out-of-wedlock birth rate. This means those black families are less stable and consequently have difficulty establishing a viable credit score.

Harris can’t discuss that problem because the left considers that blaming the victim for their own bad decisions.

Instead she wants the rest of the country to go for a ride on the mortgage merry-go-round.


Michael Reagan, the eldest son of President Reagan, is a Newsmax TV analyst. A syndicated columnist and author, he chairs The Reagan Legacy Foundation. Michael is an in-demand speaker with Premiere speaker’s bureau. Read more reports from Michael Reagan — Go Here Now.

Michael R. Shannon is a commentator, researcher for the League of American Voters, and an award-winning political and advertising consultant with nationwide and international experience. He is author of "Conservative Christian’s Guidebook for Living in Secular Times (Now with added humor!)." Read more of Michael Shannon's reports — Go Here Now.

© Mike Reagan

Does Sen. Kamala Harris, D-Calif., really believe that during the Carter, Clinton, and Obama administrations the FHA was a hotbed of unreconstructed racists denying black families the ability to buy a home?
harris, fha, subprime
Friday, 26 July 2019 05:31 PM
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