My Opinion

Misplaced, misleading political pandering – grants to buy a home.

From Bloomberg.com. Sen Harris proposal –

“We must right the wrong, and after generations of discrimination give black families a real shot at home-ownership — historically one of the most powerful drivers of wealth,” Harris said. 🤑 see below

The great giveaway continues.

“The program, ($100 billion) which would be administrated by the Department of Housing and Urban Development, would give grants of up to $25,000 to families with incomes of up to $100,000, or as much as $125,000 in high-income communities. Harris said the plan would, over time, reduce the wealth gap between black and white families by one-third.”

🤑 That is a very misleading statement, generally not true

Hey, I’m all for helping those truly in need, giving a foot up to get them started, but do families earning up to $125,000 (more than twice the median US household income), need taxpayer assistance? At those income levels, if you can’t come up with a down payment, still as low as 5%, how will you afford all the expenses associated with home ownership?

Government policy pushing home ownership and subprime lending got us into the Great Recession and still we don’t learn our lessons.

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7 replies »

  1. Wow, did I blow it. I just checked to see when the chicken in every pot phrase was first uttered, and find that it was the Republicans supporting Herbert Hoover who used it, not FDR. Note to self: research before writing.

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  2. I think FDR’S radio speech talking about a chicken in every pot preceded his disastrous policies that deepened and lengthened the Depression. Yet, he is still widely regarded as a hero. We often say we believe that deeds are more important than words. But too often it’s the other way around.

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  3. This is for only black families make less than $125K? Is he implying that blacks are somehow inferior and are incapable of earning enough money or getting a mortgage on their own? This is a slap in every American’s face that got a mortgage while earning less than $125K. How racist can you get? 90% of the people make less than $119K. So this is basically giving everybody $25K if they are black and want a mortgage?

    The FHA and VA and other programs are already out there to help people get a mortgage but you still need good credit which means paying your bills on time. Giving people money directly such as gifts from relatives is not allow for most mortgages because it proves you cannot handle the debt to begin with. If you want to help these people than fix government regulations to allow more starter houses to be built. This includes removing restriction for lot sizes, housing density, and other zoning requirements. Local governments have to stop depending of property taxes thus they will stop requiring big expensive houses to be built. Funding the schools from a source other than property taxes will allow for higher density building without worry if the schools can be funded to support more students.

    I am sure that there are major problems with everything I just suggested. But we already know what will happen when government policies force banks into lending money to borrowers who cannot afford or manage debt. It has not even been 15 years since the housing bubble burst and the Ds want it to happen again.

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  4. This is just more proof the the Ds are crazy and cannot do simple math. 100 billion divided by 25,000 = 4 million. I am sure that there are way more than 4 million people who will qualify for the program. Why the hell are these political elites coming up with programs that help less than 2% of the population. CRAZY liberals, someone needs to tell them that there is not a money tree out back and that we cannot dream up pie in the sky solutions to overcome sheeples poor choices. We are all going to get slaughtered if we continue to elect these idiot progressives. What the hell are they thinking, they must want to cause a depression, that will be 10 times worse than the 1930s.

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  5. Talk about a racist proposal – it doesn’t get much more racist than forcing “whites” to give money to “blacks”. (How else do you get the money to do this, especially with the goal of reducing wealth gap between black and white families?) How is this not viewed a encouraging a black-white divide?

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