In 2008, prior to my launching kramerontheright, I wrote extensively on the 2007-2008 Community Reinvestment Act crisis. As several of the Democrat presidential candidates want to again take us down this path, here are my observations and opinions.

WHO’S GOING TO CALL KAMALA’S HAND? – In a blatant move to pander to blacks, Democrat presidential candidate Kamala Harris introduced a $100 billion plan to help blacks buy homes by dealing with what she refers to as the “racial wealth gap.”

What better venue to pander to blacks than Essence Fest, hosted by the black magazine, Essence, a monthly fashion, lifestyle and beauty magazine aimed at black women between the ages of 18 and 49. It’s goal of empowering black women is aided by Essence’s slogan, “Fierce, Fund and Fabulous.”

Harris had her 15 minutes of fame in her attack of Apology Joe Biden over a decades-old school bussing issue and his relationship with Congressional members who were deemed to be segregationists.

Harris’ program would provide up to $25,000 in the form of grants from HUD to help pay down payments and closing costs. The grants would help an estimated four million individuals or families who make up to $100,000 or $125,000, respectively, and are looking to rent or buy homes in high-cost areas.

“Home ownership has historically been one of the most powerful drivers of wealth, which is why I announced a plan to shrink the racial homeownership gap, helping four million families with down payments and costs.” – Kamala Harris

So, who’s going to be courageous enough to take the mantle during the next debate, and call her on this ridiculous program that brings back memories of the 2007-2008 housing crisis, when homeowners found themselves owing more than the value of their property after succumbing to the illusion of financial circumstances which reduced the apparent risk of both lending and receiving loans.

Harris was not in the senate in 2008, but certainly she was aware of this attempt to put more Americans in their own homes, while she was San Francisco’s district attorney.

Biden, Bernie Sanders, and Amy Klobuchar were in the Senate and Kirsten Gillibrand and Tim Ryan were in the House, but will they choose to avoid bringing up the mistakes of their past colleagues, Chris Dodd and Barney Frank? Cory Booker and Julian Castro were mayors at the time and should recall the crisis. Surely, Dodd’s coziness with Freddie Mac and Fannie Mae will come up, and more.

Elizabeth Warren, of all the candidates, should be wary of another housing scheme. Following the 2007-2008 financial crisis, she served as chair of the Congressional Oversight Panel of the Troubled Asset Relief Program.

However, don’t look to Warren to challenge Harris’ plan, because …. wait for it … she has her own plan. She wants to spend half a trillion dollars over 10 years on affordable housing subsidy programs.

Under her plan, the federal government would provide down payment grants for first-time home buyers living in communities that have faced racial discrimination in the past.

Warren would also expand the purview of the Dodd-Frank Community Reinvestment Act, used to pressure mortgage companies into relaxing their lending standards for applicants from certain racial and ethnic groups.

Didn’t she learn anything from the 2008-2008 Dodd-Frank fiasco?

Don’t expect Booker to take on Harris either. He, too, envisions a larger role for the federal government in the residential rental market with a plan to reduce housing costs via a refundable tax credit for tenants.

Soon after announcement, Fox Business Channel’s Charles Payne, a black who has an impressive history of growing up in the worst part of New York, was critical of the Harris proposal and predicted what would happen when these individuals over-extended themselves, using the home as credit. He cited what was needed was educational programs in black communities.

“Widespread homeownership is an admirable goal, but not at any cost. That ought to have been the biggest lesson of the housing crisis, though the leading presidential candidates show no signs of having learned it.” – Jason L. Riley, The Wall Street Journal

Earlier, I asked who would be courageous enough to confront Harris on her proposal. I don’t expect anyone to do so, at the risk of being labelled a racist by those who are pandering to blacks with an assortment of financially risky proposals reminiscent of the 2007-2008 mess.

                     May God continue to bless the United States of America.