I like Kamala Harris, but this is dumb

Dec 2018
2,934
2,102
Wisconsin
How Kamala Harris would increase housing assistance for people with criminal records

Here's the narrative: This plan will allow for lower income and minorities to afford houses. We all know owning a house is one of the best investments an individual can make. This would allow people to get out of the viscous cycle of poverty. Sounds great.

Here's the problem: The US did this in the 90s. We rolled out a plan that gave mortgages to people with limited to no credit history. These were known as subprime mortgages. What happened though is those people needed to make payments on those loans and, because they didn't have the finances to do so, they couldn't do it. So did the banks take the loss? No. They rolled the loans into package deals and sold them to OTHER banks. And what happened when time came up for those mortgages to get paid on? It lead to the 2008 financial crisis.

It's possible I'm missing something, but this plan should be easily trashed in the next debate.
 
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May 2019
417
76
USA
The article has nothing to do with mortgages. It is about public housing and transitional housing for recent;y released convicts
 
May 2018
7,102
4,909
Chicago
How Kamala Harris would increase housing assistance for people with criminal records

Here's the narrative: This plan will allow for lower income and minorities to afford houses. We all know owning a house is one of the best investments an individual can make. This would allow people to get out of the viscous cycle of poverty. Sounds great.

Here's the problem: The US did this in the 90s. We rolled out a plan that gave mortgages to people with limited to no credit history. These were known as subprime mortgages. What happened though is those people needed to make payments on those loans and, because they didn't have the finances to do so, they couldn't do it. So did the banks take the loss? No. They rolled the loans into package deals and sold them to OTHER banks. And what happened when time came up for those mortgages to get paid on? It lead to the 2008 financial crisis.

It's possible I'm missing something, but this plan should be easily trashed in the next debate.
You'r not missing anything, you're adding something. This has nothing to do with affordable housing, but housing for people who are transitioning back into society from jail. There is nothing in the article or the program that helps these folks get mortgages. You took an article to mean something it doesn't. Very disappointed, this isn't like you to do that. You should read your link again.
 
Nov 2012
41,152
11,840
Lebanon, TN
The article has nothing to do with mortgages. It is about public housing and transitional housing for recent;y released convicts

Did you not read the first sentence it is about

This plan will allow for lower income and minorities to afford houses. We all know owning a house is one of the best investments an individual can make. This would allow people to get out of the viscous cycle of poverty. Sounds great.
 

RNG

Forum Staff
Apr 2013
38,937
26,851
La La Land North
From my limited reading on this, currently there is a "one strike" rule related to subsidized housing, whatever you call it. What Harris is proposing is getting rid of that.
 
Sep 2014
1,444
179
On the outside, trickling down on the Insiders
How Kamala Harris would increase housing assistance for people with criminal records

Here's the narrative: This plan will allow for lower income and minorities to afford houses. We all know owning a house is one of the best investments an individual can make. This would allow people to get out of the viscous cycle of poverty. Sounds great.

Here's the problem: The US did this in the 90s. We rolled out a plan that gave mortgages to people with limited to no credit history. These were known as subprime mortgages. What happened though is those people needed to make payments on those loans and, because they didn't have the finances to do so, they couldn't do it. So did the banks take the loss? No. They rolled the loans into package deals and sold them to OTHER banks. And what happened when time came up for those mortgages to get paid on? It lead to the 2008 financial crisis.

It's possible I'm missing something, but this plan should be easily trashed in the next debate.
From the Carpetbaggers on, Racial Equality Has Always Been a Scam for the Greedy

Those were flipper loans. The banks would repossess whole neighborhoods and turn the formerly worthless property into highly profitable apartments for Young Urban Professionals. But they saturated the market; only then did they get stuck with too much junk. Also what you're never told: the sudden and unprecedented OPEC price-gouging upset the planned way to slowly cover the banksters' losses and still come out ahead.
 
May 2019
417
76
USA
Did you not read the first sentence it is about
That is not the article. The VERY FIRST SENTENCE of the article is:

"Sen. Kamala Harris (D-Calif.) rolled out a new plan Wednesday, in partnership with Rep. Alexandria Ocasio-Cortez (D-N.Y.), that intends to increase housing assistance to formerly incarcerated individuals and prevent unnecessary evictions."
 

Panther

Forum Staff
Jul 2013
5,725
3,250
North Texas
How Kamala Harris would increase housing assistance for people with criminal records

Here's the narrative: This plan will allow for lower income and minorities to afford houses. We all know owning a house is one of the best investments an individual can make. This would allow people to get out of the viscous cycle of poverty. Sounds great.

Here's the problem: The US did this in the 90s. We rolled out a plan that gave mortgages to people with limited to no credit history. These were known as subprime mortgages. What happened though is those people needed to make payments on those loans and, because they didn't have the finances to do so, they couldn't do it. So did the banks take the loss? No. They rolled the loans into package deals and sold them to OTHER banks. And what happened when time came up for those mortgages to get paid on? It lead to the 2008 financial crisis.

It's possible I'm missing something, but this plan should be easily trashed in the next debate.
Yeah, you forgot to blame G. W. Bush solely for the crisis.