LETTER: Harris prepares to repeat this past mistake
On Thursday, letter writer John McCarthy wrote that the $25,000 gift that Vice President Kamala Harris is promising first-time homebuyers will cause a repeat of the 2007 home-loan catastrophe (“Repeating history”). The 2007 fiasco was caused by President Bill Clinton signing a 1998 bill which deregulated the savings and loan industry. Since then, the process has been tightened up.
Kamala’s approach is similar to president Lyndon B. Johnson’s “Great Society.” That was another failure, which caused LBJ to not run for re-election in 1968. In any case, John’s anxiety in this matter is for good reasons.
If elected, I can see Kamala again loosening up the home loan rules via an executive order, and we have 2007 all over again.