Kamala Harris, the Democratic vice presidential candidate, brings strong credentials to the table when it comes to housing and mortgage equality issues, according to her supporters within those areas.
"She had some real on-the-ground experience during the mortgage crisis as the attorney general," said Adam Briones, director, economic equality for the Greenlining Institute, an Oakland, Calif.-based advocacy group.
Harris has some bona fides in coming from California, a state where home affordability and availability have been long-term issues. California was also hit hard by foreclosures during the financial crisis; large numbers of borrowers there had pay-option adjustable-rate mortgages and many ended up underwater on their property.
During her term as attorney general, from 2011 to 2017, Harris was able to negotiate for the state to receive a larger portion of the
Three of the servicers agreed to separate commitments with California: Wells Fargo, JPMorgan Chase and Bank of America; the other two companies involved were Citigroup and Ally Bank (which emerged from the remains of General Motors' financial services business). Harris negotiated for $20 billion in relief for the state's homeowners, in addition to
However, Briones added, Harris also faced criticisms for how she handled the OneWest situation, in which she decided
OneWest was controlled by current Treasury Secretary
OneWest was sued in 2016 by a pair of California consumer groups on allegations of redlining; the bank
Then there are her stated goals as a candidate. Harris' focus on racial equality and closing the racial wealth gap included the pledge during her presidential candidacy to establish a $100 billion program to help Black families and individuals purchase homes.
"Just having a vice president that has real direct experience negotiating foreclosure agreements with banks, holding them accountable and frankly, being able to learn from that direct experience is very valuable," Briones said.
But, KBW took a more critical eye towards Harris. While it noted that Harris "does not have the same history with the financial sector as Sen.
Harris proposed the transfer tax during her campaign in 2019 as a way to pay for a Medicare-for-all plan, which so far has not gained any traction in Congress.
The report noted that Harris had limited experience with the financial sector while in the Senate, given that she was not on the Banking or Finance Committees.
However, Gardner pointed out Harris voted against the