>>Lombard Street’s warning comes as fresh data from the US National Association of Realtors shows that the glut of unsold homes reached a record of 8.9 months supply in May.<<
Right now we need at least 20 million foreign language speaking people who automatically qualify for welfare. I hope the Senate will do the right thing to help these people who have such fine work ethics, family values and no desire to become American citizens.
Bingo! You got it. This is what the bruhaha was about with Bank of America and their credit cards to illegals. This has been going on for years. It's not the credit cards, it's the bank accounts they qualified for with no visible means of support. Easy credit meant they could buy a house with no money down with an adjustable rate, and no real job. Now they are headed back to Monterey if they can't pay and we have to take it in the kazzoo. Some have even sold for a profit and took off with the money. Do they pay income tax? I think not.
The problem with the banks giving credit cards was never the credit card. They were paid for by the illegal with up front money. What was bad was that gave them credit. to get a bank account, and other loans, and even launder dirty money. Now that rates have gone up, the day of reckoning is here, and they are gone. Many had houses with several families moved in. One house in Houston was raided with 67 people in it. With a new SS number and fake drivers license, they are ready to live the American dream again.