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Immigrants hit hard by slowdown, subprime crisis
Reuters ^ | January 30, 2008 | Adriana Garcia

Posted on 04/06/2008 2:41:28 PM PDT by Clintonfatigued

Although there is no formal tally, Mexican consular sources say a growing number of illegal immigrants across the United States are starting to pack their bags and return home.

Illegal immigrants were able to buy U.S. homes during the boom years, either by showing evidence that they pay taxes or by simply presenting false documents.

Many of them took out high interest fixed-rate loans or subprime mortgages with a low entry rate that later rose sharply. Experts say language difficulties made them more vulnerable to being offered, and taking, bad deals.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy
KEYWORDS: aliens; illegals; seeya; sobstory
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1 posted on 04/06/2008 2:41:29 PM PDT by Clintonfatigued
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To: Clintonfatigued

Every cloud has a silver lining...


2 posted on 04/06/2008 2:43:10 PM PDT by Psycho_Bunny
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To: neverdem; AmericanInTokyo; AuntB; fieldmarshaldj; cripplecreek; ExTexasRedhead; SwinneySwitch

In spite of the biased coverage in the article, it shows an undeniable link between open borders and the worldwide mortgage fiasco.


3 posted on 04/06/2008 2:43:38 PM PDT by Clintonfatigued (Those in the national Republican leadership do the work of three men- Moe, Larry, and Curly.)
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To: Psycho_Bunny

But they’re abondoning their overpriced homes and leaving their unpaid mortgages for others to clean up. This could get really bad.


4 posted on 04/06/2008 2:44:35 PM PDT by Clintonfatigued (Those in the national Republican leadership do the work of three men- Moe, Larry, and Curly.)
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To: Clintonfatigued
illegal immigrants

How un-P.C. of Reuters' editors to permit this turn of phrase to remain in the copy.

5 posted on 04/06/2008 2:44:39 PM PDT by aposiopetic
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To: Clintonfatigued

Immigrants hit hard by slowdown, subprime crisis

I am sure that headline should be....Illegal aliens hit hard by slowdown, subprime crisis.... *yawn*


6 posted on 04/06/2008 2:47:04 PM PDT by sheana
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To: Clintonfatigued

Sigh, the usual “Women, minorities hit hardest” crap from the MSM.................


7 posted on 04/06/2008 2:47:24 PM PDT by doorgunner69
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To: Clintonfatigued
"Illegal immigrants were able to buy U.S. homes during the boom years, either by showing evidence that they pay taxes or by simply presenting false documents.

Many of them took out high interest fixed-rate loans or subprime mortgages with a low entry rate that later rose sharply. Experts say language difficulties made them more vulnerable to being offered, and taking, bad deals.

"They were more exposed to abuse," said Alejandra Louden of the Congressional Hispanic Caucus Institute's housing department, which carried out a recent study on Latino home loan foreclosures. "Documents were in English and explained in Spanish, and some vital explanation would be missing."

Vulnerable? I don't think so...

sw

8 posted on 04/06/2008 2:47:26 PM PDT by spectre (Spectre's wife)
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To: Clintonfatigued
"leaving their unpaid mortgages for others to clean up."

Not to mention the blight and reduced values for the other housing in those neighborhoods where their foreclosed properties are located. It is not just the mess with their own properties that others are forced to assume responsibility for.

9 posted on 04/06/2008 2:48:16 PM PDT by TCats (The Clintons Are Not Just Wrong - They Are Certifiable AND Dangerous! See my Page)
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To: Clintonfatigued
And almost half of the mortgage loans in the hands of Hispanics are subprime

How many are illegal aliens?

10 posted on 04/06/2008 2:50:56 PM PDT by donna (Sticks and stones may break my bones but words will never hurt me.)
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To: Clintonfatigued

you gringos dont know us . we stay here to plunder the US like the drunken whore that you are. we will use the system that you built to robb you, abuse youand commit acts of crime. when we are done we will leave with your riches. what a pitty you are going into depresssion. we could have robbed you for years.


11 posted on 04/06/2008 2:51:21 PM PDT by slickdain (america belongs to mexico)
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To: slickdain

12 posted on 04/06/2008 2:54:21 PM PDT by Minipax
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To: Clintonfatigued
Illegal immigrants ... took out high interest fixed-rate loans or subprime mortgages with a low entry rate that later rose sharply.

They tried to game the system - now we're stuck holding the bag? Charming.

13 posted on 04/06/2008 2:56:33 PM PDT by GOPJ (The new Wall Street game: Privatize profits and socialize losses.Freeper Mad_Tom_Rackham)
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To: Clintonfatigued

Wonderful. And why, were banks so eager to make loans to people with no (or falsified) ID? Could it be Government pressure to keep that cheap labor flowing? Turns out that cheap labor is awfully expensive, isn’t it. Of course, some of us “xenophobes” have been saying this for a while. Now the chickens have come home to roost. I’m just surprised is starting to be reported truthfully.


14 posted on 04/06/2008 2:56:58 PM PDT by rbg81 (DRAIN THE SWAMP!!)
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To: Clintonfatigued
..Mexican consular sources say a growing number of illegal immigrants across the United States are starting to pack their bags and return home.

Good Riddance!

Don't let the barbed wire prick-ya, where the Good Lord split-ya, crossing back across the line into Mexico.

15 posted on 04/06/2008 2:57:21 PM PDT by SandRat (Duty, Honor, Country. What else needs to be said?)
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To: Clintonfatigued
Although there is no formal tally, Mexican consular sources say a growing number of illegal immigrants across the United States are starting to pack their bags and return home.

Good. Nasty third world barbarians don't belong here anyway.

16 posted on 04/06/2008 3:00:14 PM PDT by Centurion2000 (Party ahead of principles; eventually you'll be selling out anything to anyone for the right price.)
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To: Clintonfatigued

Okay...who’s got the little violin graphic handy?


17 posted on 04/06/2008 3:01:32 PM PDT by truthkeeper (It's the borders, stupid.)
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To: Clintonfatigued
In spite of the biased coverage in the article, it shows an undeniable link between open borders and the worldwide mortgage fiasco.

I'm not going to candy coat it.

George W. Bush should have been impeached shortly after the 2004 election when he took the mask off to reveal the stealth liberal with an "R" next to his name he always was.
18 posted on 04/06/2008 3:01:34 PM PDT by SpaceBar
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To: slickdain

Pleez!

We survived the bombing by 19 terrorists. We will survive this. This is the United States of America! We are the biggest dog on the porch!

BTW, you should watch “John Adams” tonight on HBO to understand our fortitude.

That’s assuming you still have cable.


19 posted on 04/06/2008 3:02:17 PM PDT by Lobbyist (I want my American dream!!!!)
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To: SpaceBar

I’ll be glad when Bush is gone.


20 posted on 04/06/2008 3:02:40 PM PDT by Clintonfatigued (Those in the national Republican leadership do the work of three men- Moe, Larry, and Curly.)
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To: Clintonfatigued

The mortgage crisis was worth it if it solved the illegal immigrant problem.


21 posted on 04/06/2008 3:04:25 PM PDT by AZLiberty (Wipe the national hard drive and reinstall the Constitution.)
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To: AZLiberty

Problem is, very few Americans are able to make the connection between the two, largely due to the biased coverage by an establishment-controlled media.


22 posted on 04/06/2008 3:06:09 PM PDT by Clintonfatigued (Those in the national Republican leadership do the work of three men- Moe, Larry, and Curly.)
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To: slickdain
"you gringos dont know us . we stay here to plunder the US like the drunken whore that you are. we will use the system that you built to robb you, abuse youand commit acts of crime. when we are done we will leave with your riches. what a pitty you are going into depresssion. we could have robbed you for years."

???!!!

One can only assume we have here the decades hence "issue" of some Juarez donkey show (poor donkey).

23 posted on 04/06/2008 3:06:58 PM PDT by VR-21
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To: Clintonfatigued

“They were more exposed to abuse,” said Alejandra Louden of the Congressional Hispanic Caucus Institute’s housing department, which carried out a recent study on Latino home loan foreclosures. “Documents were in English and explained in Spanish, and some vital explanation would be missing.”

Or maybe the illegal aliens who’ve experienced foreclosure are just lying to the Hispanic Caucus Institute’s representatives who conducted the study.


24 posted on 04/06/2008 3:07:26 PM PDT by Will88
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To: SandRat

Self-deportation.

What an excellent concept.

And as it turns out, costing us no more than having a roaring economy, only to have it drained away to the Third World countries, with no gracious appreciation of what was being done on their behalf.

A few more big “international bankers” got the scare of their lives, and lost a considerable amount of fiat reserves, but on the whole, not a bad trade if it reawakens our own country.

And with all those formerly totally unskilled workers now streaming back into Mexico with their newly acquired expertise in construction, think of the boom that could go on in that country!


25 posted on 04/06/2008 3:07:52 PM PDT by alloysteel (Living at large as a toxic curiosity since 1962)
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To: spectre
Many of them took out high interest fixed-rate loans or subprime mortgages with a low entry rate that later rose sharply. Experts say language difficulties made them more vulnerable to being offered, and taking, bad deals.

I wonder what excuse Reuters can offer up for the rest of the morons who bought houses they couldn't afford. I can't for the life of me understand why the MSM continues to play the "predatory lending" card. If I can't afford something, I DON'T BUY IT! Loan officers, real estate agents, and real estate brokers have an incentive to close sales. They make their money whether you end up in bankruptcy or not. If you don't understand that when you buy real estate, then you're too stupid to buy real estate. (comment not directed at you, spectre).

26 posted on 04/06/2008 3:13:03 PM PDT by highimpact (Abortion - [n]: human sacrifice at the altar of convenience.)
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To: doorgunner69
Don't forget "...the children..." too.
27 posted on 04/06/2008 3:14:08 PM PDT by skimbell
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To: Clintonfatigued
Illegal immigrants were able to buy U.S. homes during the boom years, ... by simply presenting false documents.

Hmmmmm ... sounds like "predatory borrowing" to me.

28 posted on 04/06/2008 3:14:44 PM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: Clintonfatigued
From the article (bolding mine):
U.S. President George W. Bush and Congressional leaders are working on an economic stimulus package worth almost $150 billion to fend off a possible recession, and Bush last month unveiled a plan to slow the wave of home loan foreclosures by freezing the rates on some subprime loans.

But experts say most of the immigrants in financial trouble are either not entitled to help under the rescue plan or are not taking advantage of it.

IIRC, my notice from the IRS said all I have to do to get the rebate was file taxes on my 2007 income.

Now, why might I not be able to do that?

Maybe I don't have a SSN or TIN.

Maybe I have no taxable income, not the same as income, to report for 2007?

In other words, these poor creatures are being singled out.

Cry me a river.

29 posted on 04/06/2008 3:21:02 PM PDT by upchuck (Who wins doesn't matter. They're all liberals. Spend your time and money to take back Congress.)
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To: Psycho_Bunny
Isn't that the truth!

Good case for LEARNING ENGLISH TOO!!

“Many of them took out high interest fixed-rate loans or subprime mortgages with a low entry rate that later rose sharply. Experts say language difficulties made them more vulnerable to being offered, and taking, bad deals.”

“They were more exposed to abuse,” said Alejandra Louden of the Congressional Hispanic Caucus Institute’s housing department, which carried out a recent study on Latino home loan foreclosures. “Documents were in English and explained in Spanish, and some vital explanation would be missing.”

30 posted on 04/06/2008 3:21:18 PM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: Clintonfatigued

in my community, the salvation army cupboards are bare, the temporary aid center is out today asking for donations their cupboards are bare.


31 posted on 04/06/2008 3:27:41 PM PDT by television is just wrong
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To: Clintonfatigued

BOO-Freakin’—HOO!


32 posted on 04/06/2008 3:29:15 PM PDT by radar101
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To: Clintonfatigued

“In spite of the biased coverage in the article, it shows an undeniable link between open borders and the worldwide mortgage fiasco.”

It’s about time people wake up to this. I live in CA, and I bought a house at the peak—had to so I could start procreating.

The value has dropped through the floor (we took out a fixed mortgage), but it’s clear, given our income, that there is no way gardeners could afford 500k houses! I was amazed.
They did..often times by renting out many rooms to other immigrants.
Joe immigrant moves in, cuts a few door ways in walls, including the garage, parks a few campers in the backyard, and is now open for business.
This happened all over the place in So cal. I saw it personally.

In any case, of course, we can afford to pay for our house, overvalued or not: it’s not easy: 3k a month housepayment + an additional property tax of 5400 a year + everything else.

I don’t care if my house ends up being worth half of what we paid, as long as the illegals GO HOME.

Mexico’s in contention for being one of the fattest nations now. Okay...if you have that much food to eat back home, go home and consume, please.


33 posted on 04/06/2008 3:35:00 PM PDT by kbingham
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To: rbg81

Can’t feeling some genuine anger. Two years ago our governor was announcing aspecial fund to assist illegal aliens to buy a home. Now my son wants a mortgage and the market is pretty thin.

What percent of the bubble was unanticipated and ultimately unreal demand? Our political elites? I spit.


34 posted on 04/06/2008 3:36:01 PM PDT by sgtyork (The secret of happiness is freedom, and the secret of freedom, courage. Thucydides)
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To: Clintonfatigued
I’ll be glad when Bush is gone.

One year from now we will all miss him terribly.

35 posted on 04/06/2008 3:44:24 PM PDT by Balding_Eagle (If America falls, darkness will cover the face of the earth for a thousand years.)
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To: Clintonfatigued

Where is the picture of the small violin playing????


36 posted on 04/06/2008 3:54:30 PM PDT by org.whodat (What's the difference between a Democrat and a republican????)
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To: Clintonfatigued

“...increasing numbers...”
WAY up from 9 to 12 or 13, at least. Why shouldn’t we trust the Mexican Government?


37 posted on 04/06/2008 4:12:49 PM PDT by whipitgood (Neither of, by, nor for the people any longer...)
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To: Clintonfatigued

Many of us will be.


38 posted on 04/06/2008 4:20:21 PM PDT by muggs (No matter who wins, America loses)
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To: Clintonfatigued

THANKS, BFL


39 posted on 04/06/2008 4:21:23 PM PDT by neverdem (I'm praying for a Divine Intervention.)
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To: Clintonfatigued

It’s funny, though, because well before the mortgage crisis I warned in this forum that getting rid of illegal aliens would trigger a decline in housing prices by removing many of the first-time buyers that allow everyone else to move up.

I didn’t anticipate the positive feedback loop where declining prices led to defaults which led to foreclosures which led to evictions which led to illegal aliens going home.


40 posted on 04/06/2008 4:28:36 PM PDT by AZLiberty (Wipe the national hard drive and reinstall the Constitution.)
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To: Clintonfatigued

Immigrants hit hard by slowdown, subprime crisis ...

I am just soooooooooo upset!!!


41 posted on 04/06/2008 4:37:13 PM PDT by nyyankeefan
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To: Clintonfatigued

Not really. The mortgage originators and purchasers were throwing money at anyone who would sign a piece of paper, without regard to legality of their presence in this country, evidence of ability to pay, or anything else. The great bulk of these mortgages went to citizens and legal immigrants, and I suspect the portion that went to illegal immigrants would just have been substituted with more going to other “buyers” if the immigrants had been kept out of the country or denied mortgages.


42 posted on 04/06/2008 5:08:17 PM PDT by GovernmentShrinker
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To: Clintonfatigued

==> “Immigrants hit hard by slowdown, subprime crisis.” <==

If they are still here AND illegal, not hard enough!


43 posted on 04/06/2008 5:11:33 PM PDT by MainFrame65 (The US Senate: World's greatest PREVARICATIVE body!)
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To: aposiopetic
illegal immigrants

How un-P.C. of Reuters' editors to permit this turn of phrase to remain in the copy.

OMG - Reuters' editors forgot to give American citizens the finger? There'll be hell to pay for some low level reporter...

44 posted on 04/06/2008 5:12:42 PM PDT by GOPJ (The new Wall Street game: Privatize profits and socialize losses.Freeper Mad_Tom_Rackham)
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To: GOPJ

This helps to prove the “self deporation route”. Take away the driver’s license, the job, the bank account, the health care and the schooling and presto..we will be back to where we have people only working “black market” jobs and not working in construction and manufacturing.
Arizon, OK are showing the way. We need to get more states signed up..even if the currupt pols in DC won’t do it.
We can also buy and influence State Reps cheaper. Buy one today.


45 posted on 04/06/2008 5:23:33 PM PDT by Oldexpat
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To: Clintonfatigued

The connection: OPEN BORDERS - SUB PRIME CRISIS and subsequent American recession, s clearly established for all to see, despite what
Clinton, Bush, Bush II, the RNC, the DNC, La Raza, Vincent Fox, all Mexican Consulates in the USA and Freeper Dane would want you to believe.


46 posted on 04/06/2008 5:32:13 PM PDT by AmericanInTokyo (McCAIN Has Not Become a CONSERVATIVE. So Why The Hell Should *I* Become A RINO?)
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To: GovernmentShrinker

I read an article that said 60% of HUD loans in foreclosure belong to illegal immigrants.The government encouraged banks to give mortgages to illegals and now the American citizen will pay for it. This could be the beginning of the worst financial crisis in a long time and the government played a major part in creating it.


47 posted on 04/06/2008 5:33:22 PM PDT by peeps36 (Politician = Corrupt Degenerate Loser = Ted, Nancy, Barry, Jack and Many More)
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To: SpaceBar

Shove yer “Bush Impeachment” line right straight up yer @ss.


48 posted on 04/06/2008 5:37:13 PM PDT by Husker8877
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To: Psycho_Bunny
Every cloud has a silver lining...

Not really.

The illegal aliens lose nothing as they put no money down. They can simply walk away and they will not be any worse off than they were before.

The lenders lose nothing since they pocketed commissions after selling those mortgages to gullible investors, maybe even a fund manager in a mutual fund in your own 401K. The lenders were making irresponsible loans with other people's money to generate commission profits.

We, the taxpayers and the responsible people that did not play the Bubble Game, are the ones that lose with a dropping stock market, housing prices that are unaffordable without gimmick loans and prospect of Government bailouts promised by politicians of both parties.

49 posted on 04/06/2008 5:40:42 PM PDT by Polybius
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To: DuncanWaring

“...sounds like ‘predatory borrowing’ to me.”

Sounds like fraud to me.


50 posted on 04/06/2008 5:47:02 PM PDT by ought-six
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