Posted on 04/06/2008 2:41:28 PM PDT by Clintonfatigued
Immigrants hit hard by slowdown, subprime crisis ...
I am just soooooooooo upset!!!
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.
==> “Immigrants hit hard by slowdown, subprime crisis.” <==
If they are still here AND illegal, not hard enough!
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...
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.
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.
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.
Shove yer “Bush Impeachment” line right straight up yer @ss.
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.
“...sounds like ‘predatory borrowing’ to me.”
Sounds like fraud to me.
If they pack up and leave, I don’t care.
To make money.
There was a method to their apparent madness. See Post 49.
These idiotic loans were not only made to illegals buying $100,000 houses for $200,000. They were also made to people with good jobs that were buying $400,000 houses for $800,000.
Now that the "Interest Only" grace periods have expired, illegal aliens with low paying jobs cannot afford both interest and principal on a $200,000 mortgage and people with good jobs cannot afford both interest and principal on an $800,000 mortgage.
But, "Don't worry", they used to say. "Once the grace period expires, you can simply refinance or you can sell that $800,000 house for $1,000,000 and make a $200,000 profit."
Result: Foreclosures for everybody that relied on a gimmick loan to pay an asking price that was far more than they could afford to repay.
Remember the "Is There Really a Housing Bubble?" threads on FR only about a year or so ago?
Remeber how most FReepers laughed at those like ex-Texan who warned about what was happening?
That too.
See Post 52.
You did not need to give in the the Bubble madness to start a family.
You could have rented my three bedroom rental house in a cul-de-sac in a nice neighborhood in San Diego for $1,600 per month and that includes the gardener and I pay the property taxes.
I bought that house in the 1980's for a sane price with conventional financing and it was completely paid off long ago. Thus, I can charge a realistic rent that the market can bear.
The price you bought at was inflated by people that were bidding up the price with Monopoly money.
Bingo....the level of whaling and moaning will at least double, and probably triple.
I hope that Bank of America gets scorched.
They allow illegal aliens to open accounts in their banks.
You're right. Drop the incentives and they'll go back the same way they came...
Loved the bit in the article that they’d now have a “black mark” on their credit report.
Who in the hell are they kidding? A loan obtained fraudulently and the perp is going to worry about a BLACK MARK? THE DAMN NAME WAS PROBABLY FALSE!!!!
I have no idea if that figure is accurate, but even if it is, it has little to do with the current problem, which involves privately originated subprime and “Alt-A” loans, not HUD loans. One of the problems is that people who were eligible for low-interest HUD loans and weren’t aware of that, got talked into high fee, high interest, and adjustable rate loans by private mortgage originators. A significant number of people who are being forced to default on subprime loans would be doing just fine if they’d gotten their mortgage via the HUD program instead.
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