ILLEGAL ALIENS & THE MORTGAGE MESS

New York Post ^ | 24 September, 2008 | Michelle Malkin

[TADSLOS]

AS panicked politicians prepare to fork over $1 trillion in taxpayer funding to rescue Wall Street, they've fingered regulation, deregulation, Fannie Mae and Freddie Mac, the Community Reinvestment Act, Jimmy Carter, Bill Clinton, both Bushes, greedy banks, greedy borrowers, greedy short-sellers and minority-home-ownership promoters for blame.

But there's one villain that has slipped notice: how illegal immigration, crime-enabling banks and open-borders Bush policies fueled the mortgage crisis. It's no coincidence that the areas hardest hit by the foreclosure wave - Loudoun County, Va., California's Inland Empire, Stockton and San Joaquin Valley, and Las Vegas and Phoenix - also happen to be some of the nation's largest illegal alien sanctuaries. Half of the mortgages to Hispanics are subprime. A quarter of all those subprime loans are in default and foreclosure.

[TADSLOS]

PING.

[Tennessee Nana]

And the American taxpayers are forced to subsidize the support of illegal aliens once again...

[Tennessee Nana]

PING

[misterrob]

She plays a bit loose here. She doesn’t talk about what % of the loans in foreclosure were to illegals, only that hispanics have a illegals in their population and the places where there are a lot of hispanics and illegals have high rates of foreclosure. I’d live to see the number so there could be no wiggle room on this.

Oh, it wasn’t just the hispanics involved on this as well. Plenty of blacks had the same racket going too.

[cripplecreek]

Illegals weren’t the sole cause but they damned sure were a warning sign and some of us screamed loud and often about it. We were called racist, nativist, socialists, conspiracy theorists, and anti capitalists.

And where are the name callers now?

Screaming that the world will end if we don’t give these banks money to pay for the disaster that wasn’t going to happen.

Meanwhile In the background I hear John McCain on the TV explaining that we need a strong economy to fight global warming.

[mewzilla]

I'm glad someone's finally addressing this.

[scooby321]

She is Spot on.

[wolfcreek]

But La Raza, McCain, Obama, Bush, Graham all insist that illegals pay their bills and just want a better life for their families.

[TADSLOS]

Meanwhile In the background I hear John McCain on the TV explaining that we need a strong economy to fight global warming.

Yep. he's currently waving his socialist-globalist flag...at the Clinton Global Initiative, no less. What a charmer.

[mewzilla]

Tancredo Demands ‘Bailout’ Provisions that Bar Handouts to Illegal Aliens

[cripplecreek]

We can’t throw money down the global warming hole if we don’t throw it down the failed bank hole first.

[Liz]

INVADER FRAUDS LEAD TO SUB-PRIME MORTGAGE MELTDOWN

FREEPER DB POSTED: Here's what they did in my area: (Illegal) family member buys house and gets teaser loan. Family member sells house to another illegal family member for $50k more. That illegal family member gets teaser loan. That family member sells house to yet another family member for even more again getting a teaser loan. They repeat this multiple times.

The last family member defaults on the loan and goes back to Mexico. The other family members walk away with a couple hundred thousand dollars of the banks money through all the repeated selling between family members. No one is accountable. Now repeat this on a broad scale and you can get an idea of what was going on...

INVADERS' DEFRAUD---TAXPAYERS PAY Multiply this mortgage scam by millions of invaders squatting on US oil. Better believe the Mexican govt was in on the scam----and profited along with the invaders.

[Terry Mross]

She said “half” the Hispanic mortgages were sub-prime and “a quarter” of those are in default.

My wife mentioned last night she remembers Bush in New Mexico raving about the immigrants owning homes.

I’m in the biz and I can tell you that for about 2 years if you were breathing you could get a loan. Until last November you could still get a loan if your back ratio was not over 50% and credit score didn’t matter. Until this month you could get a loan on the same terms but your score had to be 580. And this was all with no money down. Those programs end this month.

I think it’s interesting that when those no money down FHA loans go away we all of a sudden have a crisis.

I also remember being a loan officer in the early 90’s and we were all scared to death of rejecting a minority loan.

[Terry Mross]

She said “half” the Hispanic mortgages were sub-prime and “a quarter” of those are in default.

My wife mentioned last night she remembers Bush in New Mexico raving about the immigrants owning homes.

I’m in the biz and I can tell you that for about 2 years if you were breathing you could get a loan. Until last November you could still get a loan if your back ratio was not over 50% and credit score didn’t matter. Until this month you could get a loan on the same terms but your score had to be 580. And this was all with no money down. Those programs end this month.

I think it’s interesting that when those no money down FHA loans go away we all of a sudden have a crisis.

I also remember being a loan officer in the early 90’s and we were all scared to death of rejecting a minority loan.

[meandog]

It's not only subprime mortgages made to illegals...it's illegals building the homes. It happened right in my neighborhood...an empty $350K house sits vacant. It was built entirely by Mexican labor and the prospective buyer is in Chapter 13. She's in bankruptcy basically, she told me, because the house couldn't meet a basic building code and pass inspection but she signed a contract that ignored that fact and the builder went scott free after a court battle. I went through the home with her. The gas fireplace was sealed with no way to get pipes to the gas logs, the master bath jacuzzi pump was sealed in cement too. The hard wood oak floors are different colors as the laborers mixed the boards for the living room up with the ones for the upper bedroom. All of the dry wall had to be torn out and replaced after inspectors noticed that the wiring was wrong (it still is). There is apparently no good way now to hook up plumbing to the septic field as it hasn't been built yet so piping will have to be redug and flooring reholed. All of the siding had to be taken off after workers sided up a perfectly good brick facade...the house is a beautiful mess. Meanwhile, her the only way to keep her contingency home used to seal the deal for the "dream home" was to declare bankruptcy.

Believe it or not, practically the same thing happened to a shopping complex right outside the guarded gate to my neighborhood. The shell of a store was being bricked up by Mexicans by a Mexican builder. The entire wall collapsed. He then hightailed it back across the border and has never been heard of again and the bank that loaned him the money was left holding the bag.

[TADSLOS]

We can’t throw money down the global warming hole if we don’t throw it down the failed bank hole first.

No problemo. We'll just print more at a faster rate.

[mr_hammer]

“...and some of us screamed loud and often about it. We were called racist, nativist, socialists, conspiracy theorists, and anti capitalists.”

Amen brother!

[mewzilla]

Also by Malkin via NRO....

Illegal Loans A criminal business.

[Kimberly GG]

Not a peep out of Bush. No acknowledgement by either candidate. The media is silent. Have they FORGOTTEN Bush's Plan? God forbid ANYONE should admit how big a role their pandering to illegal aliens and their desire to see the illegal aliens more deeply entrenched in this country with mortgage and credit debt, played in this crisis. I could NOT get a mortgage or credit card without a job. I could NOT get a mortgage or credit card without a social security number. Those who made the decision to allow this to happen and encouraged financial institutions to move forward MUST BE HELD ACCOUNTABLE.

..."And so by the year 2010, we must increase minority home owners by at least 5.5 million. In order to close the homeownership gap, we've got to set a big goal for America, and focus our attention and resources on that goal."...

..." That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge. And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts.

This means they will purchase more loans made by banks after Americans, Hispanics and other minorities, which will encourage homeownership. Freddie Mac will launch 25 initiatives to eliminate homeownership barriers. Under one of these, consumers with poor credit will be able to get a mortgage with an interest rate that automatically goes down after a period of consistent payments. (Applause.)".....

Fannie Mae will establish 100 partnerships with faith-based organizations that will provide home buyer education and help increase homeownership for their congregations. I love the partnership. (Applause.)

The Enterprise Foundation and the local initiative support corporation will increase efforts to build and rehabilitate more homes in inner cities at affordable prices by working with local community development corporations.

In my home state of Texas, Enterprise helped turn the once decaying ideal neighborhood of Dallas into a vibrant community, by building homes that were sold to residents at affordable prices. The National Association of Home Builders will team up with local officials, home builder associations and community groups in 20 of our nation's largest housing markets, to focus on how to eliminate barriers, and encourage homeownership.
The Neighborhood Reinvestment Corporation will dramatically expand financial and home buyer education efforts to 380,000 minority families. The Neighborhood Housing Services of America will raise $750 million to promote homeownership initiatives in many communities. We're beginning to use the Internet better, so that realtors all across the country will be able to call up programs all designed to help minority home buyers understand what's available, what's possible, and what to avoid. The National Realtors Association will create a central data bank of affordable housing programs, which will be made available to agents, real estate agents, to help people. " http://www.whitehouse.gov/news/releases/2002/06/20020617-2.html