ILLEGAL ALIENS & THE MORTGAGE MESS

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

[yorkie]

When I bought a house 30 years ago, I had to almost put up my first born for collateral. I had to almost sell my soul to get a loan - even though I had perfect credit. Issuing credit cards and unsecured loans to illegal immigrants was a HUGE mistake - as many of us posted years ago.

I have a neighbor who bragged that he built his house for 2/3 less by using illegals, instead of licensed contractors. Now, the City Code Department has found many, many problems, he can’t sell the house until the problems are corrected, and he can’t afford to correct them, and is facing bankruptcy. The bank will be stuck with his mortgage.

[Kimberly GG]

Y/W

And, now that the illegal aliens are ‘homeowners’, I’m sure that they will be included in any part of the bailout that calls for the protection or bailout of the homeowner ‘victims’ who were unaware (especially due to language barrier).

I posted someplace else that it seems to me that the ‘powers that be’ were intent on seeing the illegal aliens even more entrenched in our country, owing debt (mortgages, auto loans, credit cards) and, therefore, even more difficult to deport....also making amnesty seem a more reasonable economic solution. But I’ve also taken it a step further. Based on Pastor’s testimony re: North American Security, I’m wondering if our economic decline will make acceptance of the NAU/Amero an easier pill to swallow if it seen as being in our country’s best economic interest by most Americans.

[palomonte]

Please excuse my question if it’s already been answered.

Here it is. What happens to the individual borrowers who are in default whose loans are “bailed out”?

Will the government award contracts to huge collection agencies to try to collect?
Will the properties be sold and the proceeds used to offset the bailout?
Will the people in default be allowed to keep their homes scott free?

I haven’t seen anyone adress this - maybe they have and I’ve missed it - but if anyone can help me out - I would appreciate it.

[B4Ranch]

>And where are the name callers now?<

If there is an ounce of personal satisfation to be drawn from this subprime fiasco it is that everyone who was calling us racists, nativists, ignorant fools, cold hearted, conspiracy theorists, and anti capitalists are having to pay their share of the costs right now.

We warned them, they wouldn’t listen and now it is time for them to open their wallets too! Money is the one thing they do understand and I’ll bet they are pissed about having to kick in $3000 each to pay the costs.

Yes, I am smiling.

[TADSLOS]

Are you asking in respect specifically to illegals who defaulted on their loans or just in general?

[Ron H.]

And it’s the crime that just keeps on taking and taking from honest tax payers. Thank you Presidente Bush, you will be remembered long after you are gone and we Americans are left holding the bag and cleaning up after the mess you put the country in. Oh, and you Republicrats are just as much to blame as well. Partners in crime the lot of you.

[Terry Mross]

When the crash comes there’ll be a moratorium on mortgage payments like in the 30’s.

I’ve been saying for months that the government should tell the banks to refinance the loans at a fixed rate affordable interest with no closing costs and no appraisal. Then if it defaults the government would buy the loan. I believe most would chose to stay in their homes if they can afford the payments. This way the bank keeps the loan and continues to earn the interest.

But as it now stands, the government is going to buy ALL THE BAD LOANS and let the banks off the hook.

[Scythian]

Sure, I work for the federal government and am coding this routine up for them and making sure we're ready once the bill passes. I think the best way to show you how it's all going ot work is to just post the code:

public void ProcessLoans()
{
    foreach (Borrower borrower in borrowerCollection)
    {
        if (borrower.Status == ImmigationStatus.BornAndBredAmerican)
        {
            borrower.Loan.Foreclose();

            ATF atf = new ATF();
            atf.SendInAndEvict();
        }
        else if (borrower.Status == ImmigationStatus.UndocumentedMexican)
        {
            borrower.Loan.PayInFull();
            borrower.Loan.SendDeedToNewOwner();
        }
    }
}

[dfwgator]

Ahh, a C# coder I see.

[quack]

OK,you’ve totally lost me on that post.When did we get into the Constitution and in-alienable rights?If you want a pure Republic form of government,you’re about to get it,where you have no say in what your Representatives are about to do,or will do in the future.If we were in a pure Republic,then only the cherished few would get a vote.Only the lobbiest and the rich.Thank God we’re not.Thank God we still have a say in electing our Congress and Senate(by majority vote,btw).

[Scythian]

Ya, what do you think of my routine, it was 30,000 lines in java

[Ol' Dan Tucker]

That June Post story focused its critical reassessment of HUD's affordable-housing goals on the department's 2004 decision—during the Bush re-election campaign—to juice them up again, pushing the target to 56 percent by 2007.

I had not seen this article before. Thanks for the link.

While naming blacks as the intended recipient of this largess, the real target was Mexican illegal aliens.

[Ol' Dan Tucker]

Also, let us not forget about HUD Secretaries Mel Martinez and Alphonso Jackson both Bush appointees. Both left under a black cloud and are Bush cronies.

IMO, the Bush administration is as corrupt as they come.

[dfwgator]

Well at least since Java 5 you don’t have do the borrower.listIterator()... crap anymore. But don’t get me started on handling Dates in Java.

[raybbr]

I had not seen this article before. Thanks for the link.

I am astounded over the number of "republicans" who are "not seeing" this. (Not directed at you) It seems Bush is being fully insulated from his repsonsibility. However, it seems that this is one of reasons he's working so hard to push for the bailout - he knows he's partly to blame for it.

[Ron H.]

IMO, the Bush administration is as corrupt as they come.

I strongly believe that history will prove this to be very true.

[hosepipe]

[ If we were in a pure Republic,then only the cherished few would get a vote. ]

In a pure republic the central govt would be an after thought.. only applicable to inter and intra State negotiations.. and law.. You know the way it should be..

[TADSLOS]

I am astounded over the number of "republicans" who are "not seeing" this.

Most of them are too busy fantasizing over Sarah, propping up McCain as a conservative or posting Day in the Life images of Bush on FR. They aren't interested in reality.

[Ol' Dan Tucker]

And, now that the illegal aliens are ‘homeowners’, I’m sure that they will be included in any part of the bailout that calls for the protection or bailout of the homeowner ‘victims’ who were unaware (especially due to language barrier).

Hopefully, the real citizens will be so outraged they will flood the capitol with calls for no bail-outs.

posted someplace else that it seems to me that the ‘powers that be’ were intent on seeing the illegal aliens even more entrenched in our country, owing debt (mortgages, auto loans, credit cards) and, therefore, even more difficult to deport....also making amnesty seem a more reasonable economic solution.

Bush signed the Social Security Totalization Agreement with Mexico in 2004, which would've granted citizen-like access for Mexican illegal aliens. Better than citizens, really, when you consider they could start collecting after having worked on 18 months while US citizens have to work for 10 years befor we're eligible to apply.

It seems ironic that conservatives who opposed McCain's Amnesty will give him the mandate to pursue it by electing him President.

But I’ve also taken it a step further. Based on Pastor’s testimony re: North American Security, I’m wondering if our economic decline will make acceptance of the NAU/Amero an easier pill to swallow if it seen as being in our country’s best economic interest by most Americans.

Bush's actions and policies could certainly be said to be in support of this goal. I can't think of a better way to undermine the US economy than by opening the legal doors of our financial institutions to a class of people who have no interest in becoming citizens and are only here to make money then leave.

[AuntB]

Well, none of it makes me smile. But your point is well taken. Our detractors are masters at avoiding the obvious.