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.
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.
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.
Because the loans are not marked "legal" or "illegal."
However, I worked for a smallish mortgage company in Chicago for awhile in 2004, and we had a guy on the staff whose full time job was to make loans to "undocumented" immigrants. He was the second biggest producer in the company. We were told to not to discourage undocumenteds we came across, but to funnel them to the house "expert."
Make no difference, they shouldn't be called homeowners to begin with, they are nothing but temporary squatters on real estate.
Throw them all out in the street no matter what color they are or where they came from.
It will not be released.
But here's a number that is available:
85% of those that reside in California today, who have Hispanic surnames, can trace their existence in the United States to illegal immigration across our southern border since 1950.
A surprising percentage first emigrated to Texas and then moved on to California when the Bracero program swung into high gear. Many native Californians, including resident Hispanics, in the 50s and 60s, assumed these new citizens were long time residents of Texas, when, in fact, they were modally Mexicans who only recently escaped the economic desperation of central and northern Mexico.