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Housing Push for Hispanics Spawns Wave of Foreclosures
WSJ ^ | 010409 | SUSAN SCHMIDT and MAURICE TAMMAN

Posted on 01/04/2009 6:56:46 PM PST by Fred

California Rep. Joe Baca has long pushed legislation he said would "open the doors to the American Dream" for first-time home buyers in his largely Hispanic district. For many of them, those doors have slammed shut, quickly and painfully.

Mortgage lenders flooded Mr. Baca's San Bernardino, Calif., district with loans that often didn't require down payments, solid credit ratings or documentation of employment. Now, many of the Hispanics who became homeowners find themselves mired in the national housing mess. Nearly 9,200 families in his district have lost their homes to foreclosure.

Congressional districts with large Hispanic populations often feature heavy nonprime lending. See how different districts break down in terms of prime and nonprime home loans.

For years, immigrants to the U.S. have viewed buying a home as the ultimate benchmark of success. Between 2000 and 2007, as the Hispanic population increased, Hispanic homeownership grew even faster, increasing by 47%, to 6.1 million from 4.1 million, according to the U.S. Census Bureau. Over that same period, homeownership nationally grew by 8%. In 2005 alone, mortgages to Hispanics jumped by 29%, with expensive nonprime mortgages soaring 169%, according to the Federal Financial Institutions Examination Council.

An examination of that borrowing spree by The Wall Street Journal reveals that it wasn't simply the mortgage market at work. It was fueled by a campaign by low-income housing groups, Hispanic lawmakers, a congressional Hispanic housing initiative, mortgage lenders and brokers, who all were pushing to increase homeownership among Latinos.

The network included Mr. Baca, chairman of the Congressional Hispanic Caucus, whose district is 58% Hispanic and ranks No. 5 among all congressional districts in percentage of home loans not tailored for prime borrowers. The caucus launched a housing initiative called Hogar -- Spanish for home

(Excerpt) Read more at online.wsj.com ...


TOPICS: Breaking News; Business/Economy; Crime/Corruption; Politics/Elections
KEYWORDS: 110th; aliens; baca; bho2008; democrats; dodd; fannie; foreclosures; frank; freddiemac; hispanics; housingcrisis; illegalaliens; illegalimmigration; immigrantlist; immigration; joebaca; lalinea; laraza; maldef; obamanomics; paymymortgage
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minority borrowers seeking loans were often stopped cold by a practice called red-lining

Yeah, red-lining is a code word for ILLEGAL IMMIGRANT!!!
1 posted on 01/04/2009 6:56:47 PM PST by Fred
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To: Fred

Red-lining? Liberals always look for an excuse for the lack of personal responsibility. To them, it is always someone else fault.


2 posted on 01/04/2009 6:59:22 PM PST by mort56
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To: Fred; AuntB; Tennessee Nana; AmericanInTokyo; calcowgirl
For years, immigrants to the U.S. have viewed buying a home as the ultimate benchmark of success.

GOD'S CHILDREN PING


3 posted on 01/04/2009 6:59:24 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: Fred
For years, immigrants to the U.S. have viewed buying a home as the ultimate benchmark of success.

And for reasons unknown to Rats..

4 posted on 01/04/2009 7:00:43 PM PST by MaxMax (I'll welcome death when God calls me. Until then, the fight is on)
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To: Liz; calcowgirl
I think Californians know who to thank for the illegal alien shenanigans...


5 posted on 01/04/2009 7:03:27 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: Fred
YES WE CAN.... (...."Bankrupt the United States and then split back to our home countries, leaving a pile of crap behind for the gringoes to contend with...what's it to us? they oppressed us all thse years and took our land--serves em right").
6 posted on 01/04/2009 7:04:52 PM PST by AmericanInTokyo (Bushbot-ism: The depths of subjective idiocy & academic dishonesty among so-called "Conservatives")
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To: All
Mortgage lenders flooded Mr. Baca's San Bernardino, Calif., district with loans that often didn't require down payments, solid credit ratings or documentation of employment.

They don't need no STEENKIN' documentation...they're God's children!

7 posted on 01/04/2009 7:05:03 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: Fred
Making your point, I could not find the phrase "illegal alien" anywhere in the text.
8 posted on 01/04/2009 7:05:52 PM PST by Seaplaner (Never give in. Never give in. Never...except to convictions of honour and good sense. W. Churchill)
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To: Fred
Two such borrowers work in Mr. Scrugg's office. Sandra Cardoza, a $28,000-a-year office manager, is now $30,000 in arrears on loans totaling $370,000. "Her loan documents say she makes more than me," says Mr. Scruggs.

Incredible that no one is in prison, let alone being investigated for this fraud.

9 posted on 01/04/2009 7:09:51 PM PST by randog (Hope is a bad business plan.)
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To: Fred; mort56
Boy, am I getting old. Folks are already forgetting what Red Lining was about.

Here's the deal. You had a community which was readily identifiable by race or ethnicity. There was a track record of low incomes and difficulty paying off loans in that community.

What the banks would do is get a map and draw a red line around the district with all the problem people.

The theory was that by doing it this way the banks wouldn't have to worry about getting more borrowers of "their kind" anymore, plus, the "red lined" area would fall into decay that much faster (due to the inability of even better off folks living there to get credit) and it could simply be forgotten until urban redevelopment (or comparable process) came along.

Insurance companies still do things that way ~ unless prohibited by law, and then they do something similar to get the same effect.

Obviously "red lining" was fairly well directed at black people, even those with good jobs who paid their bills.

Ever wonder why so many blacks back in the 1960s wanted to get out of inner city areas so badly? It was very often the case that they couldn't buy houses in their own neighborhoods because they couldn't get a mortgage.

It really wasn't because they wanted to move in next door to white people!

Simply abolishing red lining didn't solve the problem of the individual borrower who couldn't or wouldn't repay debt!

10 posted on 01/04/2009 7:11:20 PM PST by muawiyah
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Comment #11 Removed by Moderator

To: Fred
Many Hispanic families had multiple wage earners working multiple cash jobs

Yes, ILLEGALS!

12 posted on 01/04/2009 7:15:11 PM PST by kcvl
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To: Fred

The media’s use of the sad tale that these people have “lost their houses” is so blatantly misleading that it makes me sick. Most of these people have less than 5% equity in these houses. They never owned them; they were renting the houses and the mortgage company’s money. They are out very little or nothing. They probably can stay in the house for six months after failing to make payments, which is like being paid free rent


13 posted on 01/04/2009 7:16:46 PM PST by Eleven Bravo 6 319thID
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To: Fred
The silver lining in the dark cloud of foreclosures en mass - an end to illegal immigration? By giving the banks the money they need to continue the foreclosures, millions of illegals will now be compelled to return to Mexico.

And they said over, and over, “Compelling millions of undocumented citizens to return home is unrealistic...” Now that the banks and lawyers can earn a commission doing the work of Simon Legreed, this crisis will soon work itself out.

14 posted on 01/04/2009 7:18:19 PM PST by JOLLYDODGER (John McCain - The next great Viagra spokesman.)
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Comment #15 Removed by Moderator

To: randog

Sandra Cardoza
Library / Computer Lab Tech
Jefferson School District
Q4/2007
John Edwards
$250
59 HIGHLAND AVE
San Francisco CA


16 posted on 01/04/2009 7:23:03 PM PST by kcvl
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To: rabscuttle385
Mortgages Were Awarded to Illegal Aliens
familysecuritymatters | 12/16/08 | Michael Cutler
FR Posted on Tuesday, December 16, 2008 10:32:55 PM by Sammy67

This story deals with one of the key issues about immigration that virtually no one is willing to talk about - especially politicians and others who subscribe to the open borders philosophy and to the idea of providing the millions of illegal aliens who are in our country with a Guest Worker Amnesty Program and a "Pathway to United States Citizenship."

It deals with illegal aliens using stolen Social Security numbers and false immigration documents to apply for a home loan.

The challenges confronting our nation in dealing with the millions of illegal aliens who are in our country are numerous and significant. In my opinion, the most daunting challenge, and one that is fraught with national security implications, deals with accurately identifying millions of illegal aliens who have no reliable way of proving their identities.

Our officials cannot be certain as to the true names of these millions of people. There is no way of determining their true nationality. There is no way of knowing when, where or how they entered the United States. Therefore, there is no way of truly knowing if they are wanted for crimes in other countries. (Excerpt) Read more at familysecuritymatters.org ...

17 posted on 01/04/2009 7:23:15 PM PST by Liz (The right to be left alone is the beginning of freedom. USSC Justice William O. Douglas)
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To: randog

VIRGINIA POVERTY LAW CENTER

Legal Services of Northern Virginia

Sandra Cardoza 246-4090

DV Paralegal/Office Manager

scardoza@lsnv.org


18 posted on 01/04/2009 7:27:17 PM PST by kcvl
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To: All
Mexican newspapers run ads touting “FREE HOMES IN THE USA”............

Illegals steal SS nos and ID's when they sneak over our border.

Thanks to Obaba, Acorn and our dumb pols, bank do not dare ASK illegals for proof of citizenship, pay stubs, etc....only a signature of one of their fake identities is needed to get a mortgage.

They then furiously flip houses back and forth among family members at higher and higher prices, using subprime mortgages.

Once they got a pot of free money, they default, abscond to Mexico w/ thousands of dollars.....while Americans get stuck with their toxic bank loans.

19 posted on 01/04/2009 7:29:31 PM PST by Liz (The right to be left alone is the beginning of freedom. USSC Justice William O. Douglas)
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To: Fred

bttt


20 posted on 01/04/2009 7:30:55 PM PST by Guenevere
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To: All
Husband And Wife Plead Guilty To Massive Florida Straw Buyer Scheme

FR Posted by Staff Reporter on 06/02/08 at 03:25 AM

Juan and Rachael Torrens pled guilty to conspiracy charges in connection with their participation in a recent multi-million dollar mortgage fraud scheme in South Florida. The defendants acknowledged as part of their guilty plea that their scheme produced over $15,000,000 in fraudulent loans, and resulted in losses of over $5,000,000 to various lenders.

With Juan and Rachael Torrens‘ guilty pleas, 15 of the original 31 defendants charged have pled guilty.

As previously reported by Mortgage Fraud Blog, defendants Juan Torrens, the de facto owner of Amsouth Trust & Investment Corp. (”Amsouth”) and president of Countryside Land & Development, Inc., Rachael Torrens, president of 1st Choice Realty of South Florida, Inc. and de facto owner of First United Mortgage USA Corp., Daniel Ramos, Alfonso A. Muxo, a State of Florida certified real estate appraiser and owner of Palm Bay Real Estate Appraisals, Inc., and Katherine Harris, former president and part owner of Floridian Home Title Corporation, were charged with conspiracy to commit wire fraud and/or wire fraud for their participation in this massive mortgage fraud scheme.

The scheme involved fraudulent mortgage loans obtained for the purchase of 28 properties located in Miami-Dade and Broward Counties, Florida, and in the City of Marco Island. All except Katherine Harris have already pled guilty, and are awaiting sentence.

The Indictment also charges defendants Mario E. Diaz, Aurelio Pozo, Oscar Barreiro, Lellany Rordriguez, Jose Asensi, Carlos Morales, Damaris Jimenez, Lizabeth Perez, Mario Blanco, Rene Rodriguez, Tamaris Angulo, Alicia Loaiza, Ester Crespo, Jesus Enrique Guevara, Janette Lugo, Priscilla Fleitas, Erick Clavijo, Luis DeJesus Planas, Moises Llorens, Milva Roque, Aurora Ramentol, Gladys Lens, Nancy Fundora, Yanny Cruz Pavon, Roger Rosario and Jacqueline Perez-Castillo ("the straw buyer defendants") with wire fraud for their participation in this mortgage fraud scheme.

To date, guilty pleas have been entered by defendants Aurelio Pozo, Oscar Barreiro, Carlos Morales, Damaris Jimenez, Mario Blanco, Jesus Enrique Guevara, Janette Lugo, Priscilla Fleitas, Moises Llorens, Gladys Lens, and Roger Rosario.

According to the Indictment, Juan Torrens would identify sellers of residential properties who were willing to overstate the true selling price of their properties. Daniel Ramos and Juan Torrens would then recruit and pay the straw buyer defendants to pose as buyers and ostensibly participate in the purchase of the selected properties.

Defendants Rachael Torrens and Juan Torrens would prepare fraudulent mortgage loan applications for the straw purchasers that included false employment verifications, pay stubs, income and funds on deposit, and IRS Forms W-2.

Thereafter, to support the overstated sales prices on the properties and the fraudulent mortgage applications, defendant Alonso A. Muxo would prepare fraudulent appraisals attesting to the inflated property values dictated by Juan Torrens. Roger Rosario, an employee of Regions Bank, assisted the fraud by providing, on at least one occasion, a fraudulent verification of deposit in connection with a mortgage loan application for one of the straw buyer defendants.

To effectuate the scheme, defendants Juan Torrens and Rachael Torrens, together with the straw buyer defendants, would create and submit to the banks and lending institutions HUD-Settlement Statement Forms, also known as HUD-1s, which falsely stated that the straw buyers brought their own funds to the closings.

Once the mortgage applications were approved, the lenders would wire the loan proceeds to the title company, Floridian Home Title, for closing.

At closing, Amsouth, a company owned and controlled by Juan Torrens, would receive a credit for the difference between the inflated price and the actual selling price of the property. Defendants Juan and Rachael Torrens would make the payments on the mortgage loans to maintain the loans afloat until the properties could be resold again, often to another straw buyer.

When the Torrenses failed to make payments on the loans, some properties went into foreclosure, resulting in substantial losses to the lending institutions.

SOURCE http://www.mortgagefraudblog.com/index.php/weblog/comments/husband_and_wife_plead_guilty_to_massive_florida_straw_buyer_scheme/

21 posted on 01/04/2009 7:31:20 PM PST by Liz (The right to be left alone is the beginning of freedom. USSC Justice William O. Douglas)
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To: All
Pres-elect Obama, lawyer for community organizers--ACORN-- was party to battering banks with lawsuits, forcing bank loans to marginal people. Food stamps were deemed an income gauge in some cases. Millions of illegal aliens got mortgages with no proof of income or citizenship. They were never asked for proof of employment, pay stubs, etc. As long as they had a pulse, and could write the name of one of their stolen identities, they got a mortgage.

Illegal con artists promptly flipped the homes among family members for ever-higher prices and mortgages(duping banks at every turn). With enough stolen money to retire in luxury, the last illegal mortgage-holder defaulted and absconded to Mexico leaving banks (and taxpayers) holding the bag. Screwing Americans gets a lotta laughts over tequila shots in downtown Tiujana.

Stupid politicians aided and abetted illegal invasions, copping out of responsibility, figuring US taxpayers would pay the bills. Obama and ACORN made sure illegal criminals got loans. So let's all thank Pres Obama for all the toxic mortgages that led to the Wall Street meltdown--and the never-ending billion dollar bailouts (/s).

==================================================

Keep in mind, the Mexican government is rigorously working trying to undermine our nation.

Juan Hernandez----- McC's Hispanic Outreach man---- told Cong Tancredo: " By populating the United States with millions of Hispanics who are tied economically, politically and linguistically to Mexico, we are able to exert enormous influence and pressure on U.S. policy and its dealings with Mexico."

The US has been literally invaded and is being occupied by foreign governments.

Thanks to suckup politicians, we are subsidizing our own destruction. Vote-crazed pols are mesmerized by the (fraudulent) voting numbers being tossed around....... their gonads are being squeezed by propaganda emanating from south of the border.

22 posted on 01/04/2009 7:35:56 PM PST by Liz (The right to be left alone is the beginning of freedom. USSC Justice William O. Douglas)
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To: Fred

This reminds me of a funny story I heard on the radio.

This newly established neighborhood was having a lot of problems with all the trash and illegals that were building the new homes. So they had a magnetic sign made, with I.N.S. printed on it, stuck it on one of the homeowers vans and parked it in his drive way across the street. POOF....no more workers at all. All building stopped that day. The I.N.S. stood for the home owners assoc.’s name. lololol


23 posted on 01/04/2009 7:41:06 PM PST by nbhunt
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To: Fred

The Terry Anderson Show...

Tonight Terry’s guest will be Patty Compean...

Call Terry LIVE 9-10 PM PST at (866) 870-57521

LIVE stream at http://krla870.townhall.com/

http://www.republicbroadcasting.org/index.php?cmd=listenliv

http://www.freerepublic.com/focus/news/2158789/posts


24 posted on 01/04/2009 7:41:08 PM PST by Tennessee Nana
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To: Fred
Nearly 9,200 families in his district have lost their homes to foreclosure.

Just imagine what would have happened if this district had been "red-lined"!

25 posted on 01/04/2009 7:46:39 PM PST by VeniVidiVici (All hail the Obamasiah! Kneel before Obamohammad!)
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To: kcvl
Joe Bacca's brother - Chew.

I'd redline his ass.

26 posted on 01/04/2009 7:50:23 PM PST by VeniVidiVici (All hail the Obamasiah! Kneel before Obamohammad!)
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To: Eleven Bravo 6 319thID
The media’s use of the sad tale that these people have “lost their houses” is so blatantly misleading that it makes me sick. Most of these people have less than 5% equity in these houses. They never owned them; they were renting the houses and the mortgage company’s money.

I was thinking the same thing. They were never "their" houses. In some cases they even obtained 125% loans.

27 posted on 01/04/2009 7:54:23 PM PST by truthkeeper (It's the borders, stupid.)
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To: Fred
California Rep. Joe Baca has long pushed legislation he said would “open the doors to the American Dream” for first-time home buyers in his largely Hispanic district. For many of them, those doors have slammed shut, quickly and painfully.

Here in Texas, I was sitting at a traffic light with my wife when we noticed a sign on the side of the road advertising for “Sugarberry Farms” a housing development.

The sign read, “No Documentas, No Problemos”

No documents, no problem......how nice. Homes for illegals.

My wife and I were stunned. I hope these banks offering these loans to illegals collapse and go outta business.

What's wrong with America.....is it truly all about a dollar.

Does the national security of our nation take a back seat to the almighty buck?

Congress are a bunch of back stabbin traitors in allowing all these illegals to remain here that hold no true allegiance to this country.

Suckin the juice of life out of our nation.

Just damn

28 posted on 01/04/2009 7:58:52 PM PST by servantboy777
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To: Fred

Mexico is just bringing more success to the United States.

Don’t you know, all cultures and nationalities are the same, it just takes a village.

Kum-bay-yah, my Lord.


29 posted on 01/04/2009 8:06:25 PM PST by wac3rd (In the end, we all are Conservative, some just need their lives jolted to realize that fact.)
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To: Liz

It’s not really being done much now FWIW...those types of mortgages are all but non-existant now.


30 posted on 01/04/2009 8:09:51 PM PST by RockinRight (Now it's my turn to have a psychotic, uncontrollable hatred for the President.)
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To: Toddsterpatriot; Mase; expat_panama

Excellent read about our government at work.


31 posted on 01/04/2009 8:15:42 PM PST by 1rudeboy
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To: kcvl

figgers


32 posted on 01/04/2009 8:18:26 PM PST by anniegetyourgun
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To: Liz
"we are subsidizing our own destruction."

Couldn't be said loud enough. I removed every cent from my (nationally known) bank two years ago, when I realized they were giving credit cards and mortgages without collateral to illegal immigrants.

I told the bank manager they were going to cause the collapse of the banking system as we know it, and I would not support that. No one listened.

IMHO, the border should have been sealed tightly on 9/12/2001, and all tax dollars should have been removed from subsidizing the freebie life-style the illegals so enjoy.

We should have started protecting our country from invasion from every illegal alien, no mater what country they snuck in from.

Now, Gov. Schwartznegger wants to cut a week of education from all students in CA schools - to make up the monetary defecit in CA, yet supports handing out "free" medical care, food stamps, subsidized housing, education, WIC to all illegals, at taxpayer's expense.

Liz is right. "We are subsidizing our own destruction".

33 posted on 01/04/2009 8:26:06 PM PST by yorkie (The early bird gets the worm; the second mouse gets the cheese)
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To: Liz
it's not just the Illegals that are in on the scam

check this out

http://www.ocregister.com/articles/soni-washington-mutual-2163800-sonis-family

34 posted on 01/04/2009 8:33:16 PM PST by markman46 (engage brain before using keyboard!!!)
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To: muawiyah

I’m not sure about the Constitutionality of banning such overt racism by private businesses, despite the truly laudable goal. Unfortunately, the effect has been affirmative action loans. People whose homes are foreclosed because they have debt they cannot pay are not beneficiaries.


35 posted on 01/04/2009 8:35:10 PM PST by rmlew (The loyal opposition to a regime dedicated to overthrowing the Constitution are accomplices.)
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To: muawiyah

So are you saying that a private enterprise such as a bank should be forced to do business with anyone because of their skin color? It’s identical to saying that the government can force individuals to marry someone of a certain race, or that I must hire someone because of their ethnicity.

Discrimination may hurt someone’s feelings and/or their economic status, but nonetheless it is the backbone of wisdom and prudent decisions. And it should be carried out by individuals, not by government authorities.

Just because some do a poor job of properly discriminating for or against whatever individual or group based on whatever criteria (which should after all remain a purely personal preference), doesn’t mean any authority should be able to prohibit discrimination in any form.

Am I misreading you in my comprehending that you are saying that “redlining” is wrong?

Obviously the forcing of banks to do the complete opposite of redlining doesn’t solve the problem of individuals who don’t repay loans, as you point out. My argument is that it should be the prerogative of the private enterprise, the bank, as to how to address the problem, as insurance companies are allowed to do.

It’s common sense to completely avoid bad neighborhoods, in any given circumstances. Just because there are good individuals to be found therein doesn’t mean the government should be able to force me or anyone else to go there and seek them out at certain dire risk.


36 posted on 01/04/2009 8:45:36 PM PST by VigilantAmerican (We will not waver, we will not tire; we will not falter, we will not fail)
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To: Fred

I smell trouble for Bank of Ameri-que.


37 posted on 01/04/2009 8:52:10 PM PST by hsrazorback1 (Seek truth.)
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To: Fred
"....Nearly 9,200 families in his district have lost their homes to foreclosure....."

I wonder how many of those homes still have appliances and copper pipe in them now.

38 posted on 01/04/2009 9:03:45 PM PST by Anti-Bubba182
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To: kcvl

“Another problem was so-called NINA — no income, no assets — loans.”

NINJA- No Income, No Job or Assets.


39 posted on 01/04/2009 9:09:08 PM PST by headstamp 2 (Been here before)
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To: Fred

Are we sure these traitors in congress haven’t already signed over the SW to Mexico?


40 posted on 01/04/2009 9:15:52 PM PST by AuntB (The right to vote in America: Blacks 1870; Women 1920; Native Americans 1925)
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To: Fred

Nearly two years ago I posted here that the subprime problem was an illegal alien problem, and was taken to task for it by scores of Freepers falling for the MSM line that it was house flippers and yuppies using the money for their new Lexus.

I told ya so.


41 posted on 01/04/2009 9:22:49 PM PST by oldbill
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To: Fred
Nearly 9,200 families in his district have lost their homes to foreclosure.

Yeah but its a small price to the democrats to get that deomocratic vote because the loss does not come out of their pockets but in the end come out of us good rich tax paying republican pockets in billion dollar bail outs. The banks fail in the area and guess who buys the banks at cheap prices pennies on the dollar, fat cat democrats like George Soros. To me it seems the Democrats really bought this election but now the average america is going to have to pay for this, hopefully next election cycle most of these corrupt politicians and fat cats will get kick out of office.

42 posted on 01/04/2009 9:35:05 PM PST by ReformedBeckite
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To: Liz

My favorite story is about the Illegal strawberry picker who “bought” an $850,000 house. Yeh, sure he did.


43 posted on 01/04/2009 9:48:44 PM PST by holyscroller ( Without God, America is one nation under)
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To: Fred

Well, that and “black”.

Overall, the current financial crisis is the first truly global disaster brought on by the cult of “diversity”. It will not be the last.


44 posted on 01/04/2009 10:22:35 PM PST by oscars300
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To: servantboy777

Sadly, the Democrats have been aided and abetted all along the road by men like John McCain and George W Bush. As long as the upper crust of the Republican party buy into the “diversity” mythology, there is little long-term hope for Conservatism in the United States.


45 posted on 01/04/2009 10:25:13 PM PST by oscars300
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To: Fred
Hispanics voted in droves for Obama. They have picked their side. Now, let Obama deal with it. The social cost will be huge but trusting in someone who wants to make you a permanent, Democratic voting, underclass will be even more expensive in the long run.

If you want to be prosperous some day, vote Republican. If you want to spend your life on the dole wishing you were better off and blaming white people for your situation, then, vote for Democrats. Life is so simple, no?

46 posted on 01/04/2009 11:00:25 PM PST by April Lexington (Study the constitution so you know what they are taking away!)
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To: oscars300
McCain was one of the Keating 5 senators of the 1980’s. He still doesn't understand real estate. The Dems spun these guys like tops when it came to getting rich selling over-priced homes to people who could barely speak English and who hadn't a clue what they were getting into. Stop assuming Republican senators are smart. They are not.
47 posted on 01/04/2009 11:03:18 PM PST by April Lexington (Study the constitution so you know what they are taking away!)
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To: ReformedBeckite
The people who packaged these mortgages (and made this bubble possible) have gotten rich from the juicy fees. The dumb Swiss bankers who bought the garbage backed bonds lost their shirts and the global financial system is in chaos because of this public policy. Hundreds of thousands of jobs have been lost in the financial sector as a result of this mess and those people are losing their homes too. Its not just Jose' and his kin.

Thank you Federal government!

48 posted on 01/04/2009 11:07:08 PM PST by April Lexington (Study the constitution so you know what they are taking away!)
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To: Liz
You know...it makes me wonder...how much money, via the bailouts, will be going, AGAIN, to assist illegal aliens, who should have been ineligible in the first place, in keeping some kind of mortgage and staying in their homes. Have we learned nothing? Is no one taking a step back and saying NO, they shouldn't have been qualified to begin with? In other words, are we just delaying the inevitable foreclosures by using bailout money to keep UNQUALIFIED illegals in their homes?
49 posted on 01/04/2009 11:56:03 PM PST by Kimberly GG (Shoulda, Woulda, Coulda been HUNTER.)
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To: JOLLYDODGER
I don't know about that. As I said above...are the 'powers that be' actually considering whether or not these folks were qualified in the first place BEFORE they use bailout money to assist them in KEEPING those mortgages. If not, and by assisting them, aren't we, once again, delaying the inevitable? For instance...Columbus Ohio released this in October 2008

"Columbus and Franklin County Foreclosure Working Group Prevention and Recovery Advisory Plan

.........

ADVISORY PLAN
The Columbus and Franklin County Foreclosure Working Group has identified a set of comprehensive strategies that seek to leverage existing resources, create cross jurisdictional partnerships and prioritize prevention. This plan is advisory; City and County officials will ultimately be charged with determining how and where funds are spent. It is understood that not all neighborhoods will benefit equally and that to have impact, funds will need to be targeted. Moreover, the Neighborhood Stabilization Program funds that will be available to the City and County have two statutory restrictions that need to be considered throughout the area assessment process. These funds may be used for a variety of activities but a nexus with foreclosed and vacant properties must exist and 25% of funds must be used to benefit households at or below 50% AMI.".....


It's the THINKING along these lines that kills me....

".....Bill Faith, Executive Director of the Coalition on Homelessness and Housing in Ohio (COHHIO), was a member of the Task Force, and address City Council.

“Mortgage lenders continue to make bad loans to people who simply cannot make their payments,” said Faith. “Counseling programs that begin before homeowners start a downward financial spiral are key to curbing the foreclosure problem in Ohio.”

COUNSELING programs for HOMEOWNERS is the answer? What about stopping Mortgage Lenders from giving unqualified illegal aliens mortgages in the first place????
50 posted on 01/05/2009 12:23:02 AM PST by Kimberly GG (Shoulda, Woulda, Coulda been HUNTER.)
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