Housing Push for Hispanics Spawns Wave of Foreclosures

WSJ ^ | 010409 | SUSAN SCHMIDT and MAURICE TAMMAN

[Grampa Dave]

Amazing how these ba$tards are going back and doing the same things that damn near killed our economy and the rest of the world.

Just a couple of weeks ago, Gibbs, the mediots and Zer0 were saying Rich Santelli was all wrong when he did his rant.

[Ernest_at_the_Beach]

Now looking at Clark County Nevada,,...they might have a similar program...found this:

Clark County, Nevada 2008 Population Estimates

Data by location and housing type...

[Ernest_at_the_Beach]

The Department of Comprehensive Planning

The Department of Comprehensive Planning was created in 1978 to guide land use, zoning and growth in Clark County. The Department has grown from the original staff of seven planners to the current eighty planners and other staff responding to the increased demand for services resulting from consistent, rapid growth in the county. The Department handles zoning administration, land use plans, demographics, plan elements, ordinances and Title 30, Development Code. The Department provides industry leadership in the planning field by developing innovative and progressive land use planning practices.

[Ernest_at_the_Beach]

North County Planning Manager, Mario Bermudez

[Grampa Dave]

You should post a warning not look at this right before bedtime. Viewing this before bedtime will probably cause Night Terrors if you have any investments still left.

[Liz]

OMG-------that is scary.

EDDIE HASKELL, TREASURY SECRETARY

There, I feel much better.

[Ernest_at_the_Beach]

This is just part of the Story....see this...I just posted it:

The $700 trillion elephant (Gargantuan derivatives market weighs on all other issues)

Much of it based on the US Mortgage Market.

[M. Espinola]

Anyone remaining better pull out and short these stock indexes just the way Bankers Inc has been doing.

[bpjam]

Actually, it’s a little worse than you imagine.

Worse the than the illegals who were hoping to ‘live the American dream’ by owning a home in the school district where their children attended (without bothering with the whole immigration/naturalization stuff...), there were hispanic mortgage brokers and real estate agents who worked the illegal and Spanish only speaking communities. Those agents were far more frequently guilty of violating not only the Codes of Ethics of their respective industry associations with also of just outright fraud against lenders, other real estate agents and the spanish speaking buyers/borrowers.

Not to make it sound too much like these illegals and other undereducated spanish speakers were victims, but they were by far not the biggest source of the fraud. They were made to be victims as often as they were made puppets to help somebody who knew the system figure out how to make extraordinary profits from transactions which had no material benefit to any party.

Here is the most likely scenario: An illegal has no SSN and no way to document their income, so they are an ideal candidate for a Sub-Sub Prime loan (or predatory loans as Congress calls them now). These loans are high risk and high fee loans for loan brokers. The borrow may be paying two to five points above the average rate AND the loan could be a balloon payment loan or some other complex financial instrument which these borrowers had no possible way of understanding. The key is that the commission to the loan broker on this type of loan is twice as good if not five times as good.

I’ve seen (and reported to authorities) hispanic brokers selling loans to hispanic customers which they had literally just added extra commission onto because they knew the client didn’t know the difference. When I see a Closing statement come across me which has a 5% loan origination fee, I know somebody is committing fraud. And those agents just raped and pillaged their own people because their people were illiterate financially (and literally in some cases) and too dumb to know better.

You have to be a special kind of evil to commit a crime spree against people who you claim to be representing (eg; Madoff screwed over Jews). I also saw it in the Filipino community in Las Vegas and to a lesser extent within the black community (at least they speak English so they aren’t trapped only being able to go to brokers and agents who were also black).

And if Fannie Mae and Freddie Mac were backing all the other loans on the market, these subprime loans would never have gotten off the ground because lenders like Countrywide would have already reached their risk limits and they would have pulled in the oars.

---

Illegals got mortgages WITHOUT proof of citzienship or employment. They establish several phony identities with forged documents and stolen SS nos. All they had to do to get a mortgage was sign one of their phony names.....and be able to breathe.

They flip the house to relatives at higher and higher prices, duping banks in the serial mortgage process. The illegals then default and abscond back to their corrupt homelands to retire in luxury.