-- Dr Adrian Rogers.
What about the rest of us, Froma? (What kind of name is that?)
Things will calm down. The United States will recover from the economic crisis.
As long as the sewer-swilling DemocRATs and the Marxist Obomba are in charge: forget it!
I guess checking if they’re legal first is out...
In America
FTA:
“The answer, in Spanish, is No.”
Isn’t “No” the Spanish word for “No”?
People have forgotten what charity is.
If your neighbor needs help, and the community makes sacrifices to provide it, that is charity.
If a criminal illegal takes out a mortgage he has no hope of paying, and then the government steals your wallet to make the payments for him, that is not charity. That is criminal fraud and tyranny.
Carlos Slim alone has enough money to build a comfortable home for every illegal back in Mexico. But that’s not the way the Mexican system works. Instead, the rulling classes send them here, to ship back money that will enrich them still more.
But, of course, Obama is buying votes with this theft.
Thanks, President Bush, for doing nothing about illegals or CRA mortgages for eight yeras, thus giving Obama this perfect opportunity to wreck the country and ensure his rule as a President for Life.
The American dream is to be denied to American-born, native-English speaking white citizens.
Thanks also go out to RINO Orin Hatch who got behind this massive effort.
So they were crooks too.
“As with other fans of easy credit, many Latinos were reckless in their borrowing. Some lied about income on their loan applications, often egged on by brokers and mortgage companies. But more were simply clueless. Mortgage companies wrote contracts designed to confuse even the most fluent speakers of English. Those with limited English were especially hard-pressed to understand the terms.”
BS. A 5 year old can understand if he has a nickel and something costs a dime, he doesn’t have enough money. Groups like LaRaza and banks like BAC schooled these folks on how to get more than they could afford. The American dream = take from us to give to those who didn’t earn squat!
And the MSM jumps on the liberal bandwagon to trumpet every hard luck story that puts Santelli in his place...
Almost two years ago (March 2007) I posted here on FR that the subprime mortgage problem was an illegal alien problem that would lead to a collapse of the Ponzi scheme mortgage market.
I even showed how the subprimes going into foreclosure almost mapped exactly with the areas of concentrated illegal alien populations, to the ZIP codes.
I was raked over the coals by all the financial geniuses herein who lectured me with the same financial gobbledygook that the pundits and politicians were using, totally ignoring the obvious if they took the effort to review the data.
Now this article proves exactly what I said. The subprime foreclosure mess that started the avalanche had its roots in the overnight housing needs of 12-20 million (and more accurately 30-40 million) illegals. Lenders took advantage of this gaggle of illegals to provide the phony mortgage base for their derivative paper creations, leverage these mortgages into other investment structures that were guaranteed to fail when the Ponzi scheme collapsed.
I will now go off to gloat. I told you so.
We are a conquered people and had better get used to being exploited. "Woe to the conquered!"
Hispanics, who had much more massive immigration than Asians, for a long time resisted this identification and in fact there is still a fair amount of suspicion of blacks among Hispanics. But the fact that they were often subject to the efforts of left-wing movements, such as Cesar Chavez' farmworkers union, etc., made them much more willing to think of themselves as a grievance-fueled underclass.
Generally, what has happened in places like Miami is that newer groups, such as Venezuelans, have arrived and don't want any part of the welfare state; many of them are fleeing Communism in their home countries and are well off and expect to be even better off after starting a business here in the US.
But over the years, you've had a growing, Marxist-influenced group, who unfortunately are the ones who tend to go into politics while everybody else is out trying to get ahead in business. So now you have a large number of overtly left-wing Hispanic leaders, who of course identify with black grievance movements, the Democrat Party, and Latin American Marxism. Accordingly, they adopted the gimme mentality. The result has been terrible for those Hispanics who actually wanted to achieve the American Dream the way all other immigrant groups did.
But maybe it doesn't matter; it looks like none of us are going to be able to achieve the American Dream anymore. Bambi has basically snatched it away in less than a month.
My own take is Hispanics were cajoled and lied to be their own Hispanic mortgage brokers. Blame them
Of course these sub prime mortgages were hustled over to white boys on Wall St to bundle up as CMOs and to bet on via credit default swaps
Why didn’t this bunch have any dreams of making their home countries better? Why infest the USA with their barrios?
One of the key principals of Marxist economic theory is "dialectical materialism." The liberal mindset sees this as the belief that you can break everything down into its simplest components and them analyze each one independently of the others. The problem with this is that it completely ignores (and denies) dynamic systems. It's the belief that systems operate in a vacuum. That when you change one component in a system that it will have no effect elsewhere...
One of the things claimed by leftists was that by relaxing the load standards, as this one supported, you would have more loans made, and provide more affordable housing for more people. Well, he was certainly correct on one of those points: More loans WERE made. But the belief that it would allow for more affordable housing was flawed. That completely ignores the rule of scarcity in economics. By increasing the potential number of mortgages for the available home market, you're practically guaranteeing that the price on the homes will go up. So the CRA and relaxing of standards actually helped cause and continue the "housing bubble." Of course, the lenders were knowingly making "bad loans" so they charged higher fees and interest rates, and then demanded protection from the government, through Freddie and Fannie, and they got it, since the government was forcing the issue to begin with. So more and more lenders got involved in these bad loans. And as the housing market took off, more and more builders got involved. So the housing starts increased, and more and more people got involved in "flipping" houses as well. The "housing bubble" just kept growing, and home prices got higher and higher.
And dem lawmakers wonder why a shack in southern CA was selling for $800,000... And they're the ones who caused it to begin with.
Mark
Ping!
They must mean the ALT-A dream loan, which was a key ingredient in the mortgage bank meltdown and a major reason for the knee jerk bailout to occur in the first place.