I remember in about 2004-2007 San Diego County homebuilders had big billboards in Tijuana at the border crossing advertising new homes for sale in Chula Vista (near San Diego). A few years later about half of those new houses were in foreclosure. The banks made loans to people and the banks did not know which Jose Gomez or which Juan Hernandez they were dealing with. I am convinced that the Mexican mafia made tons of money buying homes with straw buyers.
Mexicans would flip the homes for more and more money to family members......then the last one would abscond to Mexico leaving the bank holding the bag.
https://www.youtube.com/watch?v=GkAtUq0OJ68
Here is a Bush speech audio of Bush demanding home loans for totally unqualified minorities just several years prior to the housing crash.