Sorry Biscuit Jane, but you are wrong. You must be a realtor.
The distribution of subprime foreclosures maps directly nationwide to the concentration of illegals, almost to the zipcode. These were the largest grouping to whom subprimes were issed in the last 2-3 years, about 50%, and they were the ones most likely to default. And did.
The MSM and the Wall St Journal and the politicians want you to think it was greedy boomers or speculators because they don’t want this effect of the illegal invasion discovered and interfering with their open border/amnesty agenda.
Looks like their propaganda fooled you, too.
Excerpts:
"A year ago, Angelita Medina Albarran, 47, a garment worker at St. John Knits, took out two loans from Fremont Investment & Loan to cover the entire $600,000 purchase price for 919 W. Camile St., a 1,450-square-foot bungalow. Her five grown children help pay the mortgage – $4,000 a month and scheduled to rise in May.
"La droga," Medina Albarran said. That's Spanish for "drug" – Mexican slang for a crippling debt. The people of West Camile Street, she said, are "endrogados" – hooked on debt.
AND
"Another bank repo is the 1922 Craftsman-style bungalow advertised as a two-bedroom, one-bath at 946 W. Camile St. It still has the original hardwood floors, built-in cabinets and a faux fireplace surrounded by green tiles. But the last owner added four bedrooms and two toilets without permits in an effort to pack in more tenants to help pay the mortgage."