Aviles stands with grandchildren, Isaac, 2, and Alber Leiva, 1, as he looks out the window of a room he was renting out.
Then he's an absolute idiot. Besides, payments and other dollar amounts are listed in LATIN numbers so he should have seen some of this coming.
They all tried to pull a scam. Last home we bought, two years ago, we were still required to produce income tax statements, proof of employment and list all our debts and assets.
OTOH, there are two sets of laws in our land. One for US Citizens and another for Illegals..It's disgusting.
sw
What kind of idiot lends $650,000 to someone making $360 a week?
ping
So, it wouldn't have mattered even if his payments remained at $3,600 per month. Unable to work for the last year due to kidney disease is the real reason he's being kicked out and has nothing to do with the mean mortgage company.
I took a lot of heat here at FR a year ago when I pointed out that the coming subprime meltdown was an illegal alien problem. I repeated it again in March when the subprime fiasco started to ease into the news.
For elucidation, and with a little smug “I told you so”, I am reposting it below. Pretty damn well on the mark - even to the housing price numbers. I will await your attaboy replies.
#######################
To: A. Pole
Gotta hand it to the MSM, the WSJ, the Chamber of Commerce, the Fed, the banks, the White House, the Congress, and all the rest of the usual suspects.
These mortgages go to someone. They have a mailing address. By artful writing and punditry, the picture has been painted that the people who got these subprime loans are poor folks or dumb boomers who re-financed to buy their new Volvo and swimming pool.
Those cases are few. Those mortgages issued in the last several years that are now facing foreclosure have gone to illegal aliens, landlords who rent to illegal aliens, and minorities who have lost jobs to illegal aliens, especially African-Americans in the trades and services industries. The common thread - illegal aliens.
The distribution of subprimes going into foreclosure closely matches the concentrations of illegal aliens - California, the southwest border states, the southeast states, metro areas like Denver. Many of these mortgages were granted to buyers with no SS number or a stolen number or just a taxpayer ID number (ITIN). Who is that group? Not blacks; not boomers. Not even speculators. Who’s left? You figure.
Some common scenarios: An illegal, actively recruited by banks or mortgage lenders, buys a house, often an expensive house ($600,000). If he can’t qualify, he gets other illegals added to the mortgage until they qualify. Or a profiteering landlord buys a house with the intent of setting up a dorm house for illegals. With 10-20 illegals crowded in at $300-400 rent, he makes a tidy profit even with a big mortgage payment.
Like Ponzi, it was great for everybody. The realtors (often Hispanic themselves) made big commissions. The underwriters and brokers took their cut and moved on. The banks made big profits on the high interest. So did the REIT and funds managers. The landlords also did well on rents and house appreciation.
Then the housing bubble burst. The illegal renters started losing work and were evicted. The teaser rates and balloons expired. The landlords couldn’t service the mortgage and/or with lowering values the mortgages went upside down so it was easy to walk away and foreclose.
But that’s not the big story. It’s how effective the cabal of power brokers from the White House, the Chamber of Commerce, the MSM, the Congress, the banks, the CEOs, and the unions have covered up this causality so that they can get amnesty and open borders rammed through to guarantee an unending supply of cheap alien labor.
They know that if the connection between illegal alien hordes and the subprime collapse and the damage to the economy worse than the Savings & Loan scandal of the 1980’s, the people will be outraged and demand we close the borders.
Can’t have that. Let’s keep the sheeple in the dark. They’ll be the suckers paying for it in the end with lost jobs and higher taxes. The real villians have already made their fortunes.
23 posted on 03/17/2007 7:24:11 PM PDT by oldbill
bump
“he signed loan documents written in English, a language he neither speaks nor reads”
No Ingles....
Aviles stands with grandchildren, Isaac, 2, and Alber Leiva, 1, as he looks out the window of a room he was renting out.
A mortgage well over twice his gross pre-tax wages? Yeah, I guess that would qualify as steep. What a moron.
How in hell did Washington Mutual ever grant a $4800/month loan to somebody making $9 an hour? I’m guessing that the loan application took a sharp departure from the truth, but WaMu must not have done any verification either.
For cryin' out loud!
If you're truly an immigrant, rather than an illegal alien leach, learn the language and obey the law!
“Forced to rent out bedrooms”, eh?
So THAT’S why there are 25 people in the house sleeping in shifts! It’s all the evil bank’s fault.
I could get used to being a dumb*ss liberal — no critical thinking required, just shift your brain into neutral and let the MSM cry about the “victims” and how it’s all the fault of the bad old USA. Calgon, take me away....
Santa Ana? $615K? Someone got royally screwed on that one.
My daughter just closed on a $400,000 home. She’s now in trouble with the HO association for not having her landscape plan (including locations and names of bushes and grass)approved within 30 days of closing.
I don’t think they’ll approve corn and chilis even if her married name is Perez.
There are multiple cases which state you need to bring a congnisant english reader if you don’t read english. If you don’t and you don’t read english it is your own fault.
There was a case out of miami, Machado (went to FL SC) which held this. The case was a result of hispanic people weaseling out of car contracts because they alleged they did not read english. FL also has a english language amendment.
I think we are going to have a problem because how do we seperate the investment buyer from the illegal alien? Oh yes, the investment buyer has a legally valid I-94 card.
ping