1) Hispanic buys home during the boom on a stated income program.
2) Hispanic rents bedrooms and/or basement to relative or associate worker...usually an illegal immigrant.
3) Illegal day laborer can NOT find work therefore cannot pay his room rent.
4) Hispanic falls behind on the mortgage.
....and here we are today!
And I personally am glad to see it. If a recession is the only way to stop this invasion and the pinheads that loaned these guys money lose everything I think it’s great!
You nailed it, DC. No one seems to want to admit it, though.
Hungry, homeless people can be desperate and dangerous. Especially if they think they are entitled to what YOU have.
You don’t understand!
There are a lot of FR posters who will ridicule you if you think that illegals had anything to do with the subprime foreclosures. They will trot out theories about derivatives and CDOs and funds liquidity yada yada yada.
But to hint that the foolish dumping of subprime mortgages on illegals by lenders and banks looking for a way to prop up their Ponzi schemes of bonds and CDOs is racist and ignorant and shows your lack of understanding on finance.
Be prepared to be flamed.