Posted on 09/27/2008 8:25:18 PM PDT by frithguild
The Mother of All Bailouts has many fathers.
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But there's one giant paternal elephant in the room that has slipped notice: how illegal immigration, crime-enabling banks and Bush open-borders policies fueled the mortgage crisis. It's no coincidence that most of the areas hit hardest by the foreclosure wave - Loudoun County, Va., California's Inland Empire, Stockton and San Joaquin Valley, and Las Vegas and Phoenix, for starters - also happen to be some of the nation's largest illegal alien sanctuaries. Half of the mortgages to Hispanics are subprime (the accursed species of loan to borrowers with the shadiest credit histories). A quarter of all those subprime loans are in default and foreclosure.
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The amnesty-promoting National Council of La Raza and its Development Fund received millions in federal funds to "counsel" their constituents on obtaining mortgages with little to no money down; the group almost got a $10-million earmark attached for itself in one of the housing bills passed in the spring.
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The top banks clamoring for their handouts as their profits plummet, led by Wachovia and Bank of America, launched aggressive campaigns to woo illegal alien homebuyers.
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Ads proclaim: "Sin verificacion de ingresos! Sin verificacion de documento!" - which loosely translates as, 'Income tax forms are not required, nor are immigration papers.' " In addition, fraudsters have engaged in massive house-flipping rings using illegal aliens as straw buyers.
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In an interview about rampant illegal alien home loan fraud, a spokeswoman for the U.S. Government Accountability Office told me five years ago: "[C]onsidering the size of Los Angeles, New York, Chicago, Houston and other large cities throughout the United States known to be inundated with illegal aliens, I don't think the federal government is willing to expose this problem for financial reasons as well as for fear of political repercussions."
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(Excerpt) Read more at washingtontimes.com ...
amen sister!
But Mccain and gramnasty supports this part!!! ***
And yet people are willing to vote for another GOP candidate who takes the exact same position on amnesty for illegals as Bush. Incredible.
And these same thieves are working on their own bailout.
All the more reason not to bail them out.
Is that you, Obama?
Good luck with that legacy Master W. Methinks your compassionate conservatism has destroyed it.
I think the City of Satan (as McCain called DC...he would know) is lost beyond repair.
They're so corrupt, they don't even know they're corrupt any more.
"When I see the worsening degeneracy in our politicians, our media, our educators, and our intelligentsia, I can’t help wondering if the day may yet come when the only thing that can save this country is a military coup."
-Thomas Sowell 5/1/07
http://www.realtytrac.com has foreclosures by state, zip, county, etc. Nevada looks bad, really, really bad.
Why discriminate against a foreign invader? Chris “Countrywide” Dodd, Bill “Marx” Clinton and Barney “Needs Depends but isn’t that old” Frank are culprits and need to be investigated and indicted.
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