Open borders and the mortgage mess
It’s the elephant in the room: How much has illegal immigration contributed to the current mortgage mess?
No one in Washington wants to talk about it–even as lawmakers pushed to include a now-dead $25 million earmark for the open-borders activists of La Raza/The Race and are preparing to hand over $100 million to the group and other left-wing organizations as part of the mortgage counseling racket.
The La Raza Development Fund has spent a decade securing home loans for low-income Latino families–and there’s no telling how many of them are illegal immigrants.
This sob-story piece from the Washington Post last year gave a glimpse of the tip of the iceberg (oh, and did you spot the missing word?):
Immigrants are emerging as among the first victims of a growing wave of home foreclosures in the Washington area as mortgage lending problems multiply locally and across the country.
Nationally, 375,000 high-interest-rate loans were made to Hispanics in 2005, and nearly 73,000 of them are likely to go into foreclosure, said Aracely Panameo, director of Latino affairs for the Center for Responsible Lending. About 1.1 million homes in the United States are expected to go into foreclosure in the next six years, and many native-born Americans are likely to be stuck with burdensome loans. But immigrants are getting hit first in part because their incomes tend to be lower and many have lost construction jobs.
Homeownership rates among immigrants surged in the first half of the decade, making their prosperity an economic success story. Now it is becoming apparent that many people managed to buy homes in an inflated real estate market by turning to unusual new mortgages only now receiving scrutiny from regulators and legislators. Many of these loans start with attractive low “teaser” rates but feature payments that can suddenly increase.
Unfamiliar with the U.S. mortgage market, unable to speak or read English well and vulnerable to the blandishments of real estate professionals who told them property values always rise, many immigrants are struggling to deal with high mortgage payments as their homes sag in value, making it harder to escape the loans by selling.
Tysons Corner mortgage broker Jose Luis Semidey, who has a popular Spanish-language real estate talk show on Radio Universal, is being deluged with calls from desperate homeowners who are falling behind on their mortgages. The calls started in late 2005 and have steadily risen; he now receives 40 to 50 calls a day from throughout the area.
“I see more coming,” Semidey said.
And indeed, they came.
Last month, Nancy Matthis pointed to the correlation between foreclosures and illegal alien-heavy populations in the northern Virginia suburbs:
All residential demographics have their share of unwise people who purchased beyond their means, and got caught in an economic downturn. But, taking Northern Virginia as an example, it is clear that the illegal alien population is the greatest factor. Two counties lead the effort to combat the alien invasion — Loudoun and Prince William. The statistics are compelling…
…One county that has seen a significant exodus of illegal aliens recently is Prince William County in Northern Virginia. The situation is decribed by an article in the Washington Post:
By and large, those [foreclosed] properties are concentrated in lower-priced areas and Zip codes where many immigrants bought homes in recent years, often with subprime mortgages and other risky arrangements that required little down payment or documentation. In Northern Virginia and especially Prince William, many buyers were Hispanic immigrants….….several … real estate specialists in Northern Virginia estimate that 70 to 80 percent of foreclosure cases they see involve Hispanic families….
Real estate agents say the foreclosure crisis in Prince William has been exacerbated by local authorities’ efforts to crack down on illegal immigrants….
The tenor of the discussion in the mainstream media is to blame the local communities that discourage illegal immigrants. And that is very mistaken. The illegals committed a crime by entering this country without documentation. Other Hispanics committed fraud by luring their fellow Latinos into mortgage arrangements that were destined to fail, and by misrepresenting credit credentials to the lending institutions. Immigrant homeowners of record violated the local zoning laws. Employers of these illegals were complicit by hiring them against federal law. The mortgage sellers were duplicitous in lending money on paper to clients who clearly did not qualify. The banks were unscrupulous, knowing that they could skim a profit and package and resell the paper before the scheme crashed. The Wall Street buyers of the paper defrauded their investors by making bad judgements in buying these mortgage packages from the banks.
Now, in the face of all this corruption, our federal government has reached its sticky-fingered hands into all of our pockets for the billions of dollars needed to keep these reprehensible outfits afloat.
Anti-illegal immigration activists in Prince William County will take empty houses over open-borders chaos any day.
Where are the consequences for the enablers?
I’ve reported for years on banks that created illegal home loan programs. Flashback 2003:
While law-abiding homebuyers must supply airtight proof of identity, legal residence and a Social Security number to lenders, illegal alien purchasers such as [Gerardo] Cabrera (a visa overstayer who recently received a green card) need only supply a “taxpayer identification number” (TIN) issued by the Internal Revenue Service. No criminal background check is required before applying for a TIN, which many banks now accept from illegal alien customers as a primary form of identification.
Cabrera’s broker, Alma Preciado of Metropolitan Financial Services in Silver Spring, told the Post that about 10 percent of her mainly Latino clientele qualify for home loans using a TIN instead of a Social Security number.
That’s just the tip of the illegal alien homeowners’ iceberg. The Post failed to note that Federal Housing Administration-approved loans through the U.S. Department of Housing and Urban Development do not require lenders to obtain proof of citizenship or legal permanent residence. These FHA/HUD programs, primarily targeting minorities and first-time homebuyers, are federally insured and require minimal down payments.
A 25-year veteran of the mortgage industry in California confided to me recently: “It boggles the mind to think how many illegal aliens are homeowners in this country thanks to these programs, all fully insured by our government. Because of fear of lawsuits for discrimination I can also tell you that a lender may have a borrower who speaks little or no English who claims to be either a citizen or resident alien and it will not be questioned nor any proof required. Since FHA does not require any such documentation, a lender cannot cite their regulations as a basis for the request as they can on conventional loans.”
Another easy avenue to home ownership is through the use of bogus Social Security cards. Moneylenders have no access to a verification system to check Social Security numbers before approving loans. A Department of Homeland Security investigator informs me that an ongoing federal probe of FHA/HUD-backed loans found that “a staggering number were approved to persons with false Social Security numbers.” The Denver metro area alone accounted for 20,000 to 40,000 of the FHA-approved loans for suspected illegal aliens. “Even if a small percentage of the loans were foreclosed, HUD could be bankrupted,” the homeland security official said.
A spokeswoman for the U.S. General Accounting Office told me this week that the agency’s office of special investigations plans to report on the results of the probe later this fall. But “considering the size of Los Angeles, New York, Chicago, Houston, and other large cities throughout the United States known to be inundated with illegal aliens,” says my source, “I don’t think the federal government is willing to expose this problem for financial reasons as well as for fear of political repercussions.”
More here.
Investigation of this unspoken aspect of the mortage mess is overdue:
Leonardo Simpser of the Hispanic National Mortgage Association (NHMA) says that Hispanic first-time buyers constitute the fastest-growing segment of the subprime mortgage market. He also says that many Latinos, especially recent immigrants, have low FICO credit scores or no scores at all and are less creditworthy than they are in reality.
HNMA is the creator of the Hispanic Automated Underwriting System (HAUS) which claims to allow lenders to “eliminate the need for time-consuming manual underwriting of such applicants, and allows lenders to underwrite borrowers with no Social Security numbers and multiple income sources.”
Congress needs to act. We need a full congressional investigation into determining just how rampant the illegal immigration problem is in regards to these mortgage defaults. Much like the savings-and-loan scandals of the 80’s we need to know which banks are catering to illegal immigrants in violation of U.S. law and making these extremely high risk loans putting the economic prosperity of this country in great peril.
***
Related:
Illegal immigrants get home loans, low interest even
Home loans for illegal aliens
Home loans for illegal aliens, Pt II
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American dream? You only “own” your house once it’s paid off. If you’ve got a mortgage the bank owns your house. They’re holding the paper. The dream was concocted by the bankers so people would have something cozy and fluffy to aspire to.
I feel like I should blame myself for this mess, nobody else will to take responsibility. Nail me up. Ugh…
Just when you think the illegal mess is at it’s worse, crap like this pops up. I hope the lenders are shut down.
*crucifies undrseige247*
There ya go!
On last Saturday, I went to a car dealership, and at the end of the purchase process, my hand felt like it was going to fall off. It took forever to get the paperwork, had to have a slew of references, provide all sorts of documentation for income, and so on. process took several hours.
I can only imagine its 10x worse, when you’re looking at purchasing a home.
How did all these illegals get into the process in the first place.
And yes, I already know the answer, but…doesnt the question deserve to asked at least once more?
Ridiculous.
Just how many laws can these people break and still continue to get a pass? It’s astounding. Where is the outrage? Yet time and time again, open border advocates go on tv and claim illegals pay more into the “system” than they take out. What total BS.
abstractmind said:
Thanks abstract, now I’m happy just hanging out. I figure if I bear some responsibility I’ll be more apt to do something about it instead of sitting on the sidelines. I’m going to go throw around some chairs in the halls of Congress. brb.
And your wonder why people are electing anti-illegal local officials. The amount of money illegals cost the US taxpayers is beyond belief, and it continues to grow daily. They can’t understand, speak, or read English and it is somehow OUR problem and we must bail them out.
L
#3 How did the illegals….
They have been informed as to where to go to get information on how to work the system as soon as they cross the border: at the offices of:
MALDF
LA Raza and et.al.
That is why we - the US taxpayers- are footing the bill for -health care-education - loans-and more and more and more….
Uh-huh. And we’re the bad guys for wanting them to learn English. BTW, in my sleep I know the missing word is “illegal”. The talking points go out, and the left and the MSM suddenly drop the word.
I know *sigh*, but…ugh, its frustrating.
Why can’t we arrest people who do that for aiding and abetting in a crime, for breaking federal law?
Further proof that Laws only adversely affect those who actually make an effort to obey the law. What is it that the USA is again? A nation of what?
Laws? We don’t need no stinking laws!
This Public Service Announcement bought and paid for by the unwitting and unwilling American Taxpayer.
It is this accommodation for illegals in our society that both brings them in and gives them a foothold above and beyond anchor babies.
Illegals should not be allowed to do anything here legally except leave. Come in legally, with health and criminal scrutiny, and I will be the first one welcoming you. Otherwise, GET OUT!
They are lowering our standard of living by driving down wages and doing substandard work, as well as increasing the costs of our infrastructure, such as schools, and unnecessarily stressing our medical system.
How many gallons of expensive fuel are illegals consuming in this country, and in doing so, making our fuel consumption look higher than it is?
Why aren’t the greenies down on the border cleaning up the trash left by illegals?
Liberal mandates that loans be made in proportion to the population to be considered anti-discrimnatory, reagardless of credit worthiness, simply added fuel to the fire. But the fact that our gov’t turned a blind eye to the mortgage industry courting illegal aliens is simply amazing. Who would have thunk it? Huh.
Consequences? There should be consequences? Now, there’s a novel concept.
Thanks Michelle on this story,
I have been wondering about this and I really wonder why no news organization has addressed this. I live just north of the epicenter of the Mortgage crisis, Stockton, CA. Illegal aliens must be a significant percentage of these foreclosures. It is easier for an Illegal to walk away from a home loan. Just simply steal someone else’s identity or go back to their home country to ensure their record is clean.
Why can not our government understand this?
I really think it’s a ploy to grind down the middle class; and it’s working.
Once again we see how all this is inter-related. Illegal immigration, runaway housing prices, bad loans, mis-identifying the real victims, politicians come in to pretend to solve the problems of these bogus victims. We see the same in the medical field. We see the same in the educational field. Government wants to grab authority whenever it can, but it will NEVER grab the responsibility that goes with it. That gets dumbed back on the citizens (who politicians harbor contempt for).
I have lived in Fairfax co. most of my life and have been following the events in nearby Prince William co. with regards to the exodus of illeagals. Many of the houses that are now vacant were inhabited by large groups of adult hispanic men not families. Many of them would sit outside drinking beer all evening listening to loud music and peeing in the bushes. The neighbors complaints fell on deaf ears until Pr. William co got tough.
I have looked at some of the foreclosed properties in hopes of buying one for an investment, as my home is paid for.
Many of these houses have been destroyed by the former occupants. Holes kicked in the walls, doors pulled off hinges, copper plumbing and wiring ripped out.
People who destroy their homes upon eviction should be put in jail, Not rewarded with a Gov. hand out!!
Does anyone think these questions will be asked in any presidential debate?
How much has illegal immigration contributed to the current mortgage mess?
Where are the consequences for the enablers?
I hope my ballot has a “none of the above” on it come November.
I can think of a few laws I do not like.
I really don’t like cheaters. And that is what illegal immigrants are - they break the law and cheat the system and actually feel justified!
“we are trying to get the American dream” si what I am tired of hearing.
The American dream is NOT about breaking laws and cheating and stealing from others.
Oh I see now.. so if I was irresponsible and bought a house I couldn’t afford, AND I was here illegally, then I deserve more support than anyone else.. is that how it works?
HHHMMMM! I thought we were a free country.
The praiseworthy Minutemen, volunteers devoted to drawing attention to our disastrous invasion and colonization by Mexico’s dregs, showed their civic spirit by sponsoring litter cleanup on San Diego roads. Appropriately, they were given an Adopt-a-Highway stretch near a Border Patrol checkpoint on I5, the main artery for shipping illegal aliens into California.
But then the quisling bureaucrats in California’s legislature found out. The sponsorship has been rescinded, and the sign above removed. The excuse was that Reconquistadors might become angered by the sign and create safety hazards. We certainly wouldn’t want illegal aliens — famous for killing people as they drive blind drunk on our roads — to create safety hazards.
Ironically, illegal aliens are also famous for strewing massive amounts of the trash the Minutemen are trying to clean up.
http://www.foxnews.com/story/0,2933,354880,00.html
No! Consequences are a violation of their civil rights and are discriminatory in their nature by singling out an individual based on some arbitrary characteristic like having committed a crime. Only a bigot would suggest consequences.
Chalk one up for ICE. I hope Agriprocessors goes out of business. The owners should be jailed too.
Again, this all goes back to the laws not being enforced. What’s there to fear when all we do is keep laws on paper, instead of acting on them.
How do they get approved for these loans anyway?
All these loopholes and we wonder why this country is starting to look like Barnum and Baileys.
The Illegal Creed:
“Land of the Free Stuff, and Home of the low interest, no verification needed, government backed mortgages for non-citizens.”
Aren’t we generous.
This is all about profit and shifting of costs onto others in the economy, and it always has been. That’s why going after the employers who draw them here is the root of the solution. But we’ll still be cleaning up the aftermath because of the weasels who control our tax dollars.
If illegal aliens think I’m going to cry for them when foreclosure hits, they can kiss my Mohammed.
Had they come to the country legally, and spoke our language, perhaps they would not be in this mess.
Suck.It.Up.
This is what we get for letting professional politicians
without term limits run our country!
Oh. Did hear how many in Mex, Cen Amer, and S Amer, will go hungry because our economy is slowing
and they can’t send home as much money and the
(Mex) that was talking said the only way around that
was for the illegals here to encourage their relatives
to come here and work and send money home so that
the ones they are supporting in the home country can
continue to live in the manner to which they have
become accustomed. He acted like he should get a
hand for that piece of wisdom!
Well maybe when these chickens come home to roost some of the people who will be cleaned out by the mortgage mess will also want the borders secured….
Calling Buckaroo!
I believe the phrase is “PWNED!”
Chalk one up for the good guys in the case. And if you’ll notice, almost all of the comments on the page in regards to the story are positive.
OK, back to the regularly scheduled topic, already in progress…
WAIT.
I posted earlier about giving veterans and our soldiers and what they were not getting. I’m not thinking, i should have seen this before…
Why not take these houses that illegals are having getting booted out of, and give them to our servicemen and women at a good rate???
I don’t think this is a complete fix, but…it helps people who deserve the assist, and takes away part of the problem of house forclosure/bailouts, right?
Anyone else think this is a good idea?
and pay no attention to my more bad poorer english…i’m used to pushing 2 for english now…ooorrr, i was distracted while typing and didnt proof first…either way
And I will mention it again, because I just renewed my license on Friday…NJ REFUSES TO GIVE ME A LICENSE SHOWING MY MIDDLE NAME BECAUSE IT IS NOT MY “LEGAL” NAME. This really gets my goat. The DMV worker, his supervisor and the cop kept telling me over and over again that if I wanted my middle name on my license, I needed to get a legal name change. The cop told me I could call myself whatever I wanted, but my license HAD to show my first name because that is my “legal” name — even though the definition in the motor vehicle statutes only defines “legal name” as the name on my birth certificate (my middle name is on my birth certificate).
Meanwhile, illegal aliens can do whatever the heck they want, and when they get caught, we’re discriminating against them.
Where is the ACLU when I need them??? Oh that’s right–they don’t serve the interests of ALL Americans.
I want to see lots of people do hard time in jail for this. Can the American citizen get ANY justice? We are getting hosed three ways from Sunday and McCain et al think it’s one big joke. The sad thing is, our system was not designed to deal with stupidity and deliberate sedition on such a scale as this. Our “leaders” are INSANE!
From above:
Nationally, 375,000 high-interest-rate loans were made to Hispanics in 2005, and nearly 73,000 of them are likely to go into foreclosure, said Aracely Panameo, director of Latino affairs for the Center for Responsible Lending. About 1.1 million homes in the United States are expected to go into foreclosure in the next six years…
Now, bear with me, because I am going to commit a little aggravated math, here…
Assume that 375,000 high-interest rate loans were made to Hisapanics in 2005 and 73,000 are expected to go into forclosure
Now assume that 2005 was typical for the years 2002-2007, and that about 73,000 loans from each of those years could be expected to go into forclosure, and that this is, more or less, a steady-state condition.
That would mean that one could expect 432,000 forclosures on Hispanics who took out high interest-rate loans over a six-year period.
Also from the article, 1,100,000 homes are expected to go into forclosure in the next six-year period. Of those loans, if the above asumptions hold true, 40% will be held by Hispanics who took out high interest-rate loans.
I would say that 40% of the defaults is a significant portion of the problem.
And this figure does not even include the Hispanics who did not have high interest-rate loans who defaulted. Surely some of them are also victims of the downturn in the service and construction economies. So we could easily be talking about more than half.
This is what happens when you have a structurally marginalized underclass, who are easy victims for predatory lending and cannot attain wealth or even economic stability because they are working off-the-books and lack the skills necessary to succeed. This default rate is yet another example of the illegal immigration … chickens … coming home … to ROOST!!!
This is like propping open the doors of a Wal-Mart in South Central LA (not that anyone would be stupid enough to have a store there) and expecting any inventory to be on the shelves in the morning.
Si, si pueda!!!!!!
It is very much true. I live in Houston and I am getting harassed at Home Depot, because apparently driving a truck means you’re a contractor. They don’t just run at your truck, they hop in the back and try to get in the doors, its absolute insanity sometimes. There are so many there looking for work and no one seems to hire them anymore. I manage an apartment complex and I had to change companies because women were getting worried about their safety (reports are on all the time about illegals assaulting women) and the language barrier made it hard to get the right work done. We pay a little more now, but are very satisfied with the work and the communication. Do they have flash cards when they cross the border, with info like this:
Truck = Work
Social Services = Free Food, Shelter, and Medicine
Jail = Free Ride Home
I lived in the Chicago area for 9 years and knew a number of illegals from the eastern european countries. These peolpe over stayed their visas, bought homes and didn’t want to be citizens because they didn’t want to pay income taxes. When I asked how they could get morgages, they said the banks didn’t care because if they were deported, the house would be repossessed and resold; posing no risk to the banks. I guess the banks hadn’t anticipated mass foreclosures. The banking industry has become the new Enron, leaving the american public with the short end of the stick.
When you see that the three biggest states having foreclosures are Florida,California and Arizona it isn’t hard to figure out that many of those are illegal immigrants. No suprise to me!
Mostly because greenies don’t want to do constructive things: they want to prevent the rest of us from doing constructive things.
Evidently.
Anecdotal, so take with appropriate salt - I have a family member who made quite a bit of money selling houses in 2005/6 to sub-prime borrowers in FL.
Not just sub-prime, but about 80% illegal aliens, by his estimation.
¿uhh oh, pollos que vienen a casa al gallinero??
Last week my sister took a trip to Oceanside, California to check out possible rental properties. Many of the bank repos are inhabited by large numbers of (illegal?) squatters, living without water sewer, or electricity. They put up extra walls in the kitchens and living rooms to make extra bedroom space, then sit on the mattresses and stare when a realtor comes through. So the neighborhood continues its slide in value, while illegals now have shelter for free. Great system! Who knows how much time, money, and effort is required to evict them, and they often deliberately break everything in the house on their way out. Where is the National Guard when you need it?
Heh, Tennyson, have you turned him into the authorities yet?
We’ve met the enemy, and it is us.
I wonder if any of the liberal whites that ruined Rhodesia, South Africa, and are now ruining the USA and Europe will ever reflect on their actions. Probably not.
And the liberals say that Enron and World Com were national financial disasters…. What does that make this? These illegals and their enablers in business and government have brought the world financial markets to their knees. You would be a fool if you think this did not impact the value of the dollar and by extension, the price of food and oil.
Sucks to be a high-rate lender catering to illegal aliens doesn’t it?
And the SOBs in Washing want to use our money to bail them out. THE MOST ETHICAL CONGRESS IN HISTORY LADIES AND GENTLEMEN!
MM, I just saw you on Fox dealing with this gosh horrible mess with Neal. THANK you so much for keeping us and it would appear lots of American’s informed on this.
L
Liberals like to use other peoples money to feel good about themselves.
I call it smug economics. Steal money, give it to people who don’t deserve it, and enjoy morale superiority.
Too bad a conservative isn’t running for president this election.
The liberals have now been active in ruining this country since at least the ’60’s and will continue until the USA as we have known it is transformed into a third world slum nation, or perhaps splintered into several weaker nations, of peons and elitist masters.
Wreaking social and economic havoc on the nation, to which the illegal invasion and the mortgage mess contribute, aid in making their dream of a marxist utopia comes true.
I’m surprised the media is finally wising up to this.
We bought and flipped a house in our “Little Tijuana” section of town two full years ago that had previously been owned by illegals. According to several realtors we spoke with and friends at the bank, most of the homes in that neighborhood were purchased by illegals via junk mortgages. The illegals did not know what they were signing, had no clue about mortgages, and were basically thinking they were just going to pay “rent” to the lender.
Then, when they decide to move back to Mexico, or move to another location in the U.S., they up and walk away from the house, leaving it for the bank to foreclose.
This has been happening here for years, and we’re a small town in nowheresville. This has got to be rampant throughout the country.
When all the media hysteria began over the “subprime meltdown,” I wondered when the illegal connection would ever be reported.
The racial element, as much as we’re loathe to bring it up, couldn’t be more palpable at this point. Every presidential candidate is falling all over themselves to please the new Lebensraum: La Raza. The historic majority of this country is pretty clearly at odds with “The Race” as it has it’s own traditions and cultural values which have been discussed here. I just can’t find any evidence that the Race is capable of maintaining the current level of American civilization, especially when I see reports like this. Of course, I can drive through San Fernando to confirm this anytime.
Washington doesn’t care.
PRCalDude, the Razas can’t maintain our standard of living, and all Americans know it, which is why there’s so much stress and anger involving immigration. If the people coming over were sophisticated humans with an average IQ of 140, with no criminal element, we wouldn’t care.
I caught Michelle on Cavuto and promptly sent another e-mail to McCain’s senate site. Great job as usual MM, but I’m sick of Fox’s News Alerts always interrupting speakers with something worthwhile to say!
As far as the sub-prime mess…jail time about sums it up. Congress didn’t ask the American taxpayer to agree to this procedure, now want us to bail the lenders out? Give me one of those large houses at a discount, I’ll make the payments. Better yet, I’m with the poster above that suggested giving priority to military families. Especially, those that are disabled for life.
No wonder they were running over the border as fast as they ever could. “Free money from those idiots, million dollar new homes with granite counter tops.”
Stockton, CA anyone?
With what an illegal gets over a legal immigrant or U.S. citizen, makes one think about giving up their own status (citizenship) and declaring oneself “illegal”…just to get better benefits.
Please someone - can we get a hold of the secret memo ordering all politicians to ignore their constituents and pander to illegals? What was the carrot/stick they used?
Anyone know how long it will be until the $100 million legal budget is used to overturn the provisions in the latest mortgage give away that are there to prevent the poor uneducated illegal aliens from getting their fair share of handouts? Or are there already enough loopholes to allow them to get in on the deal already?
Michelle, any chance that you can mention any of this on Fox anytime soon, or could get an investigative reporter like John Stossell to report this?
This news could be the final straw to break the camel’s back.
Here is my complete comprehensive Mortgage Counseling Instructional Seminar, applicable to all demographics.
Please send me my $100,000,000 counseling fee, thanks!
I think we’re going to have a war.
Lets not forget illegal labor also helped to bubble up new home construction. The cheap illegal labor made it easier for builders to flood the market with new homes. This is also a contributing factor to the mortgage meltdown.
Whoa! I didn’t know that they have Tequilla flavored Kool~Aid now. Oh well, enjoy Dude!
I had also wondered about the link between the mortgage ‘crisis’ and illegal aliens.
Responsible people who knew they weren’t in a position to purchase a home (such as myself) are being punished by having our taxdollars go to bail out failed mortgages and shore up banks who were failing due to shoddy loan practices.
Now it’s becoming more apparent that at least a portion of those taxdollars will go towards bailing out failed mortgages tied to illegal aliens.
Unfortunately, I certainly won’t be holding my breath and waiting for the mainstream media to tackle this topic anytime soon.
So, keep up the great work Michelle!
How Much is the real cost,
My Cuban friend tells me in Houston that the word is out to Spanish communities, that the County is offering to trade all outstanding tickets for jail time. If you plead one day you are out at noon the next day. He had some outstanding tickets and did just that. He was hated by all, but stuck to his guns. “I am an American and you are trying to tell me that because I am not an Illegal I get no fairness under the law?” His brother picked him up at noon the next day; saved 1240.00. Who picks up that cost?
Excellent work, Michelle!
The word is getting out! Please keep it coming!!!
What. A. Scam.
Thanks Michelle…I’ve been wondering how much of the so-called “foreclosure crisis” was caused by IRRESPONSIBLE lending to illegal aliens.
To #12: The greenies, the enviromentalist, and the A.C.L.U. DO NOT represent being green, the enviroment, or Americans civil liberties. The illegals have been trashing my ranch for 20 years now. None of the above groups have EVER helped me clean up after the illegals invasion!!!
I think a better question would be, “WILL THE CURRENT MORTGAGE/HOUSING/CREDIT (call it what you want it is really just another economic bubble bursting) SEND ILLEGAL IMMIGRANTS HOME?”
Many of the illegal immigrants came here in the last 8 years looking for work which came as a direct result of the Housing Bubble (which has now burst). With out work, will they go home?
In Southern CA, the highest percentage of foreclosures are in areas that are 99% illegal alien. Do the math!
Santa Ana Foreclosures
Let the mexican government bail them out. After all the state of sonora doen’t want them back!!!
Prince William county is at the top, imagine that.