Posted on 02/25/2009 9:14:44 AM PST by SwinneySwitch
Stemming home foreclosures in Hispanic communities is crucial to restoring financial stability and ending the nation's economic crisis, former Housing Secretary Henry Cisneros said Tuesday.
“It is critical for this country to grow the backbone of its economy, its middle class, and the future middle class in large measure is going to be Latino,” Cisneros said.
Cisneros made the comments during a telephonic symposium on Latinos and the economy — “Back to Basics: Restoring Latino Financial Security” — sponsored by the National Council of La Raza, the nation's largest Hispanic rights organization, and the Center for American Progress, a left-leaning think tank.
Luis Pastor, president of the Latino Community Credit Union in North Carolina, said minorities must have the financial access and education needed to buy homes and build financial security.
One in 10 Latino families missed a mortgage payment last year, said NCLR's Janis Bowdler. In many cases, they exhaust savings and run up credit card debt before seeking financial help.
“Latinos clearly will be among those who suffer most if foreclosure proceeds at this pace,” Cisneros said.
President Barack Obama is crafting a $75 billion plan to stem foreclosures, allowing banks to modify some mortgages. It comes on the heels of a $787 billion stimulus bill that extends unemployment and health care benefits.
Those measures are important to restoring the financial safety net for Latinos, said Cisneros, who acknowledged that a lender he worked with had a hand in the nation's economic downturn.
Cisneros, secretary for the Department of Housing and Urban Development under President Bill Clinton, served on the board of directors for Countrywide Financial Corp. from 2001 to 2007 — during a period when the number of subprime loans increased to borrowers with questionable credit.
He resigned just days before Countrywide reported a $1.2 billion loss and that a third of its borrowers were late on mortgage payments. Cisneros said Countrywide was not a predatory or abusive lender, but did have a subprime arm that wrote mortgages.
“Did Countrywide go too far? In retrospect, maybe so,” he said, adding that the repackaging of questionable loans by Wall Street for international markets contributed heavily to the crisis.
“Step one, that we have to take, is curb the unscrupulous business practices,” Cisneros said.
You mean the unscrupulous business practice of lending to illegal aliens, or just the treason of non-border enforcement, Henry?
I would like to have 100,000 soldiers deport all gang members first, then progressively move 10 million back down south.
If we had any type of leadership, it would have been done years ago.
Yo, Henry ... the current middle class might resist just a bit when you try to steal it from them to give it to your homies ...
Well, his resigning from CountryWide may have helped that goal...
Isn’t Cisneros in jail? If not, why not?
Hmmm...
Government policy that differs depending on what “race” you are?
Sounds racist to me.
Isn’t this guy a Felon now?
““Latinos clearly will be among those who suffer most if foreclosure proceeds at this pace,” Cisneros said.”
Cisneros, you ignorant ____!
How about the rest of us? Who get to clean up their mess!
“I am more and more convinced that many of the foreclosures are related some how to illegal immigration, at least in Calf. Az, Nv. and Fla. Look at the maps provided by
http://www.realtytrac.com/?a=b&accnt=174340";
_________________
The numbers seem to back you up. “Legal” immigration is another problem because no one is properly vetting these people.
By the numbers
More than 1 million people became citizens in 2008, with 780,000 taking the oath of allegiance in the first 10 months, according to preliminary figures from the Department of Homeland Security.
In 2007, 660,477 people were granted U.S. citizenship.
Leading countries of birth of new citizens were:
Mexico (122,258), India (46,871), Philippines (38,830), China (33,134) and Vietnam (27,921)
Largest number of people naturalizing lived in:
California (181,684), New York (73,676) and Florida (54,563).
SOURCE: Office of Immigration Statistics, Department of Homeland Security
http://www.news-journalonline.com/NewsJournalOnline/News/WestVolusia/wvlHEAD03WEST012209.htm
So why doesn’t LaRaza and ACORN, et al, give money to people to avoid foreclosure?
We are pursuing the same policies that got us in trouble in the first place. Re-financing people out of foreclosure will just lead to more losses. Many of these people just don’t have the character to be home owners. Period.
Fortunately many won’t qualify because they are alread too far in default. Many walked away with a lot of cash already and should be paying the IRS for their gains.
Yo henry,
You been using any more public money to pay for any more mistresses?
Ping!
If you want on, or off this S. Texas/Mexico ping list, please FReepMail me.
Exactly, ole Cisneros had some sort of a deal with a mistress, IRRC it involved a house of some sort..
“Latinos clearly will be among those who suffer most if foreclosure proceeds at this pace,” Cisneros said.
And who put Latinos in homes they could not afford? What is your approach? As long as they are there they should stay there? Just let the rest of America pay for their squatters rights? GO TO HELL CISNEROS!
What a bunch of a$$clowns their pandering led to the “unscrupulous business practices”. Approving things that shouldn’t have ever been approved.
And most likely that was a family of illegals...
Deport the illegals. And stop giving tax monies to racist groups like La Raza.
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