Posted on 09/26/2008 5:55:04 AM PDT by TADSLOS
Referencing my column yesterday on illegal immigration and the mortgage mess, Hans Bader at Open Market shares his experience. I’ve been getting a lot of e-mails with similar stories. Tip of the iceberg:
When I and my wife, a legal alien, bought our house, the mortgage company told me that if my wife were an illegal alien, rather than legal, we would have qualified for certain loan programs with big banks. But because she was a legal alien waiting for her green-card (which she had recently applied for), we didn’t qualify.
Mark Krikorian, an activist against illegal immigration, argues that “we’re in this mess, ultimately, because our political elites thought it was good social policy to encourage banks to give mortgages to uncreditworthy people, resulting in what Sailer months ago called the “Diversity Recession” (if this doesn’t work, make that the Diversity Depression). In other words, if poor people in general, or blacks or Hispanics in particular, were less likely to be approved for a mortgage, the only possible reason was racism or classism or whatever. Thus ‘creditworthiness’ was an illegitimate, dead-white-male concept, like middleclassness. Because, after all, isn’t everyone entitled to credit?”
(Excerpt) Read more at michellemalkin.com ...
Ping.
They sure are. It's in the constitution. Just after the right to an abortion. And just before the right to infringe on owning a handgun.
If McCAIN does NOT get on the news and tell the people how the democraps CAUSED this mess, then he deserves to lose and we are all doomed if this $700Billion boondoggle to ACORN gets passed.
Let these banks go under.
In case you didn’t notice, there are 2 viable candidates for the presidency. If not McCain then it must be Obama. I would rather elect my Coon cat!
NO, we don’t want Obama as our President. There is no other choice now. None.
Interesting reading, with some good anecdotal reports.
and bank accounts without documentation. I canceled my accounts with them.
Does this mean that fewer immigrants would have qualified for the special loans if the "Amnesty program" had gone through and they had received green cards?
The world view/philosophy of those who support giving credit to everyone to buy a home regardless of worthiness is Marxism. The Marxists in our Govt. both elected and in the bureaucracies (and Universities) have one goal and that is the downfall of America. I don’t know if Barney Frank, Shumer, Pelosi, Reid, and Chris Dodd are merely useful idiots propped up by the unseen puppet masters or if they are actively supporting the ruination of our country. Either way- this all looks pretty darn intentional to me. So much is at risk here, and Bush and Congress fiddled (don’t give me the baloney that George has been warning us- just talk and words alone mean nothing). Watch how this bail-out goes down... more centralization of power in non-elected places (the Fed and related bureaucracies) or through total elimination of the capital gains tax and other massive incentives for investment and market recovery.
bump
I agree that he should explain it. Start with the mortgages based on minority status to those with highly questionable credit, and; get into how the hedge fund administrators gambled the retirements of so many in the funds. Heck those hedge funds lost their fanny on oil when the last hurricane failed to damage the rigs. This last oil play was like betting one’s house and home on the roll of the dice in Vegas. The Dems in their state jobs, unions, etc. should be screaming at their state pension plan manager.
Hedge funds do not meet ERISA reporting requirements.
This is the political correctness atrocity at work. It would have been too "judgemental" to tell marginal people they could not afford to buy a house beyond their means.
Political correctness is the sword that slew the economic dragon.
Many of the laws requiring government oversight of the market written after the last great market crash-----in 1929---- were eliminated during the Clinton administration---one of many ignorant moves by the self-absorbed "tolerant and compassionate" liberal Clintons.
It's not beyond reason to conclude that the mortgage/market debacle is the consequences of (1) moral relativity----and (2) disestablimentarianism (the deranged obsession with tearing down the foundation of Western Civilization).
Anything remotely connected to moral absolutes of right and wrong smacks of "religion" to disturbed religion-hating liberals.....and has to be destroyed.
TAXPAYERS WANT TO HEAR POLITICIANS SAY (1) THEY WILL REPLACE THESE LAWS, (2) throw out political correctness, AND (3) WILL NOT ALLOW ILLEGALS AND OTHER MARGINALS TO PROFIT FROM OUR ECONOMIC SYSTEM.
McCain has some clear strengths. He’s also got weaknesses. That’s why I supported first Hunter, then Thompson, then no one, and finally, McCain, after he picked Palin.
I absolutely do not want Obama to be president.
Mathematically, every vote that McCain does not get makes it more likely that Obama will be president. I’m not talking about anyone’s motivation. I’m simply addressing the mathematics of the situation.
Well, to be fair to Wall Street, Congress did more than just enable. Congress threatened banks with legal action if they didn't lend to people who didn't qualify.
Which is why the market isn't the problem. Congress is.
We’re screwed either way, and I won’t vote for a liberal- ANY liberal.
That’s a conscientious decision, imho. I won’t argue with those who are making a decision based on principle.
I do like to point out, though, that mathematically every vote that McCain does not get makes it mathematically more likely that Obama will win. That’s the pure math of it.
I had hoped that a conservative third party would get active, but the truth is that none of them are doing anything effective at all. They refuse to work between presidential elections. That proves to me that they aren’t serious.
You are correct. Bank of America started giving loans to illegals to buy homes. I am speaking for the Southern CA area. One couple with six kids bought a home one street over from me. They did not check for any background,not citizens & was smuggled across the border. The man cuts grass & woman cleans houses (cash only) they will not accept checks. No tax is paid which we have state & federal here.
They brag about having their babies free & they are anchor babies which makes them citizens. There house was in the price range over $ 650,000,00
Homes are not cheap in this location but loans for illegals are rapid here. It makes me very angry we are paying for these freebies. I am sure many more will cross the border & protest in our streeets for equal rights while wrapping their self in the American flag.
Where is our America as we use to know as a proud country.
You are correct. Look at the Pension Plan Protection Act of 2006. Look at all the credit deriatives that banks kept on their books and sold and as they knew those loans were bad. Look at all the deriatives held by Fannie and Freddie. The State of SC just recently wanted to place 45% of their state pension plan in Hedge Funds.
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