[oldbill]

This article is an old one, and not telling the whole story.

It leaves out the critical fact that all that mortgage money looking for a mortgagee found fertile ground in the housing needs for 20-40 million illegal aliens.

All data points to the uncomfortable fact that the bulk of subprime mortgages going into foreclosure are in the same neighborhoods where illegal aliens are found (Pew Hispanic Trust, Realtytrak, etc.). Without illegal aliens, the subprime fiasco would have never taken off.

Let’s kill the nonsense that this started because of boomers buying McMansions. It was the eagerly marketed loans to illegal aliens to finance the CDOs and Bonds (and the great commissions they got with them) that started all this mess.

[mac_truck]

All data points to the uncomfortable fact that the bulk of subprime mortgages going into foreclosure are in the same neighborhoods where illegal aliens are found (Pew Hispanic Trust, Realtytrak, etc.)

Nonsense. Sub-prime mortgages were made at every level of income. There is no data supporting illegal aliens as having received the bulk of sub-prime mortgages, and there is no data supporting the 'fact' that the bulk of the mortgage defaults are in neighborhoods where illegals are found (whatever the hell that means).

Without illegal aliens, the subprime fiasco would have never taken off.

Arguably one of the dumbest commnets I've seem on the mortgage/financial crisis so far.

[illiniwek]

that’s just silly. ITIN loans, loans to illegals, were a tiny fraction, one tenth of one percent. To blame this crisis on loans done for illegals is to show a stunning lack of understanding about how this happened.

[tacticalogic]

I wonder how much of this was credit card debt rolled into second mortgages obtained based on inflated real estate values.