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.
“Arguably one of the dumbest commnets I’ve seem on the mortgage/financial crisis so far.”
Arguably!? I think there is no argument.
Even if most defaults were in areas where illegals roamed it wouldn’t prove anything.
First, illegals couldn’t get sub prime mortgages. Most mortgages require proof of citizenship, like a w2, which requires having a social security number.
the only loans that illegals could get were ITIN loans. These made up no more than one tenth of one percent of all loans.
to try and blame illegals is the height of conservative partisanship.
Like the MSM who let this happen with no investigation, you are substituting your own opinion for facts, none of which you offer in rebuttal.
If you go back circa 2006 when the illegal alien invasion peaked along with the subprime mortgage gamesmanship and do a regular track of the Pew Hispanic and US Census reports, and match that with the monthly reports of sites like Realtytrak, you will find that those subprime mortgages going into default and foreclosure were issued to homes concentrated in areas with large illegal alien populations. They match to the ZIP code and neighborhood. Where the hell do you think a sudden inflow of 20-40 million illegals were going to live? In the streets?
If you live in one of these areas (I do) and print out the MLS data or bank data for these homes, and know who was living there while the homes were going into foreclosure, you will see that it was homes and dormitories for illegals, often 10 or more to a home.
The homes themselves were often not owned by illegals. Some were; others were owned by legal Hispanic landlords or realtors exploiting their own, and others by legal non-Hispanics who saw a good deal. These were not tenements, but homes in the $300,000 to $700,000 neighborhood. With 10 or more illegals paying $400/month rents, they were little profit centers. In conversations with some of these unscrupulous owners, you would even find that a foreclosure was built into the game plan - buy the home with nothing down and a teaser rate of 3%, collect the rents; when the teaser rates expire stop payments completely but continue taking the rent; allow the lengthy foreclosure process to take place which can be 6-18 months, collecting rents all the while with no money out for mortgage payments,; abandon the property and walk off with a good profit and someone else picking up the tab (YOU!).
I would guess that you live in neighborhoods not touched by this foreclosure mess, although the problem has now spread to other homes as the market turns their mortgages upside down and even middle class people find it better to walk away. The collapse in the financial markets has now spread worldwide to all banks and investments, but its start was the subprime loans to house illegals.
For mac_truck, if you can come up with better FACTS, do so, otherwise, don’t expose your own ignorance with unsubstantiated comentary. You have a promising career in journalism with your mindset.