It is so interesting to watch these Wall Street free marketeers and free-running capitalists suddenly scream for government interventions and bail outs when their greedy Ponzi schemes go awry.
The dirty little secret is that the subprime problem is an illegal alien problem. That’s where all the foreclosures are showing up. A map of subprime foreclosures closely aligns with a map of zip codes where the illegals congregate. The flippers and the boomers trying to finance their BMWs are a small component of the foreclosures, although the elite opinion makers would try to make you think otherwise.
Wall Street and the MSM, the former for its cheap labor needs and the latter for its advancement of the Democratic party, don’t want you to know the real reasons behind the subprime collapse. Like this ritalin-depriven Cramer clown, they are starting their game plan to get the taxpayers to bail out the bankers, the mortgage lenders, and their soon-to-be-evicted-from-their-overcrowed-homes illegals.
Don’t fall for the sympathy pitch. Let them all reap what they sowed.
And for all those morons who say you can’t deport 20 million illegals, this is a great first step.
I agree that the sub-prime mess (and especially the “no-doc” and “stated income” type of loans) have a high correlation with areas of illegal immigration.
But that isn’t a complete explanation of who took out these loans. Plenty of US citizens were lining up to take the ultra-low teaser rate mortgages with little to no documentation necessary.
In 2005 and 2006, the mortgage industry was giving money away. By the truckload.
I’m a firm believer that the bankers who wrote loans to bad borrowers should get what they deserve: defaults and foreclosures. That’ll teach them to not write loans to people without documentation, either legal or financial.