Posted on 01/30/2008 9:03:11 AM PST by Sub-Driver
mmigrants hit hard by U.S. slowdown and subprime crisis Wed Jan 30, 2008 11:14am EST
By Adriana Garcia
WASHINGTON (Reuters) - As an economic slowdown and the subprime mortgage crisis deepen across the United States, Hispanic immigrants are increasingly in danger of losing their jobs and their homes.
Both legal and illegal immigrants joined Americans in buying homes they could barely afford when the market spiraled upward and many have been caught with mortgages higher than the value of their homes as prices have slumped in the past year.
Just as subprime mortgage payments rose and house prices fell, the economy's slowdown has hurt the construction sector, which employs large numbers of Hispanics and other immigrants.
Unemployment among Hispanics in the United States jumped to 6.3 percent in December, up from 5.7 percent the previous month and well above the national average of 5 percent, U.S. Department of Labor statistics show.
And almost half of the mortgage loans in the hands of Hispanics are subprime, making them especially vulnerable to the housing downturn.
"Economic conditions are deteriorating and many immigrants now can't work those extra hours or find that second job to keep up with their mortgage payments," said Aracely Panameno at the Center for Responsive Lending (CRL) research policy group.
Nelson, a 29-year-old legal immigrant and construction worker from El Salvador, had a miserable run of luck in November, when he lost his job and his subprime mortgage bills jumped $650 to about $2,650.
(Excerpt) Read more at reuters.com ...
Thanks for the good news.
Good... go back home where you belong. May be the silver lining in all of this perhaps.
I heard this morning that some 14 companies are being investigated for illegally lending on subprime mortgages, including various corporations not yet named.
I hope Mexico’s economy starts BOOMING and needs more workers. Send them back over the southern borders. Adios!
I really don’t give a darn.
Boring!
His original monthly mortgage payment was $2K??? What size loan, and how big of a house did he buy anywise?
Wow. That's too bad.
Hey, how about them Red Sox?
The illegals will be okay as soon as they get their checks from the Congressional Bail-Out bill.
Meanwhile, Nancy Pelosi is upset that the Senate wants to add something in the bill for senior citizens who paid the taxes that built and ran the country for 50 years and more.
(smacking `Give-a-dam-o-Meter’, must be broke)
It MUST stop!
My wife and I recently watched “Waitress,” a clever and sweet little film written and directed by Adrienne Shelly. Shelly was A VERY talented lady who also played a supporting role.
She was senselessly MURDERED in her NY apartment on November 1, 2006. Her body was found hanging by a sheet from a shower rod – by her husband. She was 40 and left behind a 3 year-old daughter who will never know her real mother.
A 19 YEAR OLD EQUADORIAN — AN ILLEGAL WHO SHOULD NEVER HAVE EVEN BEEN IN THE COUNTRY IN THE FIRST PLACE (THANK YOU CLINTON AND BUSH) — CONFESSED TO HER MURDER.
They are killing 25 of us every day.
IT WILL STOP WHEN THE MORONS IN WASHINGTON GET AS SERIOUS ABOUT THE ILLEGAL INVASION AS THEY ARE ABOUT HARASSING NATIVE BORN CITIZENS AT THE AIRPORTS.
(AND, YES, I INTENDED TO SHOUT BECAUSE I’M MAD AS HELL AND NOT GONNA TAKE ANY MORE OF THIS CRAP!)
How about you???
I’ve been a regular at local congressional town hall meetings for a few dozen years and noted that starting around 10 years ago, the majority of those there were angry that nothing was being done about the illegal invasion.
Why are we still waiting for the clowns in Malfunction Junction – who can produce convoluted legislative proposals to line their pockets or deliver pork back home and ram it through in the dark of night – to secure our national borders?
Perhaps YOU should get on over to those pre-election public meetings and raise some serious hell – before YOU die at the hands of someone who ought not even BE HERE!
We have enough indigenous criminals. WE SURE AS HELL DON’T NEED TO IMPORT MORE.
Nelson ? Didn’t realize that was a Hispanic name...
He probably relied on the income from the 20 people stuffed in the house to make the payment.
I hope Mexico’s economy starts BOOMING and needs more workers. Send them back over the southern borders. Adios!
—
Mexican Housing Booms Despite US Crisis ^
http://www.freerepublic.com/focus/f-news/1956772/posts
For the same reason that people under 62 who aren’t paying taxes now shouldn’t get a rebate.
Just because a geezer gets to be 62 shouldn’t mean they play gimme gimme gimme.
If you pay taxes, it’s money back. If you don’t get out of the welfare line.
No room for ‘BARF’ on the thread headline ?
Probably one of his assumed names and identities stolen from a citizen or a deceased person.
Good point.
He probably bought a townhouse in the Maryland suburbs of DC. Up until the housing downturn, construction in this area was pretty hot. Still, prices got out of hand pretty quickly. Housing is still affordable in the outer suburbs and counties, but the trade-off is a terrible and vicious morning and evening commute.
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