Posted on 04/06/2008 2:41:28 PM PDT by Clintonfatigued
Although there is no formal tally, Mexican consular sources say a growing number of illegal immigrants across the United States are starting to pack their bags and return home.
Illegal immigrants were able to buy U.S. homes during the boom years, either by showing evidence that they pay taxes or by simply presenting false documents.
Many of them took out high interest fixed-rate loans or subprime mortgages with a low entry rate that later rose sharply. Experts say language difficulties made them more vulnerable to being offered, and taking, bad deals.
(Excerpt) Read more at reuters.com ...
The mortgage crisis was worth it if it solved the illegal immigrant problem.
Problem is, very few Americans are able to make the connection between the two, largely due to the biased coverage by an establishment-controlled media.
???!!!
One can only assume we have here the decades hence "issue" of some Juarez donkey show (poor donkey).
“They were more exposed to abuse,” said Alejandra Louden of the Congressional Hispanic Caucus Institute’s housing department, which carried out a recent study on Latino home loan foreclosures. “Documents were in English and explained in Spanish, and some vital explanation would be missing.”
Or maybe the illegal aliens who’ve experienced foreclosure are just lying to the Hispanic Caucus Institute’s representatives who conducted the study.
Self-deportation.
What an excellent concept.
And as it turns out, costing us no more than having a roaring economy, only to have it drained away to the Third World countries, with no gracious appreciation of what was being done on their behalf.
A few more big “international bankers” got the scare of their lives, and lost a considerable amount of fiat reserves, but on the whole, not a bad trade if it reawakens our own country.
And with all those formerly totally unskilled workers now streaming back into Mexico with their newly acquired expertise in construction, think of the boom that could go on in that country!
I wonder what excuse Reuters can offer up for the rest of the morons who bought houses they couldn't afford. I can't for the life of me understand why the MSM continues to play the "predatory lending" card. If I can't afford something, I DON'T BUY IT! Loan officers, real estate agents, and real estate brokers have an incentive to close sales. They make their money whether you end up in bankruptcy or not. If you don't understand that when you buy real estate, then you're too stupid to buy real estate. (comment not directed at you, spectre).
Hmmmmm ... sounds like "predatory borrowing" to me.
U.S. President George W. Bush and Congressional leaders are working on an economic stimulus package worth almost $150 billion to fend off a possible recession, and Bush last month unveiled a plan to slow the wave of home loan foreclosures by freezing the rates on some subprime loans.IIRC, my notice from the IRS said all I have to do to get the rebate was file taxes on my 2007 income.But experts say most of the immigrants in financial trouble are either not entitled to help under the rescue plan or are not taking advantage of it.
Now, why might I not be able to do that?
Maybe I don't have a SSN or TIN.
Maybe I have no taxable income, not the same as income, to report for 2007?
In other words, these poor creatures are being singled out.
Cry me a river.
Good case for LEARNING ENGLISH TOO!!
“Many of them took out high interest fixed-rate loans or subprime mortgages with a low entry rate that later rose sharply. Experts say language difficulties made them more vulnerable to being offered, and taking, bad deals.”
“They were more exposed to abuse,” said Alejandra Louden of the Congressional Hispanic Caucus Institute’s housing department, which carried out a recent study on Latino home loan foreclosures. “Documents were in English and explained in Spanish, and some vital explanation would be missing.”
in my community, the salvation army cupboards are bare, the temporary aid center is out today asking for donations their cupboards are bare.
BOO-Freakin’—HOO!
“In spite of the biased coverage in the article, it shows an undeniable link between open borders and the worldwide mortgage fiasco.”
It’s about time people wake up to this. I live in CA, and I bought a house at the peak—had to so I could start procreating.
The value has dropped through the floor (we took out a fixed mortgage), but it’s clear, given our income, that there is no way gardeners could afford 500k houses! I was amazed.
They did..often times by renting out many rooms to other immigrants.
Joe immigrant moves in, cuts a few door ways in walls, including the garage, parks a few campers in the backyard, and is now open for business.
This happened all over the place in So cal. I saw it personally.
In any case, of course, we can afford to pay for our house, overvalued or not: it’s not easy: 3k a month housepayment + an additional property tax of 5400 a year + everything else.
I don’t care if my house ends up being worth half of what we paid, as long as the illegals GO HOME.
Mexico’s in contention for being one of the fattest nations now. Okay...if you have that much food to eat back home, go home and consume, please.
Can’t feeling some genuine anger. Two years ago our governor was announcing aspecial fund to assist illegal aliens to buy a home. Now my son wants a mortgage and the market is pretty thin.
What percent of the bubble was unanticipated and ultimately unreal demand? Our political elites? I spit.
One year from now we will all miss him terribly.
Where is the picture of the small violin playing????
“...increasing numbers...”
WAY up from 9 to 12 or 13, at least. Why shouldn’t we trust the Mexican Government?
Many of us will be.
THANKS, BFL
It’s funny, though, because well before the mortgage crisis I warned in this forum that getting rid of illegal aliens would trigger a decline in housing prices by removing many of the first-time buyers that allow everyone else to move up.
I didn’t anticipate the positive feedback loop where declining prices led to defaults which led to foreclosures which led to evictions which led to illegal aliens going home.
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