Every cloud has a silver lining...
But they’re abondoning their overpriced homes and leaving their unpaid mortgages for others to clean up. This could get really bad.
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.”
Not really.
The illegal aliens lose nothing as they put no money down. They can simply walk away and they will not be any worse off than they were before.
The lenders lose nothing since they pocketed commissions after selling those mortgages to gullible investors, maybe even a fund manager in a mutual fund in your own 401K. The lenders were making irresponsible loans with other people's money to generate commission profits.
We, the taxpayers and the responsible people that did not play the Bubble Game, are the ones that lose with a dropping stock market, housing prices that are unaffordable without gimmick loans and prospect of Government bailouts promised by politicians of both parties.