To: Freedumb
Gotta hand it to the MSM, the WSJ, the Chamber of Commerce, the Fed, the banks, the White House, the Congress, Fortune, Kudlow, and all the rest of the usual suspects. These subprime mortgages go to someone. They have a mailing address. By artful writing and punditry, the picture has been painted that the people who got these subprime loans are poor folks or dumb boomers who re-financed to buy their new Volvo and swimming pool. Wrong!
Those cases are few. Those subprime mortgages issued in the last several years that are now facing foreclosure have gone to illegal aliens, landlords who rent to illegal aliens, and minorities who have lost jobs to illegal aliens, especially African-Americans in the trades and services industries. The common thread - illegal aliens. Spend 10 minutes on Google and you can see the aggressive marketing of subprimes to illegals (you may have to translate).
The distribution of subprimes going into foreclosure closely matches the concentrations of illegal aliens - California, the southwest border states, the southeast states, metro areas like Denver and in the Rust Belt. Many of these mortgages were granted to buyers with no SS number or a stolen number or just a taxpayer ID number. Who is that group? Not blacks; not boomers. Not even speculators. Who's left? You figure.
Some common scenarios: An illegal, actively recruited by banks or mortgage lenders, buys a house, often an expensive house ($600,000). If he can't qualify, he gets other illegals added to the mortgage until they qualify. Or a profiteering landlord buys a house with the intent of setting up a dorm house for illegals. With 10-20 illegals crowded in at $300-400 rent, he makes a tidy profit even with a big mortgage payment.
Like Ponzi, it was great for everybody. The banks made big profits on the high interest. So did the REIT and funds managers. The landlods did well also on rents and house appreciation.
Then the housing bubble burst. The illegal renters started losing work and were evicted. The landlords couldn't service the mortgage and/or with lowering values the mortgages went upside down so it was easy to walk away and foreclose.
But that's not the big story. It's how effective the cabal of power brokers from the White House, the Chamber of Commerce, the MSM, the Congress, the banks, the CEOs, and the unions have covered up this causality so that they can get amnesty and open borders rammed through to guarantee an unending supply of cheap alien labor.
They know that if the connection between illegal alien hordes and the subprime collapse and the damage to the economy worse than the Savings & Loan scandal of the 1980's, the people will be outraged and demand we close the borders.
Can't have that. Let's keep the sheeple in the dark. They'll be the suckers paying for it in the end with lost jobs and higher taxes. The real villians have already made their fortunes.
8 posted on 03/23/2007 9:11:29 AM PDT by oldbill
Yep. You told us so.
Bump!