Posted on 09/25/2008 6:25:17 AM PDT by TADSLOS
I'm not trying to excuse them, but I want to know what the real problem is. I expect a lot more of the problems are the subprime or Alt-A liar loans to speculators who couldn't cover their loans with rental income than to poor people buying their only houses.
The saddest thing about the entire bailout is that the history is being ignored, how we got here is ever so important!
The illegals/and lending to those who had no right borrowing, are a huge part of it as is the fact that several times the rats voted down bills to solve the problem earlier. But, no on will talk about it except here.
If there are inspectors on this job everyone of the problems you cite should have been caught. For instance, the wiring should have been inspected before the sheet rock was hung.
As for illegals building, there are very few white or black contractors left who know how to build anything.
Because the loans are not marked "legal" or "illegal."
However, I worked for a smallish mortgage company in Chicago for awhile in 2004, and we had a guy on the staff whose full time job was to make loans to "undocumented" immigrants. He was the second biggest producer in the company. We were told to not to discourage undocumenteds we came across, but to funnel them to the house "expert."
Wow very revealing here, guess the talking heads have forgotten to talk about this one so far.
bttt
I gave a lengthy expose on this on these Free Republic pages almost two years ago (the FR archives are down right now so I can’t link you to them) and most of you wouldn’t accept that back then, coming back with the same Economics 101 pap the President spouted on Sept 24th.
The start of the subprime foreclosure crisis that has now snowballed to this global panic was the subprime loans given to illegal aliens, and the legal landlords of illegal alien dormitory houses.
If you compare the houses going into foreclosure in 2007 and early 2008 using the accurate data of foreclosures from Realtytrak.com and several others against the demographics of illegal aliens as presented by the Pew Hispanic Trust data, you will find a near perfect match down to the ZIP code - the nine-digit ZIP code, which means the neighborhoods. The few deviations were in states where anti-predatory lending laws restricted subprime lending with teaser entry rates and exponential ARMs.
Bottom line, unrestricted subprime loans to the illegal alien population of 12, 20, maybe 40 million illegals needing housing over the last 7 years (that’s the size of New York State or Texas almost overnight) was the necessary bottom of the Ponzi pyramid that is our current crisis.
But no pandering politician wants to admit that their open borders and amnesty schemes would have any consequences. The Dems wanted the new Hispanic voters, and the RINOs wanted the cheap labor. America be damned.
And your next president is promising to keep pandering while you suckers pay a new tax of at least $2700 for everyone in your family so the Wall Street guys can enjoy their $40 million golden parachutes.
A need for downpayment assistance, which affects minority families to a greater extent than non-Hispanic whites because they have less accumulated wealth that can be used to help children with downpayments;
A lack of access to affordable mortgage credit;
A lack of understanding of the homebuying process;
Weak credit histories, often arising from a poor understanding of financial matters and where financial counseling is required;
A lack of information about available homeownership programs in the community; and
Language difficulties or cultural differences.
This is all found withing the "Home of Your Own" Policy
Link:http://www.whitehouse.gov/infocus/homeownership/homeownership-policy-book-whole.pdf
When my daughter was in college full time and working part time, she was told she didnt make enough for a govt loan on a house...
However a few counties over from us illegal aliens were getting HUD loans because they were “low income”...
????????????????????????????????????????
When she graduated from college and got a good job she decided she didnt need a govt loan ...
and just got a regular one for the house she now owns....
It’s pretty easy to pay your mortgage when you’ve got 20 laborers paying rent to sleep on the floor in the converted dining and family rooms.
But La Raza, McCain, Obama, Bush, Graham all insist that illegals pay their bills
_______________________________________
Source ???????
The word is “taxes” not “bills”
The illegal aliens ALLEGEDLY pay taxes.....
Bump
Loved Bawney Fwank's comments yesterday regarding the gub'ment taking over real estate and being the 'landloads'./sarc. scary
Illegal aliens - The gift that keeps on giving.
Very depressing that the real causes of this whole mess will never be acknowledged let alone addressed or fixed.
Sorry to be a downer.
Actually,it’s a Constitutional Republic,but it is a Democracy.A Democracy is where people obtain their power from a FREE electoral system,where we each have equal opportunity to voice our opinion(elections),and we all recognize the same freedoms.You’re thinking of a Democratic State,where the majority over rule the minority.
“FREEPER DB POSTED: Here’s what they did in my area: (Illegal) family member buys house and gets teaser loan. Family member sells house to another illegal family member for $50k more. That illegal family member gets teaser loan. That family member sells house to yet another family member for even more again getting a teaser loan. They repeat this multiple times.
The last family member defaults on the loan and goes back to Mexico. The other family members walk away with a couple hundred thousand dollars of the banks money through all the repeated selling between family members. No one is accountable. Now repeat this on a broad scale and you can get an idea of what was going on...
INVADERS’ DEFRAUD-—TAXPAYERS PAY Multiply this mortgage scam by millions of invaders squatting on US oil. Better believe the Mexican govt was in on the scam——and profited along with the invaders.”
Unfortunately their culture is more prone to committing and accepting criminal activity.
Plus they have the backing of two goverments----- with Senor Bush in office, invaders have the moral support and full-faith backing of the US government AND the moral support amd backing of the Mexican government.
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