The "affordable housing" policy and sub-prime mortgages were originally designed to benefit blacks. The Congressional Black Caucus was the driving force behind the policy. And, indeed, blacks were the primary beneficiaries of the the program well before the illegals became a market.
Toward the end, whites also became beneficiaries, as well, when many discovered they could "afford" more house than they'd planned.
It was Freddie Mac and Fannie Mae's policies that drove the housing bubble -- the result of a political policy that distorted the market and corrupted everybody associated with it.
Illegals are a separate issue. They were among those benefitting, to be sure. But the corruption was well underway without them.
Wouldn’t, couldn’t have happened without the illegals.
Blacks were a relatively static population. It was the sudden appearance of 20-40 million illegal aliens that created a huge demand for new housing capacity.
If you map the subprime foreclosures from 2006 on, you see a near perfect correlation of foreclosures and the settlement spots of illegal aliens. This Miami herald article further demonstrates it. The ZIP codes for foreclosure hotspots are also where illegals abound.
Subprimes to inner city blacks, house flippers, and McMansion squatters are an insignificant part of the foreclosure problem.
Foreclosures are now threatening the demographics outside the illegal ZIP codes because the home values of other neighborhoods have depreciated because the assessed values have gone under water. But that’s an effect, not a cause.
Millions of subprimes to illegal aliens are the cause of the current economic failure. They are the proximate cause. Everything else was just the setup.