“(as Americans woke up to 5 million toxic mortgages fraudulently doled out to illegals that poisoned our economy forever). “
Bush’s “Ownership Society”. And I’ll bet you nothing’s changed....they are STILL giving out the same mortgages to the same ‘disadvantaged’ and finding a way to provide bailouts for the one’s who can’t pay.
You got that s-o-o-o right.
The subprime mortgage meltdown is attributed to illegal invaders fraudulently getting loans with stolen identities; if they could breathe and make an X on the app, they got a mortgage, no questions asked. The conniving illegals then flipped the mortgaged houses among relatives at higher and higher prices.......the last relative absconds to Mexico with loads of cash, leaving banks (and taxpayers) holding the bag.
CASE IN POINT A TV documentary "House of Cards" showed an illegal who could not speak English, who mowed loans for a living, getting a sub-prime mortgage for a posh California property worthy of a multi-millionaire. Of course he defaulted----the illegal had lied about his income on the mortgage application and could not pay up.
REFERENCE Financial Bust Connected to Illegal Alien Mortgages
Human Events | October 5, 2009 | William Campenni
FR Posted by machogirl
......the new alchemists: mortgage bankers and investors. They found a way to turn worthless mortgages into hordes of gold. Or at least they thought they had
There were other factors that contributed to the collapse of the credit markets. Low interest rates by the Federal Reserve, lowered standards by FannieMae and FreddyMac, securitized mortgages (derivatives and collateralized debt obligations -- a real alchemic brew), the machinations of Barney Frank and Chris Dodd, the Community Reinvestment Act, Alan Greenspan, and so forth. etc. But of themselves, and even in concert, they could not have brought about a collapse of the magnitude that ensued.
So what supplied this quintessential element? It was the opportunity to exploit the sudden and coincidental housing needs of millions of illegal aliens with subprime mortgages.
The grand schemes and diabolical financial instruments would otherwise lie fallow without a huge base of mortgages to hold up the Ponzi pyramid, and the new market of the 12 -- more likely 20 -- million housing-starved illegal alien populace was the ripe, low hanging fruit. (Excerpt) Read more at humanevents.com.
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Yes, the banksters and Congress messed up. But there's a secondary problem----the secularization of the culture--- wherein moral certitudes and the Golden Rule were tossed aside in favor of self-absorbed individuality. At one time, getting a mortgage was considered a moral obligation----mortgage-holders took on the responsibility; they budgeted and had second jobs in order to pay their obligations.
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As FReeper raybbr postulated: "the invaders' sense of entititlement to tear down our government while enjoying US prosperity, the principles of democracy, our legislative process, and our thriving society is an affront to every real American."