Actually, all these Globalists sellouts are responsible 
These men have worked for the last 30 years to ruin America and they've done a helluva job!
It destroys everything it touches.
Think about it.
30 million illegals create a lot of congressional districts simply by being here. That’s some 50 congressmen all screaming for more money for their districts and it makes a lot tougher fight for us in congress.
Let's get to the root cause:
"How Liberal and RINO politicians Destroyed America's Culture and Economy"
as a result of the credit modernization act, gramms wife was appointed to the board of enron. Cronyism at its worst.
Illegal immigration is a fellow traveler along with Benedict Arnold U.S. manufacturing CEO’s that can’t be satisfied with
a 10K sq ft mansion, ski lodge, beach house, yacht and Porche for the 16 year old... so they have to send even more factories to China.
I don’t believe this article successfully argues its thesis. In fact, I find the article an exercise in logical rambling that sabotages its thesis by oscillating between two or more theories. If the article/author wants to claim that “too easy lending” was the underlying cause of the current economic malaise, then illegal immigrants and the CDOs that Bear Stearns wrote aren’t to blame, “too easy lending” is to blame. Focus = lacking.
“Blacks did not default on loans any less than whites did, despite greater difficulty in getting loans. Based on long term financial history, home location, educational attainment, etc., a black person earning the same money as a white person would be less likely to successfully pay off the loan. But that meant that bank loaning policies had a “disparate effect” on blacks.”
The first sentence appears inconsistent with the next two. In any event, blacks are less creditworthy than whites based on default rates. East Asians are the most creditworthy. We have known this since the 70’s when the Carter Administration ginned up the bogus mortgage banking “redlining” issue.
Black leaders and their supporters, i.e. about 90% of blacks, were very much behind pushing the CRA and all the other destructive policies that created the mortgage market disaster. Illegals were also a major part of the problem, but the CBC, allied with leftists such as Jimmy Carter, Barney Frank and AA incompetents such as Franklin Raines and Janet Reno, are mainly to blame for creating and expanding the policies that led to the mortgage crisis.
An interesting point, and one I was not aware of. Had no idea that there was even a category of “language minorities”, much less a law that they had to be given loans.
Staff Reporter on 06/02/08
Husband And Wife Plead Guilty To Massive Florida Straw Buyer Scheme
Juan and Rachael Torrens pled guilty to conspiracy charges in connection with their participation in a recent multi-million dollar mortgage fraud scheme in South Florida. The defendants acknowledged as part of their guilty plea that their scheme produced over $15,000,000 in fraudulent loans, and resulted in losses of over $5,000,000 to various lenders. With Juan and Rachael Torrens‘ guilty pleas, 15 of the original 31 defendants charged have pled guilty.
As previously reported by Mortgage Fraud Blog, defendants Juan Torrens, the de facto owner of Amsouth Trust & Investment Corp. (”Amsouth”) and president of Countryside Land & Development, Inc., Rachael Torrens, president of 1st Choice Realty of South Florida, Inc. and de facto owner of First United Mortgage USA Corp., Daniel Ramos, Alfonso A. Muxo, a State of Florida certified real estate appraiser and owner of Palm Bay Real Estate Appraisals, Inc., and Katherine Harris, former president and part owner of Floridian Home Title Corporation, were charged with conspiracy to commit wire fraud and/or wire fraud for their participation in this massive mortgage fraud scheme.
The scheme involved fraudulent mortgage loans obtained for the purchase of 28 properties located in Miami-Dade and Broward Counties, Florida, and in the City of Marco Island. All except Katherine Harris have already pled guilty, and are awaiting sentence.
The Indictment also charges defendants Mario E. Diaz, Aurelio Pozo, Oscar Barreiro, Lellany Rordriguez, Jose Asensi, Carlos Morales, Damaris Jimenez, Lizabeth Perez, Mario Blanco, Rene Rodriguez, Tamaris Angulo, Alicia Loaiza, Ester Crespo, Jesus Enrique Guevara, Janette Lugo, Priscilla Fleitas, Erick Clavijo, Luis DeJesus Planas, Moises Llorens, Milva Roque, Aurora Ramentol, Gladys Lens, Nancy Fundora, Yanny Cruz Pavon, Roger Rosario and Jacqueline Perez-Castillo ("the straw buyer defendants") with wire fraud for their participation in this mortgage fraud scheme.
To date, guilty pleas have been entered by defendants Aurelio Pozo, Oscar Barreiro, Carlos Morales, Damaris Jimenez, Mario Blanco, Jesus Enrique Guevara, Janette Lugo, Priscilla Fleitas, Moises Llorens, Gladys Lens, and Roger Rosario.
According to the Indictment, Juan Torrens would identify sellers of residential properties who were willing to overstate the true selling price of their properties. Daniel Ramos and Juan Torrens would then recruit and pay the straw buyer defendants to pose as buyers and ostensibly participate in the purchase of the selected properties.
Defendants Rachael Torrens and Juan Torrens would prepare fraudulent mortgage loan applications for the straw purchasers that included false employment verifications, pay stubs, income and funds on deposit, and IRS Forms W-2.
Thereafter, to support the overstated sales prices on the properties and the fraudulent mortgage applications, defendant Alonso A. Muxo would prepare fraudulent appraisals attesting to the inflated property values dictated by Juan Torrens. Roger Rosario, an employee of Regions Bank, assisted the fraud by providing, on at least one occasion, a fraudulent verification of deposit in connection with a mortgage loan application for one of the straw buyer defendants.
To effectuate the scheme, defendants Juan Torrens and Rachael Torrens, together with the straw buyer defendants, would create and submit to the banks and lending institutions HUD-Settlement Statement Forms, also known as HUD-1s, which falsely stated that the straw buyers brought their own funds to the closings.
Once the mortgage applications were approved, the lenders would wire the loan proceeds to the title company, Floridian Home Title, for closing.
At closing, Amsouth, a company owned and controlled by Juan Torrens, would receive a credit for the difference between the inflated price and the actual selling price of the property. Defendants Juan and Rachael Torrens would make the payments on the mortgage loans to maintain the loans afloat until the properties could be resold again, often to another straw buyer. When the Torrenses failed to make payments on the loans, some properties went into foreclosure, resulting in substantial losses to the lending institutions.
SOURCE http://www.mortgagefraudblog.com/index.php/weblog/comments/ husband_and_wife_plead_guilty_to_massive_florida_straw_buyer_scheme/
One of them told me in Spanish that he was going to Tennessee.
All these guys were cleared by e-verify so that system is worthless.
Very carefully ignores the rather important fact that the housing market of the time was a bubble largely created by the influx of money generated by these exact programs.
IOW, the prices were artificially high.
The way this is worded, had these programs never existed the real estate market would still have boomed, it just never would have crashed. Which is utter nonsense.
The flow of imported workers has slowed slightly to 120,000 or 130,000 per month, but the bleeding of the US carcass continues.
Actually, all these Globalists sellouts are responsible
These men have worked for the last 30 years to ruin America and they've done a helluva job!
Actually, all these Globalists sellouts are responsible
These men have worked for the last 30 years to ruin America and they've done a helluva job!
While no contributing factor mentioned is false, eg; I agree they all DID contribute to the SCALE of the problem, there is one linchpin causative factor which I believe has been left out, which could have happened without a SINGLE illegal immigrant, with ANY market for CDOs, and even without the “offloading” entities known as Fannie and Freddie. And that is banking control fraud. The guy who can explain all of this far better than I can is Bill Black, who successfully prosecuted and secured convictions and jail time for over 1,000 banking CEOs during the S&L crisis on the early 90’s. There are a fairly large number of interviews of him on YouTube. The link below to a particular Max Keiser > Bill Black interview which I believe is one of the better explanations of the whole picture in one place:
http://www.youtube.com/watch?v=pdWo9Ob2DHc
The name of this game is “bankruptcy for profit”.
As a good friend told me, children and adults don't really learn until through some circumstance in life they are READY to learn. If someone out there needs a conservative, expert, fluently bilingual consultant with an inside track on the illegal immigration issues for whatever purpose, send me a PM with contact information.
Ping!
Misleading because that is Romney's figure for 4 years at the University of Texas...IF an illegal immigrant could meet the academic requirements to get into UT and had the money to pay instate tuition...which would be rare.
Ironically, as liberal as UT is the illegals likely would be among the more conservative kids on campus.
About 25 years ago the student body pres was a Black lesbian.
Excellent analysis. I was not aware of the Bush Executive Order. That was criminally negligent to issue that order. His compassionate conservatism proved to be as much of a disaster as outright socialism. I realize Clinton started this madness, but Bush did not have to continue it.
bfl