Which is exactly what was being done. An illegal or some greedy opportunist anglo would gobble up a $600,000 house, get a subprime loan with no money down and teaser rates, divvy up the rooms and basement, cover the mortgage, and make a couple of thousand bucks profit off the books.
With the slowdown in construction, pressure starting to be applied by localities to this overcrowding, the renters are leaving. The cash flow is gone, and the mortgage balloons are coming due and viola! - the subprime mortgage crises.
You missed your opportunity to make big bucks.
Sorry OldBill you are wrong.
The scenario you laid out is a lie. You shouldn’t be so gullible as to believe that kind of bunk.
Sub-prime mortages are failing because first time buyers took on home loans that they were not qualified for.
They a-greed to obligations they could not meet.
There is no great batch of sub-prime borrowers that are
dependent on illegals to make their payment.