Washington Times: Illegal immigrants to blame for credit crisis

[Heracles 417]

Sooner or later, illegals had to get blamed too.

Blamed NO. Part of the problem, dam straight.

As the construction industry continues to go down, more will pack up and leave. Consequently abandoning homes and putting more pressure on declining home values. Forcing banks to write off more loans. And so forth. One guess who ultimately ends up paying for this..

[HAL 9000 96]

Oh, of course. They worked their way all the way down the excuse list to immigration.

I heard somebody wants to give all Americans $425,000 each instead of the way they were heading. These guys must really have some good Ganga up there in D.C.!!!!

Hey lets do that!!

[almaty 19]

tough sh!t..the banks f##ked up and should have the maxium reponsibility for their errors...f##k them ..i hope they all collapse...

[Heracles 417]

And let me guess...you think Sarah Palin is the best in leading this country in case Grandpa McCain decides to part this world. Hahaha you live in a bubble my friend

I don't deny that some illegal immigrants have done it, BUT to blame them for this s!hithole we are in is completely nuts. It's equivalent to blaming Pelossi and her speech for all those Republicans that voted against the bailout. We are NOT that stupid, at least some of us.

No Barack is better with all of his 'experience' and all, unlike Palin's of course. After all Barack is a Lawyer, which goes hand in hand with economics right??

[HAL 9000 96]

* Carefully examine the link between illegal immigration and the mortgage mess. Columnist Michelle Malkin writes on her blog that many of the areas hardest hit by the foreclosure wave, among them Loudoun County, Va., happen to be some of the largest illegal-alien sanctuaries. She points out that amnesty-promoting groups like the National Council of La Raza have received millions in federal funds to counsel their clients on obtaining mortgages with virtually no money down, and Mrs. Malkin has reported how major banks like Wachovia and Bank of America have launched campaigns soliciting business from illegal aliens.

http://www.washtimes.com/news/2008/sep/30/...out-that-wasnt/

Well I just so happen to live in this county and yes illegal immigration has affected the housing situation, as it has with every other service in the county.

Due to the construction boom and frivolous lending practices, you had a situation where undocumented people purchased houses without any verification. As the construction industry dried up, a lot have now picked up and left. Since they are undocumented they clearly have nothing to loose. How did they afford $500K+ homes, quite easily actually. Two or three families lived in the same house. Plus for obvious reasons, their income was never verified.

Now, once again, the legitimate county tax payers are left to foot the bill.

Well, by definition and simple logic, if they can afford the $500K+ home, AND have 2-3 families living under the same roof, then they wouldn't be in the foreclosure loop.

Hence your argument is moot.

[tom&tata 2]

* Carefully examine the link between illegal immigration and the mortgage mess. Columnist Michelle Malkin writes on her blog that many of the areas hardest hit by the foreclosure wave, among them Loudoun County, Va., happen to be some of the largest illegal-alien sanctuaries. She points out that amnesty-promoting groups like the National Council of La Raza have received millions in federal funds to counsel their clients on obtaining mortgages with virtually no money down, and Mrs. Malkin has reported how major banks like Wachovia and Bank of America have launched campaigns soliciting business from illegal aliens.

http://www.washtimes.com/news/2008/sep/30/...out-that-wasnt/

Well I just so happen to live in this county and yes illegal immigration has affected the housing situation, as it has with every other service in the county.

Due to the construction boom and frivolous lending practices, you had a situation where undocumented people purchased houses without any verification. As the construction industry dried up, a lot have now picked up and left. Since they are undocumented they clearly have nothing to loose. How did they afford $500K+ homes, quite easily actually. Two or three families lived in the same house. Plus for obvious reasons, their income was never verified.

Now, once again, the legitimate county tax payers are left to foot the bill.

Not only the undocumented people. When it was so easy to get mortgage - the only requirement was breathing - irresponsible people will take advantage (documented or not). Couple that with shady mortgage practice - you got the winning recipe for disaster. If only they did not come up with No Document/Stated Income mortgage.

[EstebanTrabajos 7]

I would for sure give the majority of the Americans some money, after the 600 dollar fiasco and since the give away is taking place, man I wouldn't be displeased at all. Gimme some dough!

[HAL 9000 96]

Sooner or later, illegals had to get blamed too.

Blamed NO. Part of the problem, dam straight.

As the construction industry continues to go down, more will pack up and leave. Consequently abandoning homes and putting more pressure on declining home values. Forcing banks to write off more loans. And so forth. One guess who ultimately ends up paying for this..

I could go with them being as much a part of the problem, and only some of them, as much as any other person getting into risky financial contracts.

As much as any other citizen or resident deciding to leave the keys to their empty, lost homes since bad credit results either way.

[Heracles 417]

Well, by definition and simple logic, if they can afford the $500K+ home, AND have 2-3 families living under the same roof, then they wouldn't be in the foreclosure loop.

Hence your argument is moot.

Well duh, they couldn't. Now Uncle Sam is paying for this. Which means you maviwaro... :rofl:

My retirement account is safe and sound in Australia. Where we do not loan to undocumented people. Also in a small mining company called BHP. Might want to look it up some time..

[IAMX 3,055]

Yeah yeah blame the brown man,

Irresponsable spending and credit, it is what it is.

What can you say, it must have been the brown people who forced deregulation and those innocent predatory lenders who I'm sure explained it perfectly so these people could understand what ARMs are. So that greatly explains why, especially in densely white suburban areas, too, there are so many foreclosures, in California especially, where there's such an influx of Mexicans.

Whatever problem that has to do with Mexicans (brown people) is all part of the greater problem, not some large problem of it's own to tackle except for those overly paranoid about Mexicans. Not surprisingly, the same people who are involved in race issues against non-white races will jump in to ###### about "illegal immigrants" (it's a nice way of saying Mexicans) again.

Edited September 30, 2008 by SRVT

[HAL 9000 96]

I would for sure give the majority of the Americans some money, after the 600 dollar fiasco and since the give away is taking place, man I wouldn't be displeased at all. Gimme some dough!

I'd take care of some debt, buy a place at about 60-75% with the rest financed, and invest the rest in the market- bad as it is.

So the government helps Main Street out, and Main Street bails Wall Street out.

[Gigli2008 70]

Columnist Michelle Malkin in the article apparently does not know that you need a Green Card or Proof or Citizenship to qualify for a mortgage. In Texas they do. OR are there banks out there that are so irresponsible that they will sell a thirty year loan to a non-immigrant.

I had to prove legal residency before I bought my home in 2004...........maybe things have changed.

[HAL 9000 96]

Well, by definition and simple logic, if they can afford the $500K+ home, AND have 2-3 families living under the same roof, then they wouldn't be in the foreclosure loop.

Hence your argument is moot.

Well duh, they couldn't. Now Uncle Sam is paying for this. Which means you maviwaro...

My retirement account is safe and sound in Australia. Where we do not loan to undocumented people. Also in a small mining company called BHP. Might want to look it up some time..

For all you know my retirement account can be linked to overseas investors as well. Not that they're doing all that great.

But the duh statement is a classic. Re-read your previous statement. You can't claim that 1=2.

Columnist Michelle Malkin in the article apparently does not know that you need a Green Card or Proof or Citizenship to qualify for a mortgage. In Texas they do. OR are there banks out there that are so irresponsible that they will sell a thirty year loan to a non-immigrant.

I had to prove legal residency before I bought my home in 2004...........maybe things have changed.

So you're saying that it isn't the illegals' fault then if they were qualified.

[Heracles 417]

I could go with them being as much a part of the problem, and only some of them, as much as any other person getting into risky financial contracts.

As much as any other citizen or resident deciding to leave the keys to their empty, lost homes since bad credit results either way.

The rest of the developed world must have been stupid to have such strict laws against illegal immigration. Must have been racist to have federal lending practices which strictly prohibit lending to non-residents, let alone illegal immigrants..

[EstebanTrabajos 7]

Hey I don't know about you but I'm moving to Australia.