Washington Times: Illegal immigrants to blame for credit crisis

[HAL 9000 96]

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..

1 does not equal 3 either.

[Heracles 417]

Yes illegal immigrants are NOT to blame but the federal government should have had some sort of residency / citizenship requirement for any bank to lend to an illegal immigrant.

This is just another example of US politicians being too worried about winning votes than doing what is right for the majority of America.

[HAL 9000 96]

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

I hear it rocks. Let me know if it ever happens 'cause I'm actually considering a couple of places down there for the postdoc.

Yes illegal immigrants are NOT to blame but the federal government should have had some sort of residency / citizenship requirement for any bank to lend to an illegal immigrant.

This is just another example of US politicians being too worried about winning votes than doing what is right for the majority of America.

There are state laws in place. Read the previous post about them.

[Gigli2008 70]

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.

No, I am saying that the banks should have stuck to the principle that one of the qualifiers for eligibility for mortgage is legal residency or citizenship.

[EstebanTrabajos 7]

Seriously,

You cannot generalize either, here in Texas (high concentration of undocumented immigrants), the bank needs to check your legal status before issuing credit. If it was that easy half the people would go, give a John Doe name w/a fake SSN and get themselves a Lexus. Research before generalizing, I'm pretty sure that state laws are different, and again to BLAME the illegal immigrants for this mess is just pure stupidity and abscence of common sense.

Edited September 30, 2008 by GueraYTavo

[w¡n9Nµ7 §£@¥€r 123]

No, I am saying that the banks should have stuck to the principle that one of the qualifiers for eligibility for mortgage is legal residency or citizenship.

That has never been a principle. Foreigners have always invested in real estate here. Heck, half the commercial properties in Manhattan must be owned by non-resident Japanese and/or Europeans.

[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.

No, I am saying that the banks should have stuck to the principle that one of the qualifiers for eligibility for mortgage is legal residency or citizenship.

Well clarified.

eta:

AJ does bring up a good point in his reply to you.

What distinctions exist for banks to facilitate foreign investment via financing options? I know that I can finance overseas in several countries, based on having a certain amount to deposit.

As far as illegals are concerned- many buy their properties cash anyway.

Edited September 30, 2008 by maviwaro

[Bootylicious!! 2]

IMO, if banks were stupid@ss enough to loan money to people without the proper paperwork then they deserve to go down. I know here in NC you have to have proper documentation to get any kind of loan, car, house, etc. ITIN numbers don't even work for that because they don't come up as legit socials. I don't understand how illegals are getting the blame for this. Seems to me the stupid@ss bankers should be getting blamed. Of course, it's so much easier to put it off on illegals because they are the cause of everything $hitty in the world.

[spookyturtle 9,465]

If Congress and the White House are genuinely interested in fixing some of the structural problems behind the mortgage meltdown, here are three things that could actually help the situation:

* Cut or eliminate corporate income taxes. Instead of spending $700 billion to bail out the mortgage industry and banks, give the economy a real boost by cutting corporate tax rates. The United States has the second-highest corporate-income-tax rates among industrialized countries. This tax steals money from IRAs, 401k plans and workers' pension plans. Cutting the tax would send a message to the private sector that Washington will reward productive, entrepreneurial activity instead of throwing good money after bad.

So now you support McCain??

[w¡n9Nµ7 §£@¥€r 123]

If Congress and the White House are genuinely interested in fixing some of the structural problems behind the mortgage meltdown, here are three things that could actually help the situation:

* Cut or eliminate corporate income taxes. Instead of spending $700 billion to bail out the mortgage industry and banks, give the economy a real boost by cutting corporate tax rates. The United States has the second-highest corporate-income-tax rates among industrialized countries. This tax steals money from IRAs, 401k plans and workers' pension plans. Cutting the tax would send a message to the private sector that Washington will reward productive, entrepreneurial activity instead of throwing good money after bad.

So now you support McCain??

I've already voted (via absentee ballot) so at this point I can support whoever I want!

[spookyturtle 9,465]

If Congress and the White House are genuinely interested in fixing some of the structural problems behind the mortgage meltdown, here are three things that could actually help the situation:

* Cut or eliminate corporate income taxes. Instead of spending $700 billion to bail out the mortgage industry and banks, give the economy a real boost by cutting corporate tax rates. The United States has the second-highest corporate-income-tax rates among industrialized countries. This tax steals money from IRAs, 401k plans and workers' pension plans. Cutting the tax would send a message to the private sector that Washington will reward productive, entrepreneurial activity instead of throwing good money after bad.

So now you support McCain??

I've already voted (via absentee ballot) so at this point I can support whoever I want!

As long as they don't lose your ballot.

[HAL 9000 96]

IMO, if banks were stupid@ss enough to loan money to people without the proper paperwork then they deserve to go down. I know here in NC you have to have proper documentation to get any kind of loan, car, house, etc. ITIN numbers don't even work for that because they don't come up as legit socials. I don't understand how illegals are getting the blame for this. Seems to me the stupid@ss bankers should be getting blamed. Of course, it's so much easier to put it off on illegals because they are the cause of everything $hitty in the world.

TWO states that verify status to issue loans... man...

[w¡n9Nµ7 §£@¥€r 123]

If Congress and the White House are genuinely interested in fixing some of the structural problems behind the mortgage meltdown, here are three things that could actually help the situation:

* Cut or eliminate corporate income taxes. Instead of spending $700 billion to bail out the mortgage industry and banks, give the economy a real boost by cutting corporate tax rates. The United States has the second-highest corporate-income-tax rates among industrialized countries. This tax steals money from IRAs, 401k plans and workers' pension plans. Cutting the tax would send a message to the private sector that Washington will reward productive, entrepreneurial activity instead of throwing good money after bad.

So now you support McCain??

I've already voted (via absentee ballot) so at this point I can support whoever I want!

As long as they don't lose your ballot.

If they did, there's nothing I can do at this point. I'll never even know

[HAL 9000 96]

If Congress and the White House are genuinely interested in fixing some of the structural problems behind the mortgage meltdown, here are three things that could actually help the situation:

* Cut or eliminate corporate income taxes. Instead of spending $700 billion to bail out the mortgage industry and banks, give the economy a real boost by cutting corporate tax rates. The United States has the second-highest corporate-income-tax rates among industrialized countries. This tax steals money from IRAs, 401k plans and workers' pension plans. Cutting the tax would send a message to the private sector that Washington will reward productive, entrepreneurial activity instead of throwing good money after bad.

So now you support McCain??

I've already voted (via absentee ballot) so at this point I can support whoever I want!

Whea is you now AJ??

I also voted absentee... woo hoo!

[w¡n9Nµ7 §£@¥€r 123]

If Congress and the White House are genuinely interested in fixing some of the structural problems behind the mortgage meltdown, here are three things that could actually help the situation:

* Cut or eliminate corporate income taxes. Instead of spending $700 billion to bail out the mortgage industry and banks, give the economy a real boost by cutting corporate tax rates. The United States has the second-highest corporate-income-tax rates among industrialized countries. This tax steals money from IRAs, 401k plans and workers' pension plans. Cutting the tax would send a message to the private sector that Washington will reward productive, entrepreneurial activity instead of throwing good money after bad.

So now you support McCain??

I've already voted (via absentee ballot) so at this point I can support whoever I want!

Whea is you now AJ??

I also voted absentee... woo hoo!

I'm at work. NJ lets you vote absentee now for no good reason - just because. I hate goign into the polling station and parking and standing in line. I hate having to either wake up earlier to go in before work or having to get home later if I go after work. This was just easier