Washington Times: Illegal immigrants to blame for credit crisis

[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.

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.

Yes. My point exactly. Let the illegals buy cash like every investor who is a non-citizen as cited above. But when it comes to loans, check for legal residency or the mortgage lender risks being left holding a defaulted loan.

[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...

Imagine that?!?!?!

Don't ya know??

Non-residents can buy property and take out mortgages in this country, in any states. How do you think all those Canadians and Europeans and Japanese buy up all those vacation homes and commercial properties?

They just get different rates, that's all.

Indeed, the difference here is that they ID themselves as foreign investors, which is what they are, not as illegal immigrants.

Keyword here is to VERIFY your identity and legal income.

With this self-regulation we had, verifying income was easy as lenders were more than willing to help you inflate both income and credit to justify loans that were likely beyond one's means once the higher interest rate kicked in. Of course, this is only an "illegal immigration" issue because some want to actually focus on the extremely small percentage that have anything to do with illegal immigrants. Usually the people who always whine about illegal immigration and are looking for a reason to bring it into any debate they can.

Scapegoating.

[symbiosis 0]

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.

* Cut the capital gains tax. This tax is a monument to liberalism's perverse interest in redistributing wealth and penalizing "the rich" - even if it destroys economic growth and jobs in the process. Dating back to 1969, the federal government has repeatedly increased the capital-gains tax, losing money virtually every time. On the other hand, when the tax was cut, revenues increased. As with the income tax, cutting capital gains would be one of the best things Congress and the president can do for the economy (and for those in the banking industry and housing industrial complex who would sulk at the loss of "their" $700 billion).

* 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/

Truly laughable! But what else can you expect from the WaTimes?

[HAL 9000 96]

Oh noes! I see brown people!

In other words nothing legitimate to say apart from resorting to bull #######.

Is the argument really that if there were no illegal immigrants this situation would never have arisen? That's ####### - it may well be true that the presence of illegal immigrants made an already bad situation worse but I have no idea how they are quantifying this statement.

Mexican people fvcked this up for the rest of us!

When do we invade?

A.S.A.P, a nice Mexian/USA war would really boost the economy and all those US citizens who would feel this was a just war? Can't beat that with a big shitey stick now can you?

But Canada would be so much easier... less of them to deal with, extra land to build on... and a BUNCH of oil sands we could exploit to reduce our dependency on Middle Eastern Oil!

Plus we could connect Alaska with the lower 48 if we conquered at least BC.

[Peikko 1,575]

Yes, that makes sense, but can we really muster enough 'outrage' against the Canadians? The 'outrage' against Mexicans is already there, no effort required and nothing fuels a good war like outrage, hell can you imagine how many people would be queuing to enlist?

[w¡n9Nµ7 §£@¥€r 123]

The American people, once introduced to that abomination called Poutine, will have no shortage of outrage.

[Hilarious Clinton 452]

Oh noes! I see brown people!

In other words nothing legitimate to say apart from resorting to bull #######.

because everyone knows all illegal immigrants are brown. Racist chopf#cks suck.

[EstebanTrabajos 7]

Canada won't fly, they look American with a funny accent eh? People won't hate somebody that looks like their cousin

F...k it, I'm learning Canadian.

http://www.ehow.com/how_2145976_talk-canadian-accent.html

Edited September 30, 2008 by GueraYTavo

[Chica Yeyé 41]

Oh noes! I see brown people!

In other words nothing legitimate to say apart from resorting to bull #######.

because everyone knows all illegal immigrants are brown. Racist chopf#cks suck.

Are you calling RJ a racist???????

[HAL 9000 96]

Yes, that makes sense, but can we really muster enough 'outrage' against the Canadians? The 'outrage' against Mexicans is already there, no effort required and nothing fuels a good war like outrage, hell can you imagine how many people would be queuing to enlist?

But we can blame them for instigating the mass of that Mexican illegal immigration. Since they're North and not a whole lot of 'em illegals make it that far, I am sure we could muster the argument that its the Canadians, eh, doing the promoting within the Mexican gov to undermine the US Mortgage market by sending families of mexicanos al norte...

Then what we could do is repopulate the Arctic islands with Mexicans who would turn white due to the cold and lack of sunlight. Or use them as cheaper labor to drill for oil in the oil sands as a condition to temporary US Citizenship/Canadian colonial citizenship until we are completely off of petroleum and then we could just leave them as Canadians as well as return Canada to its original Canadian politicians. Save for British Columbia, of course. Alaska must be kept contiguous to the lower 48.

[Ban Hammer 13,347]

no money down + no income verification = mortgage

Stupid..... Regardless of skin color.

[franklie 0]

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.

Down in my neck of the woods, a common way to get into a house was via a Stated Income Loan. The link from Wikipedia gives a pretty good explanation. In addition, unscrupulous mortgage brokers/lenders put people in loans that had ridiculously low start rates but that would balloon up in interest rates in 3- 5 years. An individual could avoid a balloon payment by refinancing the loan before the new loan took effect. Unfortunately most of the people could not refinance their loans for the following reasons: 1. The house had insufficient equity in it, 2. the owner's income had not substantially increased through the years, 3. The owner had incurred more debt through purchases of big screen TVs, SUVs, and other types of credit card debt.

One other subtle point is that there was pressure from the federal government to force banks/S&Ls to ease up on their credit requirements so that more people could qualify to own their own homes.

In my neighborhood it is interesting/sad to see the number of repo'ed/bank owned homes for sale.

[mawilson 2,133]

The banks sure did a great job raping all those illegal Mexicans with predatory loans.

No habla ingles? No problemo! Here's a nice 28.9% adjustable rate mortgage for you!

[IAMX 3,055]

The banks sure did a great job raping all those illegal Mexicans with predatory loans.

No habla ingles? No problemo! Here's a nice 28.9% adjustable rate mortgage for you!

I'm so going to hell for laughing at that.

[Chica Yeyé 41]

The banks sure did a great job raping all those illegal Mexicans with predatory loans.

No habla ingles? No problemo! Here's a nice 28.9% adjustable rate mortgage for you!

I'm so going to hell for laughing at that.

Besides, who the blip said they don't speak English... ever thought they could just be ignoring your azz?