Credit-worthy borrowers falling behind on payments

[Heracles 417]

http://money.cnn.com/2007/07/25/real_estat...oney_topstories

It looks like illegal immigration is finally taking it's toll on Americans.

While it is not directly related to the article I can see the effect from the suppression of wages caused by illegal immigrants taking jobs from Americans, at bellow living standard rates. This is clearly affecting people's ability to pay for their mortgages. Nothing comes cheap without consequences.

Edited July 25, 2007 by Boo-Yah!

[Hilarious Clinton 452]

It's recommended to have a monthly mortgage payment that's 25% of your take home. Hard to do in most markets.

[Heracles 417]

It's recommended to have a monthly mortgage payment that's 25% of your take home. Hard to do in most markets.

Hard to get a job let alone save when every illegal immigrant is suppressing wages. Illegal immigration, amongst other things, are pushing down the living standards of this nation.

[almaty 19]

yeap...can't pay the mortage..blame it on the illegals...

[Heracles 417]

yeap...can't pay the mortage..blame it on the illegals...

How about not being able to earn enough to pay for the mortgage?? Most employers would choose to pay an illegal immigrant $5 an hour rather than the going rate.

Who loses?? the employer surely does not.. I do not remember reading any clause in the constitution or deceleration of independence giving employers the right to screw over the American people through the use of cheap labour, at their gain..

Edited July 25, 2007 by Boo-Yah!

[Hilarious Clinton 452]

It's recommended to have a monthly mortgage payment that's 25% of your take home. Hard to do in most markets.

Hard to get a job let alone save when every illegal immigrant is suppressing wages. Illegal immigration, amongst other things, are pushing down the living standards of this nation.

So true.

[almaty 19]

yeap...can't pay the mortage..blame it on the illegals...

How about not being able to earn enough to pay for the mortgage?? Most employers would choose to pay an illegal immigrant $5 an hour rather than the going rate.

Who loses?? the employer surely does not.. I do not remember reading any clause in the constitution or deceleration of independence giving employers the right to screw over the American people through the use of cheap labour, at their gain..

brother infidel..you point is valid..and I have no agrument..but, allot of my clients thought their property would continued to rise quickly and did not forsee the issues they are facing today....

[Trumplestiltskin 5,791]

House prices have been pretty high for years now - the whole fiasco with variable rate mortgages is illustrative of that, that people's wages don't rise with inflation to make the payments (add in unscrupulous lenders who trick people into them (my current landlord is apparently in the process of taking legal action against a lender who mis-represented what he was selling).

That's not just a US problem - pretty much was happening all over the UK before I left, along with the pensions crisis.

Edited July 25, 2007 by Number 6

[one...two...tree 2,762]

yeap...can't pay the mortage..blame it on the illegals...

How about not being able to earn enough to pay for the mortgage?? Most employers would choose to pay an illegal immigrant $5 an hour rather than the going rate.

Who loses?? the employer surely does not.. I do not remember reading any clause in the constitution or deceleration of independence giving employers the right to screw over the American people through the use of cheap labour, at their gain..

This happens when you get rid of regulations that kept lenders from giving loans to people beyond their affordability. It over stretched the market when before there was a ceiling...people would only buy what they could afford, thereby keep home prices in check. The problem is that there will always be a demand for housing, so relying entirely on market forces to dictate prices means the bottom tier (those who've stretched beyond their means) get the shaft.

[Trumplestiltskin 5,791]

Historically first time buyers have always gotten the shaft.

That said - its markedly more difficult for me and the wife to get on the property ladder than it was for my parents in the mid-late 60's.

[one...two...tree 2,762]

Historically first time buyers have always gotten the shaft.

That said - its markedly more difficult for me and the wife to get on the property ladder than it was for my parents in the mid-late 60's.

...mark this one up as example of how free unregulated markets can really do a number to our economy.

[Trompe le Monde 1,107]

I think we can blame this one on some people's bad financial decisions and not illegal immigration.

I don't see any illegals doing my job or at my company and I would struggle to raise the kind of money needed for a house in my rather modest neighborhood nearby.

[Dan J 277]

Apparently now days, if you buy stuff you cant afford, you can blame it on illegal immigrants. Most of these credit worthy borrows are not likely working low skilled jobs. So if they are falling behind on payments, its likely their own damn fault for taking on a mortgage way beyond their means. It doesn't help that housing prices are way over inflated in many markets and banks are not as scrupulous about limiting a persons debt load.

[Trumplestiltskin 5,791]

I think we can blame this one on some people's bad financial decisions and not illegal immigration.

I don't see any illegals doing my job or at my company and I would struggle to raise the kind of money needed for a house in my rather modest neighborhood nearby.

I'm sure that illegal immigration carries some negative economic consequences with it - but the current state of the mortgage / homebuying situation is pretty much a universal problem across many 1st world countries.

[Trompe le Monde 1,107]

Yes - housing inflation is bad everywhere including Boo-yahs home country of Australia, which I am to believe has no problems with illegal immigration.

The article linked mentioned that many of these prime lenders took out bad home equity loans - it sounds like they were living beyond their means.