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January 30, 2008
Illegal Aliens and the Subprime Problem
Posted by Dave Blount at January 30, 2008 8:54 PM
While blubbering over the plight of Harry Reid's "undocumented Americans," Reuters highlights the connection between the illegal alien and subprime mortgage crises.
Many subprime loans were taken out by illegal aliens who had no business buying houses in this country. They climbed into debt over their heads just in time for a slowdown in the construction industry, in which many of them work.
Illegal immigrants were able to buy U.S. homes during the boom years, either by showing evidence that they pay taxes or by simply presenting false documents.
Many of them took out high interest fixed-rate loans or subprime mortgages with a low entry rate that later rose sharply. Experts say language difficulties made them more vulnerable to being offered, and taking, bad deals.
"They were more exposed to abuse," said Alejandra Louden of the Congressional Hispanic Caucus Institute's housing department, which carried out a recent study on Latino home loan foreclosures. "Documents were in English and explained in Spanish, and some vital explanation would be missing."
Exposed to abuse? They break into our country, take out loans they can't repay, help drag our economy toward a recession and they're the ones being abused because our legal documents aren't written in their language? Welcome to the world according to Roto-Reuters.
On a tip from Wiggins.
