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January 30, 2008

Illegal Aliens and the Subprime Problem

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.

Posted by Van Helsing at January 30, 2008 8:54 PM

Comments

I read somewhere today that illegals may get a piece of the tax rebate pie to "help stimulate the economy". Maybe it was a Lou Dobbs article...

In any case - talk about a double whammy - a big chunk of the money liberals steal from each of our paychecks goes to give the illegal bastards education, medical, legal, food stamps, and housing "assistance". Now our rebates will be smaller because the little bastards will get a piece of that, too. And that will do nothing for our economy - it will be sent straight back to Mexico.

Only a silly liberal would call that "fair".

Posted by: Jimbo at January 30, 2008 9:57 PM

No mortgage, loan, credit line or debt instrument of any sort should be granted to any non-citizen. Period.

Posted by: hashfanatic at January 30, 2008 10:59 PM

They only speak/understand english when it gets them the socialist hand out.

As soon as there is responsibility tied to their actions, they no speak da english.

Yet another reason why English should be required, under law, as an official language.

The 'poor ILLEGAL IMMIGRANTS' are just as accountable for thier ILLEGAL actions, but hide behind ILLEGAL shadow rules, and lack of true identy in our society, to stick it to soft harted US Citizens who foot the bill.

If your elected representative, at all levels of gov, does not support your values on ILLEGAL IMMIGRATION, get off of your DONKEY and get them removed from office.

I personally do not feel the social guilt that afflicts the Democrat mind set.....

Posted by: Oiao at January 30, 2008 11:28 PM

Ya see there, hash - you and me CAN agree on something.

Would somebody please tell Algore and all his pet polar bears that they just had a hard freeze in hell...

:)

Sorta -
If someone wants to lend them money, that's a private transaction - as long as it doesn't cost our tax dollars to bail them out if they default, it's capitalism at work. As soon as our tax dollars come into play - it's socialism.

(We need to spend our tax dollars on things like bigger bombs so we can kill more muslims and use less jet fuel.) JUST KIDDING!

Sorta...

Posted by: Jimbo at January 30, 2008 11:28 PM

Is it legal to slap the shit out of harry reid and his cronies? Just wondering,that's all.

Posted by: GMCassel AMH1 USN RET at January 31, 2008 12:09 AM

Why is it that the Dimmocrats want ILLEGAL IMMIGRANTS to have drivers licenses, but fight like heck to ensure that proof of identity is not required when voting.

As a side note, they also (Dimmocrats) are found guilty of higher numbers of voter fraud and schemes, yet blame the Repubs.............

Add in that there was a study published a couple of months ago that showed that the Dimmocrats were not reproducing enough natural offspring to remain viable in the future. (must be that man-man, woman-woman equasion kicking in).

Only hope for them is to do to the ILLEGAL IMMIGRANT population what they have done to the modern Afro-American. Get them into the welfare system and count on thier vote to keep the free money comming in the future.

Posted by: Oiao at January 31, 2008 12:30 AM

Government from top to bottom is rotten in this country. Take Pennsylvania for example. They (both Democrats and Republicans) are trying to wipe out property taxes for senior citizens making under $40,000 only - using proceeds from slot machines in the state. Of course in PA, you need the elderly vote to get elected as PA has the 2nd highest elderly population. They (including most Republican reps.) argue the elderly need the tax break the most - and of course the elderly are the ones you find parked in front of slot machines several hours a day! In other words, these political hacks want to give them money to put into the slot machines in order to return it to them as a tax break; of course they wont admit this, but its true. No wonder so many people dont bother voting and have become cynical to the nth degree. If the elderly need the tax break so much then they should be banned from playing slots. Of that would be politically incorrect.

Posted by: Anonymous at January 31, 2008 5:52 AM

Moderator,
Low Interest Loans at 12:25AM and Anonymous at 3:21AM look like advertisements.

Posted by: steve at January 31, 2008 6:11 AM

GREEN BURIALS? No embalming? Would grandma get a little ripe after a day or so? So I guess this would put an end to wakes and funeral home viewings effectively putting funeral homes out of business. Whats next? Shipping her off to the SOYLENT GREEN plant to turn her corpse into tasty treats before she rots?

http://www.post-gazette.com/pg/08030/853146-51.stm

Posted by: Anonymous at January 31, 2008 6:28 AM

"Government from top to bottom is rotten in this country."

Yes, this is correct.

Posted by: hashfanatic at January 31, 2008 7:42 AM

"hashfanatic at January 30, 2008 10:59 PM"

You do know that that's "JINGOIST HATE SPEACH", don't you?

Posted by: KHarn at January 31, 2008 9:11 AM

"If someone wants to lend them money, that's a private transaction - as long as it doesn't cost our tax dollars to bail them out if they default, it's capitalism at work."

Wrong.

If an American citizen does such business with an ILLEGAL ALIEN, they are committing a crime.

Even though it happens every day (and conservatives DEPEND on illegal immigrants for cheap labor), it is still immoral and should not be excused.

When a politician of any stripe tells you that "they are only doing the work Americans won't do", that politician's allegiance is not to America.

When a politician tells you, "oh, we cannot deport MILLIONS", that politician's allegiance is not to America or Americans, and you should give their whole position on the issue not one bit of credence.

I continue to be flabbergasted at how so many right-wingers, who TALK about their patriotism, wear flag pins on their lapels, etc., will not stand up against this nonsense, thinking they'll be somehow "un-capitalistic" or "socialist" if they do.

Then you turn around and wonder, "why don't our Republican politicians represent 'true' conservative interests"??

Blame it on the media, blame it on the "libs".

But it was CONSERVATIVES who dropped the ball on open borders, illegal immigration, foreign domination of our ports, and real security here at HOME.

For once, there was a vital security issue where your leadership and authority could have actually had significant traction with sizable numbers of garden variety liberals, even the hard left.

But your hatred of the dreaded "libs", along with your loyalty to PARTY, RATHER THAN COUNTRY, led you to cede the issue to globalists with no loyalty to ANY nation, and the invaders, who are after all, only behaving exactly the way anyone with sense would expect them to.

You guys are just the other side of the same coin!

Posted by: hashfanatic at January 31, 2008 9:25 AM

Conservatives? Last time I checked, the only people who defended illegal immigration were RINOS like Bush and McCain, Hispanics, and liberals.

Posted by: Kristy at January 31, 2008 10:25 AM

ILLEGAL IMMIGRANTS = PARASITES!

Posted by: Oiao at January 31, 2008 11:06 AM

"Conservatives? Last time I checked, the only people who defended illegal immigration were RINOS like Bush and McCain, Hispanics, and liberals."

Nonsense!

Look across the entire spectrum of American society and you will find large numbers of Americans who not only defend illegal immigration, but actually support it (including, Kristy, "born-again" Christians).

The difference is, the liberals tend to pontificate about it, but they are at least open about it.

The apologists on the right, on the other hand, tend to keep their mouths shut, either because admitting their true beliefs and actions would not be in line with their personal interests, or they are deeply ashamed (as they should be).

That's hypocrisy, which is a hundred times worse.

Posted by: hashfanatic at January 31, 2008 12:49 PM

Hash,
Over 80% of the American population voiced their opinion on illegals last year. Or did you miss that.

Posted by: Framer Ted at January 31, 2008 6:18 PM

Quite the contrary, old man. I was on the vanguard of that.

Where were you? Whining about George Soros?

Settling for "Dead!'s" pitiful compromise of appeasement?

Thought so...

Posted by: hashfanatic at January 31, 2008 7:32 PM

"If an American citizen does such business with an ILLEGAL ALIEN, they are committing a crime."

That's just not correct... it is perectly legal for an American citizen to make a private loan to a foreigner, just as it is legal for foreigners to make a loan to anyone in the united states (foreigners are actually covering our multi-trillion dollar debt).

That being said, it is certainly illegal for such an immigrant to be in this country in the first place and is illegal for an American to employ him.

Posted by: Anonymous at February 1, 2008 6:27 AM

Actually hash I was cussing out my so called congressional representative. You really have to start practicing that Keskin mind reading because right now you suck at it.

Posted by: Farmer Ted at February 1, 2008 6:40 PM

Anonymous?

There's a difference, between a foreign businessman who comes here on a passport on business, and someone who illegally entered the country, and is illegally here in the first place.

The laws that cover this were created specifically because any employer of illegals could SAY they are lending anyone money!

You might THINK (because Americans like to think they are above the laws of their own land) that you can loan money to an illegal immigrant just because it's all personalized, one-on-one, unofficial, etc., but what you are actually doing is making yourself an accessory to a crime.

This way of thinking, "Oh, I am free to do whatever I want to do", is exactly fruit of the seeds planted by the pro-illegals folks.

All of these activities have become so common in many parts of our nation, that nobody ever gives a second thought to it.

You see these Mexicans, Guatemalans, etc. all as harmless but this is a very dangerous way of thinking and it will come back to bite us all in the ass one day if we do not find a way to put a stop to it.

Posted by: hashfanatic at February 1, 2008 8:21 PM

Ted, what makes you think your congressional representative will help you?

Your representative might even be in favor of bringing in more illegals!

It's systemic, Ted.

Posted by: hashfanatic at February 1, 2008 8:23 PM