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Old 09-24-2008, 09:36 AM
 
7,020 posts, read 9,897,260 times
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Quote:
Originally Posted by Benicar View Post
It will indeed be interesting to watch this investigation unfold. No doubt, bribes are being offered at this very moment.
Yep. But somebody is going to have to volunteer to go to jail. They need a couple of examples so that they at least appear serious about the hugest taxpayer give away in American history. The magnitude of this potential collapse will make the Great Depression look like a toddlers' birthday party.
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Old 09-24-2008, 09:37 AM
 
8,180 posts, read 11,035,044 times
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Unfortunately, if this does get mainstream press it will be slanted in two ways: The first, immigrant will be used without the descripter 'illegal' in front of it. And secondly, the poor (illegal) immigrants do not have a full grasp of english (why should they?) and didn't understand the complex legal jargon filled papers they were signing. In short....they were hoodwinked! And deserving of the bailouts just as much as legal residents and citizens of the US.

Mark my words.....
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Old 09-24-2008, 09:37 AM
 
3,859 posts, read 9,172,225 times
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Quote:
Originally Posted by JDubsMom View Post
Agreed. The election has set the ground rules in terms of appearances. So far there's a tie in the category of "game face."
I agree. Even worse-I heard that if the vote is held on the bailout on Friday that McCain, Obama and Biden will not even show up. Two of these men running for pres, one for vp and they will not show up for this huge sham of a bailout that we know will not benefit the backbone of this country the middle class. Just think of it. Congress and "experts" are saying this bailout will be abut 700 billion to a trillion. Well, we know anything the government does is at least twice the inital estimate. So potentially a 2 trillion dollar cost to us and these 3 clowns will not vote?
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Old 09-24-2008, 09:39 AM
 
3,859 posts, read 9,172,225 times
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Quote:
Originally Posted by camping! View Post
Unfortunately, if this does get mainstream press it will be slanted in two ways: The first, immigrant will be used without the descripter 'illegal' in front of it. And secondly, the poor (illegal) immigrants do not have a full grasp of english (why should they?) and didn't understand the complex legal jargon filled papers they were signing. In short....they were hoodwinked! And deserving of the bailouts just as much as legal residents and citizens of the US.
Mark my words.....
Sadly I believe you are correct.
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Old 09-24-2008, 09:40 AM
 
Location: Montrose, CA
3,031 posts, read 7,865,223 times
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Quote:
Originally Posted by nicolem View Post
If we as taxpayers are going to be forced by our government to bail out any institution-bank or otherwise, then I think if you gave mortgages to illegal aliens-you should not get a bailout. I think if a bank advertised in Spanish "no immigration papers" that is proof enough for me that they sought out illegal alien business and should not get a dime.

Nicolem
Not necessarily. Foreigners buy property here all the time, it doesn't mean they're illegal aliens. Yeah, a lot of loans were made to illegals. But a lot of loans were made to greedy American citizens who are now going "oh well" and defaulting on them. Everyone who is running away from their financial obligations now is at fault, no matter where you come from.
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Old 09-24-2008, 09:42 AM
 
Location: San Diego
32,799 posts, read 30,044,409 times
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Quote:
Originally Posted by nicolem View Post
Sadly I believe you are correct.
0 down, 0 interest loans need a bail out? They were paying about the equivalent of rent.
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Old 09-24-2008, 09:45 AM
 
7,020 posts, read 9,897,260 times
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Quote:
Originally Posted by nicolem View Post
I agree. Even worse-I heard that if the vote is held on the bailout on Friday that McCain, Obama and Biden will not even show up. Two of these men running for pres, one for vp and they will not show up for this huge sham of a bailout that we know will not benefit the backbone of this country the middle class. Just think of it. Congress and "experts" are saying this bailout will be abut 700 billion to a trillion. Well, we know anything the government does is at least twice the inital estimate. So potentially a 2 trillion dollar cost to us and these 3 clowns will not vote?
The fact that they are all senators refusing to do the job that they are currently being paid for infuriates me. Numerous stations were reporting that the majority of Americans don't want the corporate pigs bailed out with our tax dollars. I have a feeling that the political crooks have awakened from their dirt naps and realize that the only way they can help their friends on Wall Street is to include a clause that will bail out those with foreclosures looming. Either way, our grandchildren will be paying for this mess.
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Old 09-24-2008, 09:46 AM
 
3,859 posts, read 9,172,225 times
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Quote:
Originally Posted by SuSuSushi View Post
Not necessarily. Foreigners buy property here all the time, it doesn't mean they're illegal aliens. Yeah, a lot of loans were made to illegals. But a lot of loans were made to greedy American citizens who are now going "oh well" and defaulting on them. Everyone who is running away from their financial obligations now is at fault, no matter where you come from.
Somehow I seriously doubt an ad that said "no immigration papers necessary" was geared towards foreign investors.

I do agree that anyone who is running away from this mess is at fault and I personally don't think anyone deserves a bailout. However, these illegal aliens should never have been here or eligible for a mortgage in the first place. People on this board have been saying-for over a year that illegal aliens were given mortgages and it would cause problems. Of course they were not all of the problem but once again people who have no right to be here are contributing to this country's problems. If there is going to be a bailout-it should not once again reward illegal alien lawbreakers.
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Old 09-24-2008, 09:47 AM
 
Location: Southern Arizona
9,308 posts, read 25,663,111 times
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Quote:
Originally Posted by Benicar View Post
We, as taxpayers, are being forced to pay for the greed of the elite. They didnít worry about authorizing loans to people illegally residing in this country, because they would subsequently sell those loans. They were only concerned with lining their pockets.
Excellent post, Benicar.

When the local mortgage company, First Magnus, "went South" way back at the beginning of this fiasco, many of the deadbeats at the helm admitted that more than 50% of their failed loans were made to Illegals. In fact, there were estimates that figure was well over 75%.

Let's face it . . . the Illegals had absolutely nothing to lose. If the market continued to flourish they made big bucks but, when it failed, they had nothing to lose by packing up and going home. No money invested. No Credit Score. No worries about being forced to make huge payments on a home that had depreciated in value.

No defending or advocating the Illegals but, in this case, they were the smart guys.
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Old 09-24-2008, 09:50 AM
 
7,020 posts, read 9,897,260 times
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Quote:
Originally Posted by SuSuSushi View Post
Not necessarily. Foreigners buy property here all the time, it doesn't mean they're illegal aliens. Yeah, a lot of loans were made to illegals. But a lot of loans were made to greedy American citizens who are now going "oh well" and defaulting on them. Everyone who is running away from their financial obligations now is at fault, no matter where you come from.
Agreed. But the bailout courtesy of the American taxpayer will save many foreign investors and banks in the process of saving Wall Street.

That being said, I am a responsible taxpayer who lives within my means, only uses a credit card in emergencies (not shopping sprees) and is debt free. I am ticked off at the hits my 401k is taking as a result of the irresponsibility and greed of this generation of paycheck to paycheck credit card abusing, shop-aholics living above their means.
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