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The short-term fix President George W. Bush and his Wall Street base asked for is no tourniquet to the revenue hemorrhaging our economy is dealing with. Like a sucking chest wound, the bleeding has yet to stop, and unless that happens our economic system is going to expire.
Our credit system is about to take a major hit if amnesty for the millions of undocumented who have taken out mortgages, car loans, credit card loans and other types of loans over the past decade is not enacted.
According to the report, "Trends in Unauthorized Immigration: Undocumented Inflow Now Trails Legal Inflow", by the Pew Hispanic Center, a Washington think tank, illegal immigrants entering the United States has slowed significantly because of the nation's struggling economy and stepped-up enforcement of immigration laws.
"The decline in job prospects in construction, service and other low-skilled jobs are communicated through extended networks of would-be movers from Mexico and Latin America," said William Frey, a demographer at the Brookings Institution, another Washington think tank. "It also may propel more return migration."
Indeed, return migration of many of those very undocumented people who throughout the 1990s and for the better part of this decade, secured loans to buy a home using government agencies, such as the Wisconsin housing authority, which helped to finance home loans as long as the undocumented produced identification cards issued by the Internal Revenue Service known as the Individual Taxpayer Identification Number, or ITIN.
Banks and other financial companies (most in the subprime market) targeted undocumented immigrants who were able to get help from government agencies, such as the Federal Deposit Insurance Corp (FDIC). The FDIC gave the green light to many banks to do business with underserved markets regardless of the customers' immigration status.
Many researchers, including the federal government, estimate there are about 12 million illegal immigrants in the U.S.
The Pew report says that the average of undocumented entering the country has dropped from 800,000 to about 500,000 a year ago.
While those advocating border security see this as a good thing, on the economic side of the immigration debate, this could also mean that undocumented population with mortgages, car notes etc., are leaving the country because of the stepped-up law enforcement actions against immigrants; thus, leaving the taxpayer with paying for those bad loans.
Recently, Paul Taylor, chief economist with the National Automobile Dealers Association, said that car dealership closures shot up in September. He expects that 500 to 600 of the group's 20,770 dealerships will shut their doors this year, up from previous estimates he had of 300 to 400. Bad loans are ruining car dealerships.
No amnesty means more bailouts.
********* Robert Miranda is Latino community activist and editor-in-chief of the Milwaukee Spanish Journal. He also is executive director of Esperanza Unida Inc.
So we're supposed to let these vultures in to ensure that they pay off their loans??? Tough cookies for the financial institutions that loan their money out to illegals! Let the big lenders sink or swim like all of the rest of us based upon their own decisions. If we make these lenders tread water to survive, than perhaps they'll be more careful about who they lend their money to. (By the way, if I make 60k per year and can't get approval for a 2k tv at Best Buy, then how can an illegal get a loan for a house???)
So we're supposed to let these vultures in to ensure that they pay off their loans??? Tough cookies for the financial institutions that loan their money out to illegals! Let the big lenders sink or swim like all of the rest of us based upon their own decisions. If we make these lenders tread water to survive, than perhaps they'll be more careful about who they lend their money to. (By the way, if I make 60k per year and can't get approval for a 2k tv at Best Buy, then how can an illegal get a loan for a house???)
the get it for the same reason that barack as an attorney sued citibank to force home ownership in questionable repayment areas. citibank settled out of court. if the banks do not comply with minority housing rights, they will be sued and have to settle out of court. the illegal immigrants are considered a minority group. it is similar to the fact that californians as a group voted to stop paying for illegal housing, health care, etc., but the court overturned them and they still have to keep paying. basically, we have government rules where we don't need them and no government rules where we do need them!
As far as I've always known African-Americans, Asians, Native Americans, Hispanics, etc of US citizenship are the ONLY minorities covered by the minority housing laws. When did ILLEGAL ALIEN become one of the ethnic groups of US citizenship bound by this law?
As far as I've always known African-Americans, Asians, Native Americans, Hispanics, etc of US citizenship are the ONLY minorities covered by the minority housing laws. When did ILLEGAL ALIEN become one of the ethnic groups of US citizenship bound by this law?
Oh, they have perverted the Constitution and thus, included illegals in a protected class.
Obama is right w/ this group but it seems no one wants to check his record out and see the truth. I have found that people who have made up their minds that O is THE MAN are just not interested in the facts, so I have decided - why bother.
Just think what is going to happen to this country if Obama gets elected! It is going to be quite the eye-opener . . . and I am amazed at how naive people are to think he is not going to socialize every institution he can - and create even larger government agencies . . . and entitlement programs.
And yeah - the DEMs will push thru/ an amnesty program. Watch it unfold.
So we're supposed to let these vultures in to ensure that they pay off their loans??? Tough cookies for the financial institutions that loan their money out to illegals! Let the big lenders sink or swim like all of the rest of us based upon their own decisions. If we make these lenders tread water to survive, than perhaps they'll be more careful about who they lend their money to. (By the way, if I make 60k per year and can't get approval for a 2k tv at Best Buy, then how can an illegal get a loan for a house???)
you really think the big companies re guna take the hit?
kinda like now, huh? the big companies taking the hit.
what is a viable solution to this? after we bailout the big money, do we fine them? impose higher taxes on these lending companies to pay back the govt?
lets not be too reactive and think this thru a bit.
As far as I've always known African-Americans, Asians, Native Americans, Hispanics, etc of US citizenship are the ONLY minorities covered by the minority housing laws. When did ILLEGAL ALIEN become one of the ethnic groups of US citizenship bound by this law?
Case Summary
Plaintiffs filed their class action lawsuit on July 6, 1994, alleging that Citibank had engaged in redlining practices in the Chicago metropolitan area in violation of the Equal Credit Opportunity Act (ECOA), 15 U.S.C. 1691; the Fair Housing Act, 42 U.S.C. 3601-3619; the Thirteenth Amendment to the U.S. Constitution; and 42 U.S.C. 1981, 1982. Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories. Plaintiffs sought injunctive relief, actual damages, and punitive damages.
U.S. District Court Judge Ruben Castillo certified the Plaintiffs’ suit as a class action on June 30, 1995. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 322 (N.D. Ill. 1995). Also on June 30, Judge Castillo granted Plaintiffs’ motion to compel discovery of a sample of Defendant-bank’s loan application files. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 338 (N.D. Ill. 1995).
As far as I've always known African-Americans, Asians, Native Americans, Hispanics, etc of US citizenship are the ONLY minorities covered by the minority housing laws. When did ILLEGAL ALIEN become one of the ethnic groups of US citizenship bound by this law?
The fact that the vast majority of illegals are 'Hispanic,' they are classified under “protected” status. Apparently their ILLEGAL immigration status is irrelevant.
Simple: strip those lawbreakers of their ill gotten gains and pitch 'em out---------problem solved.
Too with our crashing economy----------those jobs that the illegals 'vacated' will go to Americans/green card holders instead
I second that! I'm tired of playing games with these criminals.
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Robert Miranda is Latino community activist and editor-in-chief of the Milwaukee Spanish Journal. He also is executive director of Esperanza Unida Inc. 
