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Old 05-19-2009, 10:52 PM
 
Location: The Wine Country, CA
807 posts, read 1,119,700 times
Reputation: 302

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Quote:
Originally Posted by that1guy View Post
Beating a dead horse...but we know the fault is not because of illegals.
Oh that's right! Those poor illegals were victims.. They KNEW that they should have been able to afford a home priced at $500,000 on an $8.00 an hour job working under the table at that Fast Food restaurant..

Damn those Taxpayers for NOT paying off the homes of those poor helpless hardworking illegals..
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Old 05-19-2009, 11:01 PM
 
3,536 posts, read 5,092,812 times
Reputation: 822
Quote:
Originally Posted by bipolarpunk View Post
Oh that's right! Those poor illegals were victims.. They didn't know that they couldn't buy a home priced at $500,000 on an $8.00 an hour job working under the table at that Fast Food restaurant..

Damn those Taxpayers for NOT paying off the homes of those poor helpless hardworking illegals..
First off, where did I mention victims? Secondly, I don't think I was talking about taxpayers paying for said victims. Settle down there. You're seeing words that aren't there.

WTF are you talking about? The majority of home buyers were legal. The majority of sub-prime loans were those from Black and White borrowers. With that said, a lot of non-Hispanic communities were affected.

Yeah, I think that people who bought subprime loas were victims to a certain extent. Victims in the sense of poor education (they did not know what they were getting into), predatory lending (lies, hiding, manipulation), an over inflated housing market (500k for a cracker shack 60 miles outside of LA?!), laissez faire capitalism. But these victims were for the most part legal citizens. Some were illegal yes, but not the majority.

Did they also do it themselves? Yeah. To a certain extent yes. I know people that have moved into the new, shiny, upper middle class, majority non-Hispanic White suburbs only to be living on a prayer. They wanted more. Mass consumption without thinking.

But was this an illegal vs. legal issue? No.
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Old 05-19-2009, 11:22 PM
 
Location: The Wine Country, CA
807 posts, read 1,119,700 times
Reputation: 302
Quote:
Originally Posted by that1guy View Post
First off, where did I mention victims? Secondly, I don't think I was talking about taxpayers paying for said victims. Settle down there. You're seeing words that aren't there.

WTF are you talking about? The majority of home buyers were legal. The majority of sub-prime loans were those from Black and White borrowers. With that said, a lot of non-Hispanic communities were affected.

Yeah, I think that people who bought subprime loas were victims to a certain extent. Victims in the sense of poor education (they did not know what they were getting into), predatory lending (lies, hiding, manipulation), an over inflated housing market (500k for a cracker shack 60 miles outside of LA?!), laissez faire capitalism. But these victims were for the most part legal citizens. Some were illegal yes, but not the majority.

Did they also do it themselves? Yeah. To a certain extent yes. I know people that have moved into the new, shiny, upper middle class, majority non-Hispanic White suburbs only to be living on a prayer. They wanted more. Mass consumption without thinking.

But was this an illegal vs. legal issue? No.
Did you bother to read the report/article posted? Many of the high foreclosure areas, including California's Central Valley were the result of loans being given to Illegal Aliens.. The Illegal Aliens Should have NEVER received loans and it was on the fault of the Mortgage companies to that extent, HOWEVER, an exercise in common sense would suggest that many of these buyers had NO business buying homes to begin with..
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Old 05-19-2009, 11:29 PM
 
3,536 posts, read 5,092,812 times
Reputation: 822
Quote:
Originally Posted by bipolarpunk View Post
Did you bother to read the report/article posted? Many of the high foreclosure areas, including California's Central Valley were the result of loans being given to Illegal Aliens.. The Illegal Aliens Should have NEVER received loans and it was on the fault of the Mortgage companies to that extent, HOWEVER, an exercise in common sense would suggest that many of these buyers had NO business buying homes to begin with..
I live in the third hardest hit region (the Inland Empire). The forclosure crisis is the number one news story here. We know what happened. It was not the fault of a minority of illegal immigrants obtaining loans.

The majority of people were not illegal. 20% of the subprime loans given were to Hispanics...the majority of whom were legal. If the majority of illegal immigrants are Hispanic, and the minority of loans were given to Hispanic, and the minority of Hispanics are illegal...the minority of a minority caused the crisis? It doesn't make sense.

What about MI, OH, and GA? They don't have many illegal immigrants. I'm saying that logically it is not the fault of illegal immigrants.
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Old 05-20-2009, 04:48 AM
 
7,020 posts, read 9,920,961 times
Reputation: 1094
Quote:
Originally Posted by elansingghost View Post
Read my post again, I said : "I don't doubt greedy banks approved loans for illegals, but I'd like to see statistics from reliable sources, not from right-wing "columnists"."

I stand by what I said, I don't trust an opinion piece by a right-wing blogger.

And yeah, we all know unregulated and greedy banks were giving loans to people without checking to see if they could actually repay the loan. You haven't posted anything new.
Your true objective was to change the topic by attempting to discredit the message by shooting the messenger. You made a big stink about the fact that the article came from Michelle Malkin, as if what she stated wasn't true. Now that your theory has been debunked by stories from two non (so-called) right winged, very reputable sources that backed up what Michelle stated, you want statistics. After that, I'm sure you'll demand a list of names of every single illegal alien who received an "undocumented" loan.

If you want statistics, feel free to look them up. They, like the myriad of stories that confirm the damage being done by illegal aliens in this country do exist. After all, you are the one in doubt.

Last edited by JDubsMom; 05-20-2009 at 05:25 AM..
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Old 05-20-2009, 08:55 AM
 
Location: Maryland
15,179 posts, read 15,857,919 times
Reputation: 3028
Quote:
Originally Posted by John C H View Post
It's amazing the abundance of ignorance on these posts. First of all...you must be a citizen or resident with a green card to buy a home with a loan. And if the "illegals" were getting them...BLAME THE BANKS...as THAT practice was ILLEGAL!!! And we all know the banks and mortgage brokers were selling loans to people who didn't know what they were getting into, or banks throwing money at people to buy homes. Here we are again...scape goating immigrants, when this lies on the banks. And illegals getting loans for homes....LOLOLOLOLOLOL! If you believe that, you believe in Santa Claus too! GROW UP!
Ignorant? I think you must be referring to yourself.

Quote:
Their immigration status did not prevent them from buying a home. It is legal for undocumented people to purchase property in the United States.
Selling illegal immigrants the American dream

Quote:
MILWAUKEE—In a pilot program described as the first of its kind, an agency created by the state government is making it easier for illegal immigrants in Wisconsin to obtain mortgage loans.
American Renaissance News: Pilot Program Funds Mortgage Loans for Illegal Immigrants (http://www.amren.com/mtnews/archives/2005/01/pilot_program_f.php - broken link)

Quote:
The loan program highlights contradictions in U.S. polices toward illegal immigrants. Even as the Department of Homeland Security sought to deport them, the Federal Deposit Insurance Corp. goaded banks and credit unions to bring undocumented immigrants into mainstream banking if they could prove they had steady income and were creditworthy. Beginning in 2003, when banks and credit unions first offered mortgages to undocumented immigrants, the small segment blossomed.
Mortgage Prospects Dim for Illegal Immigrants - WSJ.com

Now, who did you say is ignorant?
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Old 05-20-2009, 09:03 AM
 
Location: The Wine Country, CA
807 posts, read 1,119,700 times
Reputation: 302
Quote:
Originally Posted by that1guy View Post
I live in the third hardest hit region (the Inland Empire). The forclosure crisis is the number one news story here. We know what happened. It was not the fault of a minority of illegal immigrants obtaining loans.

The majority of people were not illegal. 20% of the subprime loans given were to Hispanics...the majority of whom were legal. If the majority of illegal immigrants are Hispanic, and the minority of loans were given to Hispanic, and the minority of Hispanics are illegal...the minority of a minority caused the crisis? It doesn't make sense.

What about MI, OH, and GA? They don't have many illegal immigrants. I'm saying that logically it is not the fault of illegal immigrants.

This doesn't disguise the fact that HALF of the mortgages given to Hispanics were Sub prime with a QUARTER of those Subprime mortgages ending in default and foreclosure.. In 7 of the Top 10 METRO Areas with the highest foreclosure rates Hispanics make up at least a THIRD of the population..

Illegal Aliens should have NEVER received home loans or mortgages to begin with..
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Old 05-20-2009, 09:41 AM
 
291 posts, read 354,145 times
Reputation: 73
Quote:
Originally Posted by bipolarpunk View Post
The Central Valley in California (my home area) had one of the highest foreclosure rates in the Nation during the housing bust in 2008, but also saw one of the biggest Real Estate "BOOMS" during 2005 - 2006..

There were many illegal aliens building the new mini-mansions, suburban divisions and based on what I had seen, living in them too.. I thought to myself "How can they afford to live in a brand new home?".. I received my answer during the bust when it was discovered that Easy credit and lending practices to people that had no business owning homes to begin with began to collapse AND Those same homes were now vacant and had giant "Foreclosure" signs on the now Yellow and Browning grass (that is the homes in which the grass wasn't dug up just to put plain dirt and cactusses).
Yeah, I have relatives in this location and have looked at the massive tracks they built right next the crop fields over by blosser. pity because
you go over to s.broadway and its getto shopping and such. so i dont know who would want to live there.basically it looks like they moved in with relatives to hold out for the growing season jobs, who knows if the city will enforce building codes to stop the packing in of residents in the older parts of town on the east side.. what mess.
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Old 05-20-2009, 09:49 AM
 
3,536 posts, read 5,092,812 times
Reputation: 822
Quote:
Originally Posted by bipolarpunk View Post
This doesn't disguise the fact that HALF of the mortgages given to Hispanics were Sub prime with a QUARTER of those Subprime mortgages ending in default and foreclosure.. In 7 of the Top 10 METRO Areas with the highest foreclosure rates Hispanics make up at least a THIRD of the population..

Illegal Aliens should have NEVER received home loans or mortgages to begin with..
Not all Hispanics are not illegals!!! Whith that said, why is this on this sub-forum?

The reason why 7 of the top 10 were heavily Hispanic is due to the fact that the regions that posted the amounts of growth since the 1930s is the sunbelt. Guess what a lot of people are in this region? What country did this part of the US originally belong to? Half of mortgages were NOT given to Hispanics...56% were given to non-Hispanic Whites...only 14% were given to Hispanics. Of 14% 20% were subprime loans given to Hispanics (47% of Hispanics recieved subprime loans). So out of every loan given...2.8% were subprime loans given to Hispanics. With that 20% of Hispanics are illegal in the US (11 million illegal immigrants, with a percentage of 81% being Hispanic)...that means that if every illegal immigrant was granted a loan... .05% of those would be from illegal immigrant Hispanics obtaining subprime loans. With that said, the homeowner rate for illegals is closer to nill. So the percent of this crisis from illegal immigrants is closer to 0.

On a national scale, the problem was not caused by illegal immigrants. What is more telling is the fact that newer communities in out lying suburbs with substaintally higher than average incomes were the hardest hit. Newer communities of Stockton and the Inland Empire were harder hit than older, more established communities. Compton has a lower forclosure rate than Chino Hills.
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Old 05-20-2009, 09:54 AM
 
3,536 posts, read 5,092,812 times
Reputation: 822
Quote:
Originally Posted by JDubsMom View Post
Your true objective was to change the topic by attempting to discredit the message by shooting the messenger. You made a big stink about the fact that the article came from Michelle Malkin, as if what she stated wasn't true. Now that your theory has been debunked by stories from two non (so-called) right winged, very reputable sources that backed up what Michelle stated, you want statistics. After that, I'm sure you'll demand a list of names of every single illegal alien who received an "undocumented" loan.

If you want statistics, feel free to look them up. They, like the myriad of stories that confirm the damage being done by illegal aliens in this country do exist. After all, you are the one in doubt.
Well, she did automatically assume that all Hispanics were illegal. And looking at the stats there are major flaws... Most economists agree that the majority of the crisis was due to those trying to obtain new homes in previously cheap regions where it's not as established. Thus, regions along the coast in CA, where people sell less often are not hit. Inland regions, the fastest growing part of the state saw an influx of those priced out of the OC/LA/SD/SF/SJ so it took the brunt of it. Since Hispanics are more likely to be first time buyers, along with Blacks, it made sense they had more subprime mortgages. They typically were younger, were newer in their career, and had less money (again more related to age). First time White homebuyers were also more likely to be given subprime loans than previous homebuyers. First time investors as well. So, you see, it's really not an illegal issue.
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