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Old 05-24-2009, 05:23 PM
 
3,536 posts, read 5,086,580 times
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Originally Posted by malamute View Post
The whole housing bubble required massive illegal immigration. It was illegals that built the houses for the housing bubble. They were the cheap labor that build the cheap houses that the developers would sell for enormous money -- making themselves a tidy profit. Just like the poisonous dry wall in many of the houses recently built, it was all about quick dirty money for the developers.

Since Americans didn't need millions of quickly and cheaply built houses, for one Americans aren't reproducing like rabbits and most of us already had houses before the housing bubble, the banks had to also sell the houses to illegals which is why they came up with predatory lending practices and loans requiring no proof of income and no valid social security number. Illegals didn't have credit histories after all. In order to "qualify" for large loans, the rules needed to be changed.
No it actually did not. So why are the hardest hit places the newest and nices communities? California has an expensive coast and a cheap interior. It was those moving from the coast inland that was the biggest contributor. Hence why housing ads up the street stated "Remind you of Home? Welcome to the new Orange County. Renaissance Park." obviously targeting those that just moved inland.

Again few illegal immigrants took out loans. Hispanics in general were the minority of those that took aout these loans. 56% of loans were given to non-Hispanic Whites.
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Old 05-24-2009, 05:25 PM
 
3,536 posts, read 5,086,580 times
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Originally Posted by malamute View Post
Banks help illegal immigrants own their own home - Aug. 8, 2005

An article from the height of the housing bubble. Yes, the illegals were very much what this was about. Millions of poor people with no credit and low paying jobs crossing the border every year -- the temptation to get them a big housing loan and expensive new house was just too great.....
Maybe I did not see the it, but it never mentioned the percentages and amounts of people obtaining these loans.
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Old 05-31-2009, 06:30 PM
 
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all you have to do is look at the areas with the highest foreclosures and you will see the highest influx of illegal immigrants, states like california, florida, and new york, as well as cities like miami, las vegas, and phoenix. are you saying that this is just a mere coincidence? there is no doubt that illegal immigration was used (as discussed in that 2005 article) to fuel the housing bubble and the subsequent credit default swaps, which were the weapons that have almost brought down the financial house.
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Old 06-10-2009, 11:02 AM
 
Location: So. California
62 posts, read 121,927 times
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Default One example

The illegal immigrant that I posted about earlier finally left in April. However; he tried to fleece another Hispanic family out of some $3,000 by trying to rent to them. Could have been more families. Neighbors informed the Hispanic family who came to look at the house that it was in foreclosure. They were very grateful. This family had saved money for the first and last months rent and also a hefty deposit. But this practice is not exclusive for illegals, some legal Americans have done the same thing. Remember the original owner never paid one cent in property taxes. But the real estate agent and the lending company were only too happy to make the sale and damn the buyer and his family. The mortgage company was slow to take action but thanks to neighbors the property has been watched and made secure from breakins.
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