Subprime mortgages and illegal aliens

[Deborah K]

Does anyone have the statistics on how many of these foreclosures are from illegals who bought homes with subprime financing?

 

[Banky]

not nearly as many as you probably think. Illegals are not the reason that record amounts of homes are being foreclosed on.

We need to move past trying to make this an illegal issue, because i assure you it is not.

 

[Deborah K]

not nearly as many as you probably think. Illegals are not the reason that record amounts of homes are being foreclosed on.

We need to move past trying to make this an illegal issue, because i assure you it is not.

I had a rather lengthy discussion with an immigration lawyer who told me they are losing their houses left and right in Cali and Florida. And I found this:

http://michellemalkin.com/2008/09/24/illegal-immigration-and-the-mortgage-mess/

I'm not going to move past anything that I believe has contributed to the problem. "Moving past" it (illegal immigration), is ignoring it, and allowing it to continue. Anyone who thinks the illegal immigration issue hasn't contributed to this is clueless. I am not saying this is "an illegal issue". I am saying illegal immigration contributed to this problem. They send 32 billion dollars a year back to Mexico. That's money that could be spent in our economy. And as that article I linked states, they were very heavily courted by the banking and mortgage industries.

 

[Kludge]

...

 

[Banky]

LOL, i wanna take you seriously, but it sounds overtly racist for you to just point out the bad side of this, against illegals.


Let's see, how much money do illegals put towards taxes, unemployment, social security that they will never ever see?
You wanna point out 32 billion, but how much do we send to the saudi's and arab people in general on the money we spend on oil?


I'm not trying to say you are racist, just misguided. There are bigger issues at hand, and thinking that illegals are what is hampering the market is just not the case. I know more normal people than illegals who are losing their homes and I know plenty of them, being from California and speaking spanish.

though, i was born here, i have sympathy for people coming to make their lives better in the states. Yes, quite a few have lost their homes to foreclosure, but i can guarantee you, being a mortgage broker who follows the market closely, their are many more non illegals who are losing their homes left and right.

Lastly, deb, Michelle Malkin is the last person whom you want to cite when discussing this issue. She is a known shill.

I'm all for discussing rational issues, but illegal immigration being tied to home foreclosures(while somewhat relevant, cause im sure some of them are losing their homes), is not the real deal here. They are not what is causing the massive tanking of the market.

 

[dannno]

They send 32 billion dollars a year back to Mexico. That's money that could be spent in our economy.

It could have been if we let their families move here.

I wonder how much of that money is government aid?

In my experience, most illegal aliens are very hard-working, and I think if we stopped subsidizing them and had an honest monetary system then they wouldn't really be creating any problems.

 

[Banky]

It could have been if we let their families move here.

I wonder how much of that money is government aid?

In my experience, most illegal aliens are very hard-working, and I think if we stopped subsidizing them and had an honest monetary system then they wouldn't really be creating any problems.

seriously danno, the illegal immigrant thing is the only thing i don't agree with ron paul about. But i'm willing to kick em all back to mexico, india, vietnam, saudi arabia, cuba and everywhere else they come from if that's what it takes to get the rest of ron's reform done.

But as a major issue, being that im a mortgage broker from northern california, i can tell you right now, the problem is vastly overstated. We send 1,000 times the amount that they send to mexico to saudi arabia in oil profits. That's a problem that should be triaged in front of the illegal issue.

 

[cbc58]

not nearly as many as you probably think. Illegals are not the reason that record amounts of homes are being foreclosed on.

We need to move past trying to make this an illegal issue, because i assure you it is not.

They are a huge part of the problem... don't say they're not. Statistics don't lie.

 

[dannno]

seriously danno, the illegal immigrant thing is the only thing i don't agree with ron paul about. But i'm willing to kick em all back to mexico, india, vietnam, saudi arabia, cuba and everywhere else they come from if that's what it takes to get the rest of ron's reform done.

But as a major issue, being that im a mortgage broker from northern california, i can tell you right now, the problem is vastly overstated. We send 1,000 times the amount that they send to mexico to saudi arabia in oil profits. That's a problem that should be triaged in front of the illegal issue.

Ahh, Ron Paul is pretty good about illegal immigrants.

He doesn't want amnesty, neither do I. He doesn't want to call in the national guard and kick them out, either. He realizes that if we stopped stealing money from taxpayers to give to them, that the hardworking immigrants would naturally stay and be apart of society. I'm ok with protecting our border as well, I just don't think we need to round them up and kick them out.. that would be very divisive and cause serious issues within the communities that would hurt everyone involved.

I still say the problem was cheap credit and shady real estate dealers who targeted the immigrants, not so much the immigrants themselves. I mean, who offers to give someone 15 years worth of their salary, when they'll end up needing almost 30 years worth of salary to pay it back, all while raising and feeding family, paying bills etc?? Only the government..

 

[Primbs]

I had a rather lengthy discussion with an immigration lawyer who told me they are losing their houses left and right in Cali and Florida. And I found this:

http://michellemalkin.com/2008/09/24/illegal-immigration-and-the-mortgage-mess/

I'm not going to move past anything that I believe has contributed to the problem. "Moving past" it (illegal immigration), is ignoring it, and allowing it to continue. Anyone who thinks the illegal immigration issue hasn't contributed to this is clueless. I am not saying this is "an illegal issue". I am saying illegal immigration contributed to this problem. They send 32 billion dollars a year back to Mexico. That's money that could be spent in our economy. And as that article I linked states, they were very heavily courted by the banking and mortgage industries.

Deb you need to check out what is happening in Virginia. Some the areas with highest number of foreclosures are here in certain zip codes.

It was all related to illegal immigration. If you have time you can read what activists have done about it.

Check out the video while it is still up.

http://www.youtube.com/watch?v=NU6fuFrdCJY&eurl=http://www.bvbl.net/

And more stories than you will have time to read.

We changed the national agenda with immigration laws and real estate.

http://www.bvbl.net/

 

[gaazn]

As the number of illegal immigrants in the USA declined in the past year, the U.S. economy worsens. Is it a coincidence? Or is this expected when you remove a few million consumers out of the U.S. economy?

After the bailout fails, next up will be another general amnesty to try to prop up the economy.

 

[Banky]

Very interesting stuff here.

CBC, what you have to remember is that statistics can be skewed any way you want them to be skewed. I mean, look how they did Ron during the actual presidential race. By focusing on the issue of illegal immigrants being the problem, we classify ourselves into the racist subsection, when we all know that illegal immigration is not what caused this problem. If that is what you wanna believe and that is what you tell people when speaking of this issue, then you run the risk of being told your crazy or worse, irrelevant.
So, pull up all the statistics you want because i'm sure someone can pull up statistics to back up what they say. then what? we are right back to square one. I'm not saying its not an issue, because most assuredly alot of illegals that bought homes lost them, but they are not the main issue. And to focus on them as the main issue when we have much more pressing things to worry about is overtly racist.

I'm an American of mexican descent republican who believes in Ron Paul. So this does make me somewhat biased i guess. But I'm just trying to remind you that everything has its place and this is not the time to be passing the buck to illegals and remember that the FED is what got us into this.

gaazn,
I don't think its coincidence at all. We have to remember, illegal immigrants are people too. No, we don't owe them anything, but they are people just like you and I. I think its a fair point that you mention the illegals leaving in droves, because that is something that i have noticed here in california.
Good point.

 

[theoakman]

there's nothing wrong with allowing people in this country so they can work. There is something wrong with subsidizing it. And that's what we do right now. They are benefit from welfare programs. We allow their children to attend our schools for free. Document them, let them work, let them pay taxes like the rest of us. Problem solved.

On a side note, the science industry is getting crushed in this country because of the department of homeland security. We have great PhD and Post doctoral scientists in this country who are not allowed to get work without a 6 month background check. These are the most educated people in the world who want to come to work here. We should be embracing them with open arms. They are the ones who can pull us out of this mess.

 

[Zippyjuan]

Somebody mentioned about statistics not lying.

This article http://goliath.ecnext.com/coms2/gi_0199-7008338/Foreign-homeownership-in-U-S.html uses just interviews with realtors (not an absolute statistic but a rough guide for now) says that 15% of the houses they sold were purchased by foreigners. It does not distinguish as to whether they were legal or illegal aliens.

However, they showed stronger preferences for condos/apartments when compared with U.S. homebuyers--22 percent of international buyers purchased condos/apartments, versus 12 percent of U.S. buyers. In addition, 28 percent of foreign buyers bought their houses with cash, compared with 8 percent of U.S. buyers.

The median sales price of homes purchased by international buyers was $299,500, which is significantly higher than the U.S. median of $221,900 during the same period, said NAR.

Forty-seven percent of all international buyers purchased homes exclusively for vacation, while 22 percent were motivated primarily by investment. Nearly one-third of foreign buyers cited both vacation and investment as reasons for their purchase. International homeowners spent an average of 4.2 months of the year in their U.S. property in 2006, noted the report.

One-third of all international buyers are from Europe, but buyers from Asia and North America (outside the United States) each represented about one-fourth of the total market, according to NAR.

Sixteen percent of all international buyers are from Latin America. By individual country, most buyers come from Mexico (13 percent), the United Kingdom (12 percent) and Canada (11 percent), said NAR.

"Another factor drives international participation in U.S. residential real estate markets. The U.S. market contains a large supply of real estate," noted the report. "It is also fairly easy to purchase a home in this country; the U.S. does not restrict or scrutinize most property purchases by foreigners, as happens in other countries. There are few barriers to owning a property [in the United States]."

Foreign buyers purchase homes across the United States, but 52 percent of sales in 2006 were concentrated in three states--Florida (26 percent), California (16 percent) and Texas (10 percent). The South attracted nearly half or 49 percent of international buyers in 2006, while 31 percent purchased homes in the West, said NAR.

Nearly 70 percent of those were for investment or vacation homes. Those do not sound like illegal immigrants. That leaves less than five percent (31 percent of the 15 percent foreign owned) of US homes owned by foreigners who live in them year round. And again, a significant portion of those will be legal aliens- here either to live or work or attend school or retire.

There is no way that illegal aliens are having an impact on the housing related financial crisis.

 

[Josh_LA]

Does anyone have the statistics on how many of these foreclosures are from illegals who bought homes with subprime financing?

without blinking an eye, I am willing to bet not enough to matter.

nobody wants to bail out illegal aliens if they had anything to do with the mortgage market.