The Elephant In The Room

Posted on by

There’s more than enough blame to go around on both sides of the aisle regarding the current US economic mortgage-sourced crisis. Financial socialism is the result.

But further, there is a definite Politically Correct Elephant in the room.

My syndicated column today tackles the bailout angle no one wants to talk about: Open borders and the home loan debacle. You’ve heard a lot about Fannie/Freddie and the minority lending shakedowns, but you haven’t heard most commentators/analysts on either the left or the right talk about the massive illegal alien mortgage racket — a topic I’ve reported on for the past five years. That’s because fault lies at the feet of the crime-enabling banking industry and the ethnic lobbyists and the illegal alien-enabling Bush administration.

She continues:

And I second Mark Krikorian: Credit is not a civil right. It’s not a civil right for illegal aliens. For foreign banks. For American banks. For anyone. The bailout proposal, as I noted earlier, now includes student loans and auto loan debt. Will our tax dollars next cover foreign student loan debts? Illegal alien in-state discounted college tuition debt? Where and when will it end?

And more pointedly:

It’s no coincidence that most of the areas hardest hit by the foreclosure wave – Loudon County, Virginia, California’s Inland Empire, Stockton, San Joaquin Valley, Las Vegas, and Phoenix, for starters — also happen to be some of the nation’s largest illegal alien sanctuaries. Half of the mortgages to Hispanics are subprime (the accursed species of loan to borrowers with the shadiest credit histories). A quarter of all those subprime loans are in default and foreclosure.

Who pushed these loans originally? Demorats promoted loans to those poor, disadvantaged “minorities” (who are actually a majority) and didn’t want to be viewed as judgmental and discriminatory knowing full well they were incapable of a payoff on loans. The Demorats simply wanted “poor people” to be able to get a home. Apparently being able to prove one’s fiscal viability was nil; apparently being able to prove one’s citizenship was likewise nil.
I’d like a Rolls Royce Phantom. But it doesn’t mean that I should qualify for the car loan required to purchase one, nor does it guarantee I could pay back that loan considering my other financial commitments. Here’s a Newsflash: if you’re poor and can’t afford it, you SHOULDN’T be able to get a home! What is so difficult about this concept? Logic? Proportion? Rationality?

And the Bush Administration is damned near as culpable in terms of setting precedent for not handling the illegal immigration issue and with spending.

The Elephants are coming home to roost and they’re turning our pockets inside-out.

BZ
 Share
If you enjoyed this post, make sure you subscribe to my RSS feed!

7 thoughts on “The Elephant In The Room”

  2. It sure looks to me Congress (ALL of the BASTARDS) are trying to give alll the people who have low credit scores because they dont bother paying their bills a fresh start. More than likely at the expense of those of us who work and scrimp and shave budgets to make sure our bills are paid as per our agreement with creditors.

  3. I agree with Michelle regarding Bush’s involvment. Actually the whole thing I agree with. As we all know not all conservatives agree with everything Bush has done, so it doesn’t offend me. We have to be honest with ourselves. That is what conservatism is all about.

    That said, people need to listen to Malkin and others who seek the truth regardless of party affiliation.

    This whole bailout thing is ridiculous and I agree with Michelle about the illegals. It is insanity!

    A doctor in our family who lives in Dallas told us the other day the illegals are taking over Texas. This problem has to be stopped.

  5. Interesting history lesson on this … From this link http://tinyurl.com/3lsnak
    “QUIETLY, behind the scenes, the Clinton Administration is preparing for the biggest regulatory crackdown of recent years. Attorney General Janet Reno is linking up with banking regulators and with HUD Secretary Henry Cisneros to end the supposed epidemic of discrimination against minorities in making home loans. The implications for society at large are ominous.”

  6. 09 25 08

    BZ:
    I don’t care for Madame Malkin, but when she is right, she is RIGHT ON! As you well know, I live in Modesto and we are only a hop skip and a jump away from San Joaquin county and even here, the foreclosures are insane. Almost a third of the homes on my street were up for sale at some point and when the market went down south, they converted these single family homes to rentals.

    Since a large part of my No Child Left Behind tutorees were Hispanic and a percentage of them were illegal, I can totally attest to the idiocy of giving undocumented persons loans. But these loans weren’t just given to illegals, they were given to anyone who wanted a home.

    When my husband and I went to refinance, Chase Manhattan offered us a no documentation loan. I could not believe it and asked myself what the risk would be to the lender by financing such a loan. Greed plain and simple caused this. And the Demoncats were to blame to the extent that they were forcing Fannie and Freddie’s hands.

    HOWEVER, if the mortgage brokers were really on the up and up and cared about the economy, NO subprime loans would have been contracted in the first place! When we were looking to buy a few years back, we got offered an ARM loan.When I asked what would happen if the stock market took a downturn and the funds to which our loan was tied had fluxuations, the mortgage broker quickly blew my question off.

    That was just a sign of the times. In so many ways, the unmitigated greed of these assholes is to blame. Their actions were unpatriotic for giving Americans shitty loans that were more than likely to default, by giving no documentation loans to illegals and by not caring about how foreclosure rates would affect existing property values for those of us who are current on our mortgages.

    Alas that I ramble, but Malkin hit the nail on the head. These assholes need to be taken to the town square and heckled then tarred and feathered!!!

Comments are closed.