Illegal Immigration and the Mortgage Mess |
Michelle Malkin writes about the part that illegal immigration has played in the mortgage meltdown.
~~John Cronin~~
http://townhall.com/columnists/MichelleMalkin/2008/09/24/illegal_immigration_and_the_mortgage_mess
by Michelle Malkin
Tags: Fannie Mae, Freddie Mac, sub-prime loansThe Mother of All Bailouts has many fathers. As panicked politicians prepare to fork over $1 trillion in taxpayer funding to rescue the financial industry, they’ve fingered regulation, deregulation, Fannie Mae and Freddie Mac, the Community Reinvestment Act, Jimmy Carter, Bill Clinton, both Bushes, greedy banks, greedy borrowers, greedy short-sellers and minority home ownership mau-mauers (can’t call ‘em greedy, that would be racist) for blame.
But there’s one giant paternal elephant in the room that has slipped notice: how illegal immigration, crime-enabling banks and open-borders Bush policies fueled the mortgage crisis.
It’s no coincidence that most of the areas hardest hit by the foreclosure wave — Loudoun County, Va., California’s Inland Empire, Stockton and San Joaquin Valley, and 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.
