Presumably all of these used fake ID's- number is attributed to the US HUD agency at this link
As bad as this sounds, it does suggest a way to ameliorate the subprime problem: Selectively deport those who are behind on payments. The remainder will rush to pay, even though their future credit rating means nothing to them, when using fake ID such as the matricula consular.
A most urgent inquiry for government and the right to undertake is this: Is there a pro-Obama Financial Jihad underway, and is Mexico chiming in with that, encouraging its illegals here to stop paying mortgages? In this connection consider that the sheriff of Cook County, (Chicago) is attempting a moratorium on foreclosures, which is subversive in much the same way. If there are actually attacks from so many directions at once, Bush may have to have a go at Iran now, flush these subverters out and down.
Update: KFYI's follow-up: http://kfyi.com/pages/local_news.html?feed=118695&article=4381201
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22 comments:
It seems high but if true it would be the source of this crisis
Credit rating? We don't need no stinkin' credit rating!!!
All kidding aside JSB, are you implying that the only way McCain can win is if Bush attacks Iran or something?
Another aside of note........mortgage lenders were basically strongarmed into lending to undreditworthy people and now being hindered to foreclose on them and evict them. True?
If True, then how long will it be before credit card companies are forced to do the same?
Our whole system of credit wouldn't fall if only 10% of the people were allowed to get away with this, but blacks, hispanics, and various other minorities, and deadbeat whites make up a much larger slice of the pie than that. Its not sustainable to allow 30-35% of credit obligations to be habitually tardy on repayment at various levels. Obviously we need to return to higher standards in lending and quit giving money away to poor credit risks, especially to people who have no money down.
These home prices going up into the stratosphere is an untenable situation for any nation that undermines the nation's ability to be competitive. People have to make more money to afford overpriced homes. I cannot for the life of me fathom why our leaders cannot understand this.
BTW----I know you decry it JSB, but as the election draws near it looks as if Obama is going to win unless the Repubs really have a grand-slam-piece of info about him that would dissuade the public from voting for the guy.
Here is how it looks to me. If Obama is elected and screws up as much as I think he might, in four years many "whiterpeople" will know they do not have the luxury of voting for someone because it makes them look uber-metrosexual-hip-unracist-and-cool. I think a traditional conservative could very well be elected at the end of four years of his nonsense. This whole party will end when the Chinese/Russians/everybody else stops buying our T-bills as we will no longer be able to pay for the party. The fed can print all the money it wants, but we will have a real mess on our hands then.
I thought it was more like 2-3 million, based on the estimates given for Denver. Now the link says that HUD is estimating 5 million. In either case, we do have leverage over illegals who don't pay. Republicans will have to go on all-offense rather than accepting blame for having this left-wing giveaway put over on them and everybody else. War is not the only way to win, but it would shift the focus to what a president actually does, and that's what has to be done somehow or other.
The grand slam info might be obama's ayers connections, which have already been given out by the RNC as extensive and important. The next item may be to determine that Ayers wrote Obama's Dreams book, which shows a close relationship. Ayers and Dohrn seem to have more or less adopted Obama, in a caricature whiterpeople move. He may have been a plastic mascot of their racial tolerance and fitness to be leaders of a minority uprising. Whiterleftists need to prove that they have radical black friends who let them lay down the law and tactics for the minority 'revolution'. They compete very hard for that, suffering rebuff after rejection after abuse and even death.
The update says HUD denies this number. I still think multiplying the Denver estimate to national scale and allowing for there being 2x as many illegals in that area with mortgages yields an estimate of 2-3 million. They could be 1/4 to 1/3 of the total in default/foreclosure, and might be half the outright fraud, as those using fake ID to do fraud, would show as illegals.
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