Monday, July 30, 2007

Illegals, Sub-Prime Mortgages, the Housing Bubble, and YOU!

The Chronicle posts an AP story that essentially saying we should be glad that we are being overrun with illegals because they are the only thing keeping the housing market afloat. On the surface that may well be true, for now. But when the crash comes, and it WILL come, those mortgages will only accelerate it's fall and deepen the hole it falls into. First off, many of those illegals that have taken out mortgages did so using Matricula cards, which are notoriously easy to forge/scam. Secondly, many of those illegals make their living either directly or indirectly off of the housing market. When the crash happens, they are going to be kicking cans alongside many of the rest of us. But you see, those of us who are legal can't just up and disappear, only to reappear the next day with a slightly different permutation of our name, but they can. We cannot walk away from our debts that way. When 3-5 million people do that, can you imagine what is going to happen to the banking industry? It'll make the S&L crash look like a walk in the park. Every single one of us will pay for the banking industry's foolishness in higher interest rates and runaway inflation.

1 Comments:

Blogger Jean said...

but, but, but - we need illegals to keep the rich - rich. And the rest of us drown in taxes and higher interest rates.

Pathetic!

August 03, 2007 9:12 AM  

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