Question: [http://www.worldnetdaily.com article on mortgages for illegal > >aliens follows commentary]
> > Mark my words: When the US housing construction/real estate > >appreciation bubble bursts (there are signs it’s well under way; for > >example, see http://patrick.net/housing/crash.html) and the US > >economy, propped-up as it is by smoke and mirrors, declines > >precipitously, illegal aliens will abandon their homes in droves and > >then the same greedy financial institutions which thought it clever to > >offer mortgages to illegal aliens will demand bail-outs from — guess > >who? — THE US TAXPAYERS. (Can you say, “Savings & Loan Bailout II”?)
> There is no housing bubble in the US in general. There are some areas > like Las Vegas, Orange County and San Diego and a few others that > appear to have local bubbles, but it is highly unlikely that more than > a tiny minority of illegal aliens can afford to buy in those > hyper-expensive places.
Answer: The typical immigrant will work longer hours than the average non-immigrant to make the payments. That has been the norm for all immigrant groups throughout the history of the US. I’d say living standard of immigrants tends to increase more than that of their non-immigrant counterparts. Here in the Bay Area, places like Oakland, where housing is still somewhat “affordable” ($350K might still buy you a SFR with your very own built-in drug dealer and a pitbull), lots of immigrants are buying homes, and I am not talking about just legal immigrants. Do you realize how easy it is to get a credit card with a blatantly fake social security number, or buy a car on credit? I am talking about credit reports that have all the required alerts indicating the SSN has not been issued by the SSA, yet they have a long nice clean credit history. It appears that some underwriters are willing to look the other way just to book a loan, which results in several homes being sold to illegal aliens. Now, if an illegal alien has a TIN number, he/she may buy a home the “right way”. There are lots of banks that will sell you a home loan if you have a TIN.
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