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MLP from March 31st, 2004

By chuckles (Mon Sep 29, 2008 at 10:47:18 AM EST) (all tags)

The Mortgage Monsters Meet The Immigration Invasion. They Like Each Other.

Federal Reserve Chairman Alan Greenspan recently acknowledged…Fannie Mae and Freddie Mac… are expanding because of an “implicit subsidy” at a “pace beyond that consistent with systematic safety.”…

In other words, federal policy has created a massive financial distortion—and an interest group, Fannie and Freddie’s shareholders and employees, are in favor of that distortion continuing.

What Peter Brimelow has called the Mortgage Monsters have become financial Frankensteins.

And the Mortgage Monsters are allying with another interest group: the immigrant lobby. Immigration is one of the main engines of growth for the giant mortgage lending institutions. And few companies have more openly tied their fortunes to immigration than Fannie Mae and Freddie Mac…

Discuss.

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MLP from March 31st, 2004 | 18 comments (18 topical, 0 hidden) | Trackback

I didn't expect white supremacist posts on HuSi by theboz (2.00 / 0) #1 Mon Sep 29, 2008 at 11:38:43 AM EST

VDare is a white supremacist site to begin with, so the article you linked to is garbage. There's no point in wasting time debunking it, however, undocumented immigrants can't get mortgages and legal immigrants tend to be educated and good stewards of money, so I'd be surprised if there was any evidence that immigration was linked to this.

Still, the fact that anyone that posts on this site is a fan of white supremacy is kind of disturbing.

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That's what I always say about you, boz, you have a good memory for random facts about pussy. -- joh3n

I didn't see anything in that article or on VDare by chuckles (2.00 / 0) #2 Mon Sep 29, 2008 at 11:45:38 AM EST

stating that whites are a "supreme" race, so what the fuck are you jabbering about?

undocumented immigrants can't get mortgages

You must be both retarded and living under a rock. In the last four years, millions of illegals have gotten mortgages in the US.

Sent from my iPhone.

[ Parent ]

millions? by lm (2.00 / 0) #5 Mon Sep 29, 2008 at 12:56:54 PM EST

I'd believe hundreds of thousands, maybe a million. ITIN loans were about an 80 million chunk of the mortgage market in 2007. Unless they're buying $80 houses, that's well under a million new loans every year.

Also, VDARE is categorized as a hate group by the Southern Poverty Law Center for, among other reasons, regularly publishing articles by known white supremacists. So far as I can tell, it's really more of an area where the interests of the white supremacists just so happens to dovetail with the interests of a different sort of moron.

There is no more degenerate kind of state than that in which the richest are supposed to be the best.
Cicero, The Republic
[ Parent ]

: Soon by Herring (2.00 / 0) #12 Mon Sep 29, 2008 at 06:14:38 PM EST

many people will be buying $80 houses.

Ignorance more frequently begets confidence than does knowledge - Charles Darwin
[ Parent ]

Eat a donkey cock, asshole by theboz (2.00 / 0) #9 Mon Sep 29, 2008 at 03:18:22 PM EST

stating that whites are a "supreme" race, so what the fuck are you jabbering about?

Ok, instead of admitting that they are white supremacists, they made up some bullshit term called "white nationalist" for their writers. As was pointed out elsewhere, SPLC designates them as a hate site. So yes, they are white supremacists whether you or they want to admit it.

In the last four years, millions of illegals have gotten mortgages in the US.

Prove it, without using neo-nazi websites or Lou Dobbs (but I repeat myself) as proof. While some may have gotten mortgages fraudulently, you can't get a mortgage otherwise without being a permanent resident or citizen.

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That's what I always say about you, boz, you have a good memory for random facts about pussy. -- joh3n
[ Parent ]

ITIN Loans by lm (2.00 / 0) #4 Mon Sep 29, 2008 at 12:47:49 PM EST

I'm sure you've heard of the practice of filing paperwork for an ITIN. A few years ago, a number of banks started giving loans that only need an ITIN with no other identification paperwork. I couldn't find current numbers, but this 2007 Business Week article include an estimate that ITIN loans were about an 80 million chunk of the market.

Obviously, at an 80 million chunk of the mortgage market, these loans have had an enormous impact on the present state of affairs, especially since ITIN only loans are less likely to be defaulted on than other loans.

There is no more degenerate kind of state than that in which the richest are supposed to be the best.
Cicero, The Republic
[ Parent ]

ITIN != Undocumented Immigrant by theboz (2.00 / 0) #10 Mon Sep 29, 2008 at 03:22:10 PM EST

I'm very familiar with it. It's what you get in various situations, such as filing to get a work visa, being a dependent that lives outside the U.S. of a worker in the U.S., etc.

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That's what I always say about you, boz, you have a good memory for random facts about pussy. -- joh3n
[ Parent ]

: sure by lm (2.00 / 0) #13 Mon Sep 29, 2008 at 06:40:37 PM EST

Not all ITIN mortgages go to illegal immigrants. But many do.
Regardless, given their share of the mortgage market (estimated to be 80 million in 2007), it's highly doubtful that even if all ITIN only mortgages did go to illegal immigrants that it would have a significant effect, especially since the default rate of ITIN only mortgages has been far lower than even conventional non-sub-prime mortgages.
There is no more degenerate kind of state than that in which the richest are supposed to be the best.
Cicero, The Republic
[ Parent ]

Prince William County VA by wiredog (2.00 / 0) #6 Mon Sep 29, 2008 at 01:31:16 PM EST

Lots of immigrants, legal and otherwise, bought houses there. They mostly worked construction. When the market went away, so did their jobs. Then they stopped making payments.

Earth First!
_{(We can strip mine the rest later.)}
[ Parent ]

The thing is by TheophileEscargot (4.00 / 1) #7 Mon Sep 29, 2008 at 02:01:21 PM EST

I don't really get the "poor people caused the problem by taking out loans they couldn't afford" thing I've been seeing on the right-wing sites.

The problem was that high-risk loans were sold on as low-risk AAA debt, by repackaging them in CDOs and so on.

It's not the loans that were the problem: it was the misrepresentation of what was in the loans.

It's as if I told you I was buying Treasury bonds with your money, put it on a horse instead, and when you complained, I blamed it all on Dobbin the Horse for coming last in the 3:15 steeplechase. Yes, if he'd come in first your money would have been safe. But it wasn't him that was giving you horseshit...
--
Butch and Petey are harsh and unforgiving in their estimation of female beauty.
[ Parent ]

: They weren't poor. by wiredog (2.00 / 0) #8 Mon Sep 29, 2008 at 02:30:28 PM EST

They were middle-class. Until the housing market died. Then they were poor.

Earth First!
_{(We can strip mine the rest later.)}
[ Parent ]
: And on the left wing websites by Breaker (4.00 / 2) #14 Mon Sep 29, 2008 at 06:56:50 PM EST

I see "bastard big business tempting the poor that dare aspire to make something of their lives by offering 125% loans, which the Bank Fat Cats[1] made their FILTHY commission on, the dirty hooers, now these Deserving Poor^[1]are destitute".

Which is just as bad and as patronising as the right wing point of view.

You hit the nail right on the head when you say:

The problem was that high-risk loans were sold on as low-risk AAA debt, by repackaging them in CDOs and so on. It's not the loans that were the problem: it was the misrepresentation of what was in the loans.

That is bang on the money. And the right wing websites and blogs are all "let the market decide" and the left wing blogs are all "rein in these bastard capitalists before the ruin us all".

And again, the reality is again a bit of column A and a bit of column B. The real problem I am seeing now is that it is politics that is getting in the way of common sense- again.

And that's going to fuck us all sideways.

[1] By this phrase, you know it's a left wing blog.

[ Parent ]

The article above predicting the subprime mess is by chuckles (4.00 / 1) #3 Mon Sep 29, 2008 at 12:29:18 PM EST

over four years old. From today is a great article at VDare entitled Karl Rove--Architect Of The Minority Mortgage Meltdown.

The reality is that blame is very widely shared: among Democrats and Republicans, businesspeople and politicians, Congress and the Executive Branch, borrowers and lenders, and whites, blacks and Hispanics.

There's one man, however, who has so far escaped any blame. Few have realized something that turns out to have been staring us in the face all along: that the mortgage mess was, in sizable measure, an outgrowth of the primary political goal of the Bush Administration.

That man's name is Karl Rove.

And the primary political goal of President George W. Bush's political strategist: to bring Hispanics into the Republican Party.

As you'll recall, Rove's best-known tactic to appeal to Latino voters was repeatedly pushing "comprehensive immigration reform" (i.e., an amnesty for illegal immigrants).

Rove, though had other arrows in his quiver. One was a plan to turn Hispanics into Republicans by providing them with loose credit so they could become homeowners.

Fantastic insight from the consistently good Steve Sailer.

Sent from my iPhone.

Too bad that's all bullshit too by theboz (2.00 / 0) #11 Mon Sep 29, 2008 at 03:26:20 PM EST

When I was at the 2005 immigration marches, one of the common chants was, "Bush! Escucha! Estamos en la lucha!" The only hispanics Bush really brought into the Republican party are a few Texans who hate immigrants and the Cuban-Americans in Miami that were already Republicans. Now he's even shed the Republican party of quite a few of both of those groups.

It seems that the author you quoted from VDare is just trying to twist their logic to find a way to blame immigrants for the housing crisis, as well as try to appeal to people that don't buy into white supremacy (oh excuse me, white nationalism) by ragging on a very unpopular man.

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That's what I always say about you, boz, you have a good memory for random facts about pussy. -- joh3n
[ Parent ]

Translation? by Breaker (2.00 / 0) #16 Mon Sep 29, 2008 at 07:02:03 PM EST

Bush! Escucha! Estamos en la lucha

Bush - GW?
Escucha! - Moustache?

Estamos en la lucha - soap in your lunchlife?

But yeah, the whole "affordable loan" but got distorted and broken under the current regime. Largely because a political goal was stated, but insufficient legal protection and control was put around it.

So banks found loopholes flowing around and through this, with which to hang themselves with.

DOH! by theboz (2.00 / 0) #17 Tue Sep 30, 2008 at 10:34:21 PM EST

Sometimes I forget what it's like for people outside of Texas, where everyone has at least a minimal understanding of Spanish.

It means, "Bush! Listen! We're all in this fight!" Basically, they were calling out Bush as the representative of the U.S. government to recognize civil and human rights of immigrants.

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That's what I always say about you, boz, you have a good memory for random facts about pussy. -- joh3n
[ Parent ]

: Heh by Breaker (2.00 / 0) #18 Wed Oct 01, 2008 at 05:49:39 AM EST

English, French and a smattering of Cherman spoken here.

Spanish is on the list though; I reckon if I can do English, French and Spanish then I'm pretty good to go in most parts of the world. Might struggle a bit in rural asiatic countries a bit though.

[ Parent ]

Consistently good by ni (2.00 / 0) #15 Mon Sep 29, 2008 at 07:01:04 PM EST

indeed!

"These days it seems like sometimes dreams of Italian hyper-gonadism are all a man's got to keep him going." -- CRwM
[ Parent ]

MLP from March 31st, 2004 | 18 comments (18 topical, 0 hidden) | Trackback