Cramer: Illegal Immigrants to Blame for Mortage Crisis

Quote from stock_trad3r:
I would hardly call it a mortgage crisis.
More...
bahgdadbob.JPG
 
Here in SE Texas there's been a cottage industry spring up in the past 2 yrs that targets Spanish speaking homebuyers.

I'm 100% positive that everyone they process is an American citizen.

I'm also just as sure that subprime lenders would never give them an ARM loan.
:p
 
Quote from HoundDogOne:

Jim's viewership is mostly made up of:

Illegal immigrants...
Mentally challenged people...
Spillover from the WWF and Springer.

Talk about biting the hand that feeds.
More...

Good post.
 
Quote from makloda:

DAMN HE NAILED IT!!!!!!! 100% TO THE POINT!!!!!!!!!!

By Jim Cramer
3/13/2007 6:04 PM EDT

We know that it will be hard to get a loan, but we also know that it should have been harder. We know that there will be a longer-lasting glut of homes on the market, but we also know that the homebuilders have cut back dramatically.

We know that the capacity has come out of the low-end lending business, but we also know, and this is gospel, that there will always be someone to lend to qualified buyers.

I have a sneaking suspicion that both undocumented immigrants and flippers -- guys who tried to buy a house high and sell it higher -- are behind most of the problems. And while the latter are still being hurt, the former have been thrown out of the game. So it is ironic that their actions, vintage 2006, are now hurting the market.
More...

Illegals work there asses off and have jobs. Plus they can put 8-10 in a house. It's not them going down.


John
 
Quote from Trendytrader:

Unlikely...need SSN...then credit check...even for subprime.
More...

Then you havnt been doing many subprimes.

3rd Party Mortgage brokers fudge the data al the time...

TRUST ME ON THIS ONE!!!!!.

SO unlikely... HAH!!! Only a blind trust in "integrity" in the mortgage system would have you believe that.

Should I also add, the number of DECEASED people who have received loans.... There is a ton of fraud going on....

I remember back in the 80's Middle Easterners in my neighborhood would fudge Tax returns, to get outrageous loans for Party STores, etc.... Mortgage biz is no different.
 
Quote from jficquette:

Illegals work there asses off and have jobs. Plus they can put 8-10 in a house. It's not them going down.


John
More...


I am not an illegal immigrant and no one in my family is. We have been in this country since 1901. We have worked hard, obeyed thr laws, paid taxes and believed in America. I work my ass off. I am scared everday of my job being outsourced to India. The whole "illegals work their asses off" rhetoric is just a way for the wealthy to justify keeping wages down. Slavery was a very cheap source of labor. Illegal immigration is the evolution of slavery
 
Quote from TheDudeofLife:

Slavery was a very cheap source of labor. Illegal immigration is the evolution of slavery
More...

My People called it indentured Service. Same thing, different clothes....
 
You must log in or register to reply here.
Back
Top