Cramer: Illegal Immigrants to Blame for Mortage Crisis

Quote from thriftybob:


The only complaint I have is that we didn't have a system to let them in legally in the first place. The quota is a disaster because it doesn't let anywhere near enough people in legally. There are many good honest people still waiting.
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You hit the nail right on the head. It takes more than 7 years to legally immigrate to the US from Mexico. If most of our ancestors had to wait 7 years we would have never been a great country. We have to speed up the legal immigration process to stop the illegal immigration.

If we ever want to maintain our standard of living we will need a larger consumer and tax base.
 
Exactly. It should take less than 30 days and cost the same or less than the lawyers it takes to get you legal here now.

Its all a big money game for the lawyers, folks. We don't let them in legally, but once they get in on a student visa or sneak in our lawyers take $5000 off them to weasel them around and eventually into the system.

Quite a scam huh? No wonder it never gets fixed. Wouldn't it be better just to charge them an entry fee, and if they couldn't pay it cash, let them pay it $10 or $20 a month, but be legal and part of the system from the get go? Reduce deficit. Quit chasing honest people out of vegetable fields and meat packing plants. Collect fees. Collect more taxes. treat people like people and don't make criminals of of good people.
 
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
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Is this a misprint? You mean 8-10 per bedroom correct. A 4 bedroom house could easily provide housing for 32- 40 people. 200/person/month = 6400-8000/month. Bingo no problem.


The problem is the lazy stoopid americans. Shit I try to get them to mow my lawn and it costs two dime bags. Can you fuckin' imagine that TWO DIME BAGS. I'm outraged. Damn hookers wouldn't even take a check. Don't get me started. Don't even get me started. Archie Bunker was right dammit.



EDITHHHHHHH!!!!!!!!!!!!!
 
Quote from giles117:

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.
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As a full-time mortgage broker, that does many sub-prime loans, I can state unequivocally that this post is crap as it relates to mortgages.

Lenders may have taken on too much risk as part of the houseing bubble just like anyone else but they ALL do their diligence - sub-prime lenders much more than most.

It would be much easier to fake an A paper loan. Subprime lenders are suspicious and look for problems.

And the fraud percentage is tiny overall.
 
Quote from thriftybob:

The illegals will make their payments as long as somebody didn't SUCKER them into an ARM or interest only loan that they didn't know would increase on them.

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This is typical ignorance about mortages. No one gets suckered into anything mortgage related that often.

It's just that people are greedy and stupid so they pick the wrong loans for their situation.

ARM loans have SO much disclosure paperwork there is no possible way that anyone can close on their loan and not be aware of the pending rate change.
 
Quote from slapshot:

This is typical ignorance about mortages. No one gets suckered into anything mortgage related that often.

It's just that people are greedy and stupid so they pick the wrong loans for their situation.

ARM loans have SO much disclosure paperwork there is no possible way that anyone can close on their loan and not be aware of the pending rate change.
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A bit defensive, huh?

Mortgage brokers were making so much money packaging anything they could it was a little sickening actually. I had some dirtbag try to talk me out of my fixed 5.5% Jumbo into an ARM at the least favorable time in history to do that. He had no idea my background or financial where withall. He just wanted to make another $1000 or more selling to an unsuspecting "customer."

I couldn't have been mean enough to this lowlife.
 
Quote from duard:

A bit defensive, huh?

Mortgage brokers were making so much money packaging anything they could it was a little sickening actually. I had some dirtbag try to talk me out of my fixed 5.5% Jumbo into an ARM at the least favorable time in history to do that. He had no idea my background or financial where withall. He just wanted to make another $1000 or more selling to an unsuspecting "customer."
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Thank Goodness for the educated.....
 
Quote from slapshot:

This is typical ignorance about mortages. No one gets suckered into anything mortgage related that often.

It's just that people are greedy and stupid so they pick the wrong loans for their situation.

ARM loans have SO much disclosure paperwork there is no possible way that anyone can close on their loan and not be aware of the pending rate change.
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I have a friend from Peru. His english was lousy, then, they tried to talk him into an ARM. He showed it to me, and I took a big red marker and wrote GET FIXED RATE, NO FEE LOAN across the front of it. He took it back and handed it to them and they redid the thing. That was yrs ago and because he's been paying ahead on it the house will be paid off this year.

The problem is not immigrants, its people trying to make a fast buck, and others trying to blame it on people that need to keep quiet. The company paid over $7000 in legal fees to get him legal.
 
Quote from TheDudeofLife:

why don't you cut it yourself, you lazy bastard..I wish the illegals were eduacted doctors, lawyers , investment bankers etc.then I could get legal advice on Memorial day for $10 an hour...
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Why don't you cut it dumbass? You look like you could use the income.

John
 
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