In my own opinion as to what caused the housing crisis in 2008 is illegal immigration and to many legal immigrants being let into the U.S. coupled with the U.S. government not regulating dangerous sub prime mortgages to
people that got loans with incomes that were deemed to low by most banks before sub prime mortgages were allowed.
In 1977, Former President Jimmy Carter created the Community Reinvestment Act (CRA) to help low income people own their own houses. In 1992, the regulator of Fannie Mae was critically weakened by the actions of Congressional Representative Barney Frank and sub prime mortgages started to appear and were very profitable for financial companies. In 1995, President Clinton's administration revised Community Reinvestment Act (CRA) regulation which made home loans available to people that shouldn't have been given loans.
During the 1989 thru 1995 period systems were to be set up to stop the flow of illegal immigrants across our border and Clinton and congress never did this and millions of illegals started pouring over the southern border and even more so because of the late 1980's amnesty given to illegals. Nobody said to much about the illegals because china was allowed into the WTO by Clinton and U.S. companies were pumping in products made in china and U.S. companies were making billions of dollars and the companies needed all kinds of employees to keep track of this new found wealth so some of the wealth went to new hires. At this time also the Internet was being created and millions of jobs were being created in the new Internet selling community ranging from data entry to new computer sales to tech jobs. The economy was booming because of the new Internet selling venues like Ebay, Amazon and various private only stores plus low cost goods from china to sell. Nobody gave a hoot about the illegals pouring over the border because people were getting wealthy from cheap chinese goods and the new Internet selling venue.
People started buying houses with the new found 1990's income and millions of low income people purchased houses also because of the lowered loan requirements put in place by Bill Clinton and his democratic lap dogs like Barney Frank. Greedy construction companies started hiring illegal aliens pouring over the border to increase their profit margins and soon whole construction crews were made up of illegal aliens. Other industries started following suit and hiring illegals because nobody was saying anything about the hiring and all the illegals pouring across the border. Everyone was concentrating on cheap junk made in china they could profit from and selling that cheap chinese made junk on the Internet worldwide. People were making fortunes.
While all this money making I mentioned above was going on the financial industry was giving away sub prime mortgages away as fast as they could do it making billions of dollars. The government was raking in so much money off all this money making the debt clock stopped under this brewing crisis Bill Clinton was creating.
All over the internet you can find stories of banks giving these sub prime mortgages to illegal aliens. Michell Malkin knew about these home loans to illegals but who has the proof since the bankers were being hush hush about it. Illegal aliens were the ones making plenty of money from drug smuggling and getting hired into jobs U.S. citizens would do at a much lower hourly wage. Everywhere you would see technicians being sent out by repair companies and construction that were illegal. Delivery drivers, skilled office workers, sales people, etc...... would be illegals that were skilled. Banks were making these sub prime loans to all kinds of unskilled illegal workers also that came up with a sizable down payment and few years on the job.
I've read interest articles stating almost 42% of illegals were being given sub prime home loans from banks. Most of these loans were given to illegals that came in on a tourist visa and after the visa was expired they didn't go home and stayed looking for legal residency. Other loans were given out to illegals walking over the border with fake green cards and fake documents. These loans to illegals were being handed out to any illegal that had a moderate down payment and a couple of years on a job. Vast drug smuggling networks were setup using these sub prime home loans to move drugs and illegal aliens to their destinations.
President Bush tried to clean up Fannie Mae and Freddie Mack because he decided with many of his financial advisers that these types of home loans were bad news. What President Bush didn't realize was that millions of illegals with false documents and expired travel visas were given these sub prime home loans. After 911 happened the public cried out for the removal of the illegals and even though President Bush was going to sign the McCain/Kennedy bill giving amnesty to millions upon millions illegals if it passed he started getting rid of the illegals with workplace raids because of a heavy public demand. As these work place raids happened these illegals that were given sub prime home loans were losing their jobs and stopped payment starting the process of thousands of homes being be put up for sale in all spanish neighborhoods that no one would buy because who wants to live in a neighborhood that was occupied by people that didn't speak english. Illegal aliens were buying up houses just to get legal residency in mostly neighborhoods already with a moderate spanish population. Not even a white liberal supporting illegal immigration would live in an all spanish neighborhood so the houses just sat vacant up for sale and the banks were losing money on these houses. Bush had to continue the work place raids because the public didn't care and all the illegals had to go.
The democrats didn't even know about all these sub prime home loans that were given to illegals. The democrats just wanted to keep their cheap housekeepers, gardeners and money coming in from their investments in companies that used cheap illegal alien labor to profit. Nancy Pelosi and Hillary Clinton went around the country trying to stop the Bush work place raids but that was due to their profit taking from spanish T.V. stations that were being acquired by NBC and the Texas Pacific Group. Telemoudo and Univision were purchased by U.S. entities and they have to have spanish speaking only people in the U.S. to watch these stations so NBC and Texas Pacific Group can profit. The income stream into the pockets of the democrats is not known and probably is a well kept secret but I myself and others know it's there pumping cash into the pockets of Nancy Pelosi, Hillary Clinton and many other democrats.
The democrats had absolutely no idea that they had created an economic condition that was giving home loans to millions of illegals. Nobody knew about the sub prime home loans to illegals except the banks and this may be why wall street was supporting Obama during the 2008 election. Wall Street knew they had millions upon millions of home loans out to illegals and they also knew Obama would keep the illegals since Bush had already started deporting illegals and the banks had thousands of houses piling up on the housing market from the deportations. The housing market and the economy just happened to collapse 4 months before Obama was going to take the oath of office and President Bush had absolutely no idea why. All these houses piling up on the housing market from the Bush raids were starting to take affect and the banks were losing tons of money. President Bush even after the collapse kept the raids and deportations going not knowing why the housing market was collapsing and the banks were freaking out as vacant houses started to pile up from the raids and all the banks home loans to illegals were going bad.
The Bush work place raids were going on for a long time and many illegals with home loans knew the work place raids would eventually catch them so illegals started dumping the houses they got home loans on and leaving town before they got deported and this intensified the bank losses putting even more homes on the market and collapsing the banks.
Many U.S. citizens got hit with higher interest rates as banks tried to recover the millions they were losing on the home loans to illegal aliens. As the interest rates to U.S. citizens rose and became unpayable U.S. citizens started losing their homes also and so many houses were on the market the banks passed the point of no return and bank failures were happening. President Bush and congress passed the tarp bill to save the banks not knowing that the ongoing work place raids deporting illegal aliens was killing the banks Tarp was supposed to save and the interest rates tripling on U.S. citizen home loans were forcing an endless stream of U.S. citizens foreclosed homes on the market as well.
What stopped the endless stream of homes hitting the market was after Obama took the Oath and stopped the Bush work place raids because Nancy Pelosi and Hillary Clinton were crying about it. Remember, Nancy Pelosi and Hillary Clinton were only bitching about the work place raids because of their possible financial investment in spanish media and heaven help it if there were no spanish speaking only people in the U.S. to profit off of. Same with Bloomberg, the mayor of NY city, it's suspected that he to is heavily invested in spanish speaking media for profit. No spanish speaking people, no profit.
This is good!NOTE 1: The derivatives market that was blamed for the 2008 housing collapse would have been OK as long as people kept up their payments on their home loans. Even with many unsecured home loans in the derivatives market the derivatives trading would have been OK even if many people defaulted on their home loans. It took an massive amount of home loan defaults to collapse the financial market and create the chain of events that collapsed the economy. The only way these massive home loan defaults could have happened is if millions of illegal aliens were getting home loans and in fear of getting deported abandoned their homes they purchased during the President Bush workplace raids and stopped paying on their illegal alien home loans. The thousands of illegal alien homes on the market triggered adjustable interest rates to skyrocket putting U.S. citizens with home loans into a financial mess causing U.S. citizens to default on their home loans too. NOTE 2: Nancy Pelosi husband is a big time real estate developer. I have stated above that I did not think that the democrats knew about the home loans to illegals but Nancy Pelosi and Hillary Clinton may have known about the home loans to illegals during the Bush raids when the two went around the country protesting the President Bush work place raids. If they did know about the home loans to illegal aliens it was pretty chicken S--t of them not to tell President Bush about the home loans so President Bush would stop the raids saving the homes of millions of U.S. citizens. If Nasty Pelosi and Hillary Clinton had told President Bush about the home loans to illegals it would have ended their careers instantly.
Illegal Aliens
The Estimated count of illegals in the US is based upon how many illegals have housing paid for by the US federal government only. Yes, the US government gives housing to the 12 million illegals they say to be in the US. The 12 million number is how many illegals get federal welfare & assistance. The 12 million number does not include the millions that do not get federal help. The actual illegal alien count in the US could be over 100 million by popular private citizen estimates. NOTE 1: No link for source. I was having a discussion about illegals on another forum a while back and a government employee popped in and leaked the info about the government estimating the count from how many illegals get government subsidised housing.
I did some of my own research into the info this person gave me and found that Michelle Malkin the Fox News contributor hit on this way back in 2003. Here's a passage from what she wrote:"That’s just the tip of the illegal alien homeowners’ iceberg. The Post failed to note that Federal Housing Administration-approved loans through the U.S. Department of Housing and Urban Development do not require lenders to obtain proof of citizenship or legal permanent residence. These FHA/HUD programs, primarily targeting minorities and first-time home buyers, are federally insured and require minimal down payments."
Here's the link to the article in 2003: Home Loans for Illegal Aliens?! | Capitalism Magazine
Michelle Malkin hit it "Dead On" in 2003 and published many other articles well before the big housing crash of 2008. The problem was everyone was making big time cash off illegals and "NOBODY LISTENED". In 2008 people started losing their homes big time and still nothing was said about the illegal aliens with home loans.
My statements are personal opinions from my own research and I've read alot and I see alot of news programs and not a mention of illegals getting home loans.
U.S. citizens need to know that the reason they lost so much of their wealth is because the housing market was seriously inflated due to illegal aliens getting home loans and the people we trusted to stop us from losing so much wealth were grabbing wealth from illegal aliens until the whole housing market crashed. U.S. citizens lost their wealth but the big boys who gained alot of wealth from illegals still retain their wealth they obtained from illegals.
The pew research center claims there are only 12 million or so illegals in the country but they get their data from the U.S. census which is the biggest but of BS I've ever heard about the illegal alien count. There's absolutely no way 12 million illegals will admit to being in the U.S. illegally. They may get a few admitting it but most illegals wouldn't even answer the door when the census person comes a knock'in let alone tell the government census taker they were illegal.
I was just told by a government employee that the illegal alien count was taken from the number of illegals that were getting federal housing subsidies. I found this research by Michelle Malkin when I was investigating my own opinion on the housing crash about illegals getting home loans through the government so I have to take it that my informant was correct. Most people I talk to say the number is between 60 and 100 million illegals in the U.S. and when issues become common knowledge then the common knowledge becomes factual evidence if the common knowledge is not rumor based.
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