The Truth Slowty Trickle Out On The Sub-Prime Mortgage Mess, Ever So Slowly

I knew this was a factor from the very beginning as this story emerged and wrote about it on this blog 6 months ago. The fact that the majority of these defaults are the result of the economy hitting a slow period and the workers effected becoming unemployed by the government's somewhat clumsy but needed attempts at closing the borders and illegals simply abandoning their slow growing American lives and high tailing right back home to Mexico, facing no repercussions whatsoever due to their untraceable illegal status.

That is the biggest problem with a population of people like they who have no allegiance to America and live dual lives, meaning in the sense that when the going gets tough for them here and the gravy train slows up or is disrupted, they simply up and leave for their real homes and allegiance in Mexico.

Also, look at this ridiculous headline that lays the cover for the "Immigrant" sob stories when in fact it should read "ILLEGAL IMMIGRANT" sub prime loan crisis..

"ILLEGAL IMMIGRANTS", a phrase the MSM absolutely refuses to use under any circumstances, any whatsoever, always substituting cutesy little euphemisms like "undocumented worker" and the likes . And by the way, the reason they are hit hardest is because they and their foolish lenders are mostly to blame for the crisis for extending loans to people who can simply hop the border to relieve themselves from their obligations, which millions of them have been doing and will continue to do. What's exactly their motivation to face the music? None.

Thanks for doing those jobs Americans won't do...... lol. Here's a graphic showing the crisis and what states have been hit the worst and there are no surprises here folks.

click to enlarge

Immigrants hit hard by slowdown, subprime crisis

Yahoo! News: "WASHINGTON (Reuters) - As an economic slowdown and the subprime mortgage crisis deepen across the United States, Hispanic immigrants are increasingly in danger of losing their jobs and their homes.
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Both legal and illegal immigrants joined Americans in buying homes they could barely afford when the market spiraled upward and many have been caught with mortgages higher than the value of their homes as prices have slumped in the past year.

Just as subprime mortgage payments rose and house prices fell, the economy's slowdown has hurt the construction sector, which employs large numbers of Hispanics and other immigrants.

Unemployment among Hispanics in the United States jumped to 6.3 percent in December, up from 5.7 percent the previous month and well above the national average of 5 percent, U.S. Department of Labor statistics show.

And almost half of the mortgage loans in the hands of Hispanics are subprime, making them especially vulnerable to the housing downturn." continued

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