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 morgages to people that got loans with incomes that were deemed to low by most banks before sub prime morgages 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 morgages 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 pooring over the southern border and even more so because of the late 1980’s amesnesty 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 pooring 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 pooring 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 hirings and all the illegals pooring 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 morgages 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 morgages 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 advisors 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, garderners 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 aquired 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 collaspe 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 collaspe kept the raids and deportations going not knowing why the housing market was collasping 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 the bank losses putting even more homes on the market and collasping 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 suppost to save and the interest rates tripling on U.S. citizen home loans were forcing an endless stream of U.S. citizens forclosed 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.
TO BE FINISHED LATER: This is good!