Another factor that contributed heavily to the current crisis was the
Barney Frank immigration reform bills, when coupled with the original "Communities Reinvestment Act" made a sure fire recipe for a disastrous money drain on the American economy.
(history of American immigration law.)
Am I the only one on this board who is distressed by the fact that an arrogant radical Muslim is far more likely to get an American entry visa than an humble Christian Serb or South African Boer???? And remember the government of the USA had as much to do with the present conditions in South Africa, Kosovo, Zimbabwe and other places as anyone else.
"It is much easier to resist in the beginning than in the end." Lanardo Da Vinci
At least since 1940, DiPippo explains, the U.S. had had the power to reject immigration applicants based on their beliefs. But under the changes in the law included in the 1990 INA, with regard to radical Muslims, only actual terrorism or membership in terrorist organizations was sufficient to prevent a person's entry. This remained the case until after the 9/11 attack, when the Patriot Act effectively removed Barney Frank's amendment from the immigration law, and made it possible to deny immigration status to people who had spoken in favor of terrorism.
Then Clinton gave a waiver to anyone with an Argentine passport and there was a steady stream of middle easterners flocking to Buenos Aires, buying a passport from corrupt officials and then disappearing into America.
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Oh there's one other cost of illegals that has gone generally unnoticed.
Calling the Old Media: Five Million Illegals Have Illegal Mortgages in U.S.A.! (read the link to see how immigrants were used to defraud lenders.)
(In 1965 a Democrat Controlled Congress under President Lyndon Johnson passed the concept of "chain" immigration into law. A later commission named the Hesburgh Commission convened during Ronald Reagan's first term, found that this concept statistically allowed each single immigrant to bring into this country 84 of his family members. Of course, all these people have to live somewhere making such fraudulent mortgages quite attractive.
What illegal struggling to survive is going to pass up a free house that he can move into without having to present any identification, proof of employment, financial history or even a down payment?
This story should be in every paper and on every TV news cast. Yet it isn't.)
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MALKIN: Illegal immigrant factor
(A July report showed that in 7 of the 10 metro areas with the highest foreclosure rates, Hispanics represented at least one-third of the population; in two of those areas - Merced and Salinas-Monterey, Calif. - Hispanics comprised half the population.
The amnesty-promoting National Council of La Raza and its Development Fund received millions in federal funds to "counsel" their constituents on obtaining mortgages with little to no money down; the group almost got a $10-million earmark attached for itself in one of the housing bills passed in the spring.)
Once again its helpful to provide some maps and stats:
Look at the interactive map where those who owe more than the house is worth. Notice any similarities to the
unemployment picture and concentrations of illegals.
A good place for detailed accounts of mortgage fraud is a blog called
Mortgage Fraud which bills itself as "the central clearing house on mortgage fraud schemes indictments and prevention"
Calling the Old Media: Five Million Illegals Have Illegal Mortgages in U.S.A.! Our source for that story, a retired agent from Immigration and Customs Enforcement, stands by those numbers. A person from Housing and Urban Development contacted KFYI to tell us the number was inaccurate, that there were only 2.3 million mortgages held by immigrants, so there was no way that 5 million illegals could have mortgages.
However,
HUD cries foul over illegal immigrant mortgage data Despite Illegal Status, Buyers Get Home Loans N.Va. Foreclosures Form 'Ring of Fire' But drive with Thompson through the hardest-hit areas of Prince William County -- the epicenter of the region's foreclosure trouble -- and the loss of value has been precipitous. By and large, those properties are concentrated in lower-priced areas and Zip codes where many immigrants bought homes in recent years, often with subprime mortgages and other risky arrangements that required little down payment or documentation. In Northern Virginia and especially Prince William, many buyers were Hispanic immigrants.
And now we have the mortgage crisis, (do not pass go, do not collect $200)gs which has sent a shock wave through Wall Street and panicked world financial markets like no other since the stock market crash of 1929. But this is a problem created in Washington long ago. It originated with the Community Reinvestment Act (CRA), signed into law in 1977 by President Jimmy Carter. The CRA was Carter's answer to a grassroots activist movement started in Chicago, and forced banks to make loans to low income, high risk customers. PhD economist and former Texas Senator Phil Gramm has called it: "a vast extortion scheme against the nation's banks."
Immigration Counters )cool site, click that one)gs tells it by the numbers.
Sadly Illegal Immigrants
To Get Next Bailout.
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