Toady, Michelle Malkin addresses an aspect of this financial services mess that will be totally ignored by the DDBMSOWM crowd, congress, President Bush and both Democrat and Republican presidential candidates. The cost of illegal aliens buying into the "American" dream, home ownership.
Since no one involved in the mess wants to address it, Michelle does.
Here is one aspect that Michelle addresses:
The top banks clamoring for their handouts as their profits plummet, led by Wachovia and Bank of America, launched aggressive campaigns to woo illegal alien homebuyers.
I know that B of A has had a very extensive campaign to woo illegal aliens to open up bank accounts and, you guessed it, credit. Credit cards.
An interesting aspect of this is the so-called house flipping business. Why there is a television show on TLC called "Flip This House". Essentially, it is people buying a home low and selling high ASAP.
Also, what Michelle points out is that many of the same banks that begged for the business of the illegal aliens are coming to the government, hat in hand.
Sadly, those of us who have been playing by the rules are the ones that have been hurt by this mess.
What should be done is reevaluating the easy credit that is so prevalent in the United States today. Remember, not too long ago, the banking industry made it hard to get a home loan. One had to come up with a large down payment and good credit. I think we see the end result of lowering the standards.
But, I do not totally blame the banking and financial industry.
After all, it is the federal government that set up this failure by encouraging cheap credit and that anyone, including non-citizens, could buy a home.
Michelle Malkin is called many things by her detractors. Truth-teller is what she is.
3 comments:
Of course! This mess is all the fault of brown people buying homes.
Good to hear that Malkin's got the bead on this one.
Yes, "brown" people and many people who never had the means to pay not JUST their mortgages but property taxes as well as basic home maintanance costs. I am all for people getting ahead in life. But, to give people who can not REALLY get ahead a break when they could not afford it was not the way to go.
I still remember the hoops I had to jump through to get MY home loan; letters from my employer, letters from lawyers, etc.
Home prices rose, including my own, but I just laughed. No way my house was worth that much, no way.
Turns out, it wasn't.
The current mess is just another bubble bursting, only the enormous numbers make this one any different. And, like all the others, regardless of what's done to "fix" it it will be forgotten and another bubble will take its place.
So let 'em do whatever they're gonna do, let 'em blame whoever they want to blame (when, in fact, it's human nature, or specifically, greed, that's to blame) ... it doesn't matter. Time will pass and we'll get to do it all over again with some other "hot" commodity.
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