Saturday, March 22, 2008

Anatomy of a sub prime problemo.

The Washington Post has an article that belongs in the "Hola suckers" file concerning the sub prime loan debacle that we responsible citizens will be paying for. As is usual in liberal mainstream media papers like the Washington Post no mention is made about the legal status of some those involved. Use your own editorial judgment because you can't rely of those of the Washington Post. Still the article shows the problem that all of the rest of us RESPONSIBLE citizens will be paying for. Here are some of the money quotes:

"Looking back, Glenda Ortiz can see she did everything wrong when she bought her house in 2005."

Duh! When you do everything wrong. Guess what happens?

"Ortiz, who speaks little English, said she didn't know much about the U.S. banking system. So when a Mary Kay saleswoman, Maria Esperanza Salgado, came to her door and said she could help her buy a house, Ortiz said, she believed her."

What could go wrong here? Ortiz has lived in the U.S. for nine years and speaks little English? Perhaps if she spent a little less time watching Spanish language Novellas on TV she might have been able to read some of the documents she signed.

Exhibit A:

"She signed papers in English that she didn't understand. One said she was married to a man she didn't know. "

Uh huh. Well this must be a new law that I am not aware of.

"Erick Gutierrez, housing director for the Washington-based Latino Economic Development Corp., said is all too familiar. Gutierrez blames the government for allowing so many sub prime loans, such as Ortiz's, which required no proof of income."

Oh yeah, I blame the government too! But, unlike Mr. Gutierrez I blame the government for not making sure that some of the people getting these loans are supposed to be in this country in the first place. Of course there is no mention of this in the article.

"According to the Center for Responsible Lending, 40 percent of loans to Latinos are subprime, and it projects that one out of five of these loans made in 2005 and 2006 will go into foreclosure."

Of course not all of these loans to Latinos where being made to illegals but, no one in the mainstream media or our government seems to be asking the question of how many of these sub prime loans were given to people who should not have been here in the first place. But, we responsible U.S. citizens should be demanding that they do! After all we are paying for this debacle.

"She said she had become so depressed about losing her home that she stopped working for more than a year."

Hmmm stopped working for a year? I wish I could do that. How did she survive? Oh but, she has somehow managed to scrape together enough money to hire another lawyer. Hola suckers!

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