During the campaign, we’ve seen both senators Obama and McCain pander to ethno-centrist groups in an effort to garner ostensibly, a sliver of the American vote. What we haven’t heard much of is what these candidates plan to do about illegal immigration, specifically regarding the impact its had on this country. Is this related to the current financial crisis? You bet.
It’s a poorly hidden “secret” that banks around the country have given mortgages to illegal aliens by the boatload. In many cases, all that was needed was either an itn number, or a Matricula Consular card, a piece of Mexican identification the the even the Mexican government concedes is easily reproduced. You could go down to Macarthur Park in Los Angeles, and probably have one of your own by the end of the day.
This is all it took to get a loan in, at least California, one of the states hardest hit by the mortgage crisis. If you walked into a bank like Washington Mutual, presented your Matricula Consular, along with your(?) Photoshop edited paycheck, and a loan was just a signature away. Let’s see, $600,000 loan, adjustable rate, income $7 an hour…”Sure, just sign here!” It’s the 800 pound gorilla (that’s still in the room, by the way) that neither McCain or Obama will talk about.
Here’s the irony of it all. I went to Washington Mutual a few years ago, and tried to obtain a home loan of my own. I’m an American, and my credit is easily verifiable. That was the problem. Technically, I didn’t make enough, my credit score wasn’t high enough, and of course, I was denied. I politely reminded the loan officer that WAMU gave illegal aliens loans with a fraction of my income. She appeared to reach under her desk for something, and the next thing I knew, one WAMU’s finest was standing right behind me. He politely escorted me out of the bank, and all the way to my car. I didn’t say anything to him. Probably wouldn’t have been a good idea.
What gets me is why they would give loans to those who couldn’t possibly pay, submitted info that couldn’t be verified, and throw someone like me out in the street? All I could deduct is that my info was easily verifiable. I didn’t Photoshop a fictional paycheck. I played by the rules and got hammered.
Now we’re bailing out these banks so this process can start all over again? Folks, the banks are taking us to the cleaners…