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Multiculturalism and Political Correctness in Action...


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Multiculturalism and political correctness

 

Step by step -

 

1) Idiocy: La Raza, ACORN, several other "fair housing" organizations and LULAC lobby and petition congress from the late 1990's through 2006 to make sure "immigrant interests" aren't harmed and that the gubment continue to support and further "affordable housing" (aka no regulation on fannie and freddie, low interest loans with little downpayment, crazy terms and no-doc loans). Mortgage companies and banks FORCED BY FEDERAL LAW to lend to risky individuals or face lawsuits of racism and lose their FDIC insurance. After all, stringent loan terms are just so unfair for SOME people.

 

2) Preplanned: Jose comes up from Mexico and buys a home for $300K with no documentation needed (he works at Walmart, has a shiney new truck and 3 kids). He and his wife make minimum wage. He claims he has a household income of $89K per year. No income verification needed.

 

3) Preplanned: They live in it for a year, then sell the house to Jose's sister Juanita for an inflated $500K. Why not? No standards to REQUIRE appraisal. That would be to stringent and disenfranchise the brown people! Si se Pueda! Jose and family go back to Mexico and pocket $200K profit from the sale. Not bad for a year of domicile.

 

4) Preplanned: Three months later, Juanita defaults on the loan after not paying the mortgage for 3 months. She walks away and goes back to Mexico. What does she care? Experien, Equifax and TransUnion credit scoring agencies mean nothing in Mexico. She's never heard from again. She, Jose and family split the $200K profit and live happily ever after. You can do a lot with $200K in pesos south of the border.

 

5) Not planned: Taxpayer foots the bill.

 

6) Idiocy: Average uneducated Joe continues the blame game of corporate America , Credit Default Swaps, tranches and never thinks any further than that.

 

Going on all over the place. Want proof? Talk to your local realtor and loan officer.

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