Here's a fascinating story from The Wall Street Journal: "Despite the downturn of the mortgage market, a type of home loan has remained surprisingly sturdy: one extended to illegal immigrants....For loans more than 90 days in arrears, ITIN mortgages have a delinquency rate of about 0.5%, according to independent estimates. That compares with 1% for prime mortgages and 9.3% for subprime mortgages extended to those with spotty credit histories."
The Journal talks about the possibility of a weakening in this lost stronghold but there's another interesting story here: If these immigrants can pay their mortgages, why can't other people? Part of the reason could be that these mortgages are evaluated using different, more stringent metrics.
But I also wonder if too many Americans have just lost the sense of pride and commitment to keep their homes. If illegal immigrants can keep their homes, while they send money to families abroad and face tough job conditions, why can't Americans?
If immigrants can keep up with their mortgages, does it really make sense for Congress to push for bailouts for homeowners who are falling behind?
Last updated: May 22, 2012: 07:29 PM
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Reader Comments (Page 3 of 3)
10-17-2007 @ 9:59AM
George said...
Mark wrote:
"Of course they don't default on their loans. They want to stay here and live off WIC or food stamps. I saw a house in my neighborhood that had 7 cars, 3 bikes and all of them stood on the corner every morning looking for work."
Funny. I saw the same thing in many white trash areas. Well, the exception was that none of them was looking for work.
10-16-2007 @ 2:03PM
John said...
During WW2 around 400,000 hispanics served in the military. There were lots of Hispanics in my father's Iwo Jima Regiment.
It is even more true today. Go to a military base. There are a bunch of kids serving whose parents were born in another country and who came here illegally. In many cases, the soldier or sailor himself came to this country illegally.
10-17-2007 @ 11:17PM
Brandon said...
They are able to afford their houses because they cram several illegal families into each, providing a community pot of money for it -- all the while making it impossible to park anywhere around them because of the numerous illegal, wreck-causing cars parked at the house. I say there needs to be more zoning laws to keep these houses and neighborhoods civilized and American.
whatever.
10-23-2007 @ 2:10PM
heather said...
yeah i suppose it isn't that hard to make mortgage payments when there are 50 of you living in a 1 bedroom house with a $20,000 mortgage. Especially when real americans are paying for your healthcare and food through corrupt social programs. How about a report on how illegal immigrants are making it harder for real americans to make our mortgage payments by taking formerly well paying construction jobs and making them low wage ones. Or by killing our children with their gang shootouts and forcing us to pay for funerals instead of mortgages. no that would be to politically incorrect to speak the TRUTH
12-06-2007 @ 3:42PM
leigh said...
firstly i just found out that i qualify for nuthing and am now an illegal immigrant.my family won the diversity visa lottery 11 years ago..they all came first but i ..being the oldest had to stay behind and take care of my grandparents.when they died in 2000 i came to join the family.Because I didn't come with them I am no longer a perminent resident.So I came on a B2 visa .when I got here we applied for an adjustment of status as a child under 21 of perminent residents..we waited 4 years and got nothing back from I.N.S. the day I turned 21 they said My application is no longer valid.I told them it was not my fault I coz I took all necessary procedures.Now my parents are citizens they've applied again and we have been told It'll take another 5 years.I am now married with 2 sons, we ask for nothing from the government, we earn our own money, we pay for our own health/ car insurance, we pay taxes, we invest in the stock market and we are now trying to buy a house.And all you people who talk so much smack about What kind of bank would loan to illegals.well one that was built by an immigrant.He was an italian who after the 1906 quake in san francisco started handing out little loans to immigrant workers that no big bank would bother investing in.And now that bank using common sense practically runs the country.And to JACOB SUAREZ..COMMENT # 7...As long as you pay taxes and have a large deposit you can buy a house...coz if you haven't relized....money talks and your bull shit doesn't.And to WEELMAN..COMMENT #15....theres so many patriotic true blue born and bred americans who are cracked out,addicted,welfare luvin,section 8 living, hand out happy that wouldn't dream of picking fruit on farms for any amount of money.
BUT
I have to agree americans have a point.......you latinos who come by the boat load..Please learn frikken english.It is frustrating beyond belief that ever single phone call i make I gotta press 1 for english and 2 for spanish.And please stop multiplying babies like rabbits.You who have lil thugs running around..trying to join gangs...please handle your business with crime rates through the roof in tha slums......clean up. If you really wanna make america your home..treat it like your home...and if you don't understand why americans don't like the cheap labor concept....well you are systematically killing off the middle class.And for americas sake stop sending money back to your country coz your taking money outta the economy.But I guess half of you couldn't read english to uinderstand what I'm trying to say.
In the end there are 2 sides to every story and I am literally stuck in the middle.There are those who don't give a damn and juss want you to leave , probably because when their grandparents decided to come here , have already suffered the immigrant stigma so it's easier to be an arrogant ass hole..then find out the real stories....then as in every society.....the real piss of shit illegal whose made fucked up decisions and ruined it for us all