A Great Assumption?
Commenter "A Great Assumption" has been lambasting me in comments for assuming the cheerful, hard working and always minty fresh folks in this story were illegal aliens. Well, my mistake was in not including a link to this story...
Hispanics hold up to 40 percent of mortgages in the troubled subprime loan market, where higher interest rates are charged to buyers with a damaged credit history or little borrowing experience.Do I think every "Hispanic" who is facing foreclosure is an illegal? No. Is there any doubt that some, and frankly more than some are? Well according to Reuters the answer is yes.
Often new to the country and with limited English, many say they were misled by mortgage brokers and never expected their payments to be so high.
"If we took that loan it was because we didn't understand it," said Maria, a 39-year-old Mexican mother of three who recently lost her home in Kansas City.
She and her husband Francisco, both illegal immigrants, sold a $20,000 home and bought a $114,000 property with the kitchen of her dreams. "This new house had four bedrooms and a bigger kitchen, and that's what interested me, because I like cooking."
And as always note the deep dark chocolaty shadows these folks are living in as they freely admit their illegal status to a worldwide news organization for attribution. Such brightly lit deep shadows.
A follow up question would be this: Since when is the "American Dream" available to those who have entered this country illegally? The articles headline...
Hispanics' American dream hit by mortgage crisisIf you can break into this country with the expectation of enjoying the "American Dream?" Then there is no American Dream anymore, that simple.
H/T Dan Stein
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