Immigration and the Mortgage Meltdown
The Wall Street Journal had a fascinating story on the regions with the most underwater mortgages, together with an invaluable map. When you look at the map, you'll see that the areas facing the greatest impact are also the areas most affected by immigration. The Inland Empire of California, metro Phoenix and Las Vegas, south Florida—all have had heavy influxes of Latino immigrants or of Anglos leaving immigrant-dominated places like Los Angeles and Miami-Dade counties. Homeowning here was in effect subsidized by the toxic-waste mortgages pumped through the system by Fannie Mae, Freddie Mac, and other improvident financial institutions. Now evidence is accumulating that Latino migrants are returning to their home countries because of the housing bust (construction jobs have disappeared), tougher immigration law enforcement, and a longer-term demographic trend that may be having an effect: a sharp decline in birthrates in Mexico and other Latin countries about 18 years ago. For speculation, some of which goes farther than I would, on how immigration has interacted with cheap mortgages, you can see any number of items in Steve Sailer's interesting blog. I hope to look further into this when I have the time—but campaign 2008 is calling.
Tags: immigration | subprime mortgages | Wall Street Journal | housing
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Reader Comments
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Illegals leaving a mess
You bet some are running for the border,
If the lefties will stop handing them the "American Dream" they would not be here to begin with... The American Dream is for Americans..... Look up the crime rate that illegals have here and how much money it takes to support all of these law breakers..
Why does the left care more about these law breakers than their own country men?
READ THE 14TH Amendment and explain to me how anchor babies are American citizens?
Why fight terrorism if we are going to just give this country away? Or is it you want the U.S. to be Latino instead of Arab? Wake up and smell the stench of Illegal invasion..
Immigration and the Mortgage Meltdown
HUD released statistics that they backed 5 million mortages to people with no social security numbers. Now we know that those that don't have social security numbers are immigrants, many of them illegal. There were 5 foreclosures on my street in PW County VA. All 5 of the owners were Hispanic. It did not take us long to realize how they purchased these homes. All 5 had renters in the basement. Not one of the Hispanic Families lives as a family. It is always multiple familes or single males renting out the basement. Sorry folks, they make terrible neighbors. It's one thing to own a home, its another to maintain it.
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