"California Senate committee advances bill that would allow illegal aliens to access a $0 down home loan" . Regular citizens will be outbid on home purchases. Democrats are always America last.
of 2008 was a result of Dem legislation that waived income verification requirements by lenders. Banks lent money on hinky terms like zero interest for the two years, which allowed low-income buyers to buy a $400,000 home on payments of $900 a month, which at the time, was less than renting a mid-century two-bedroom apartment in SoCal. The third year, when the payment went up to $1600 and their income was $2000, they just walked away and the banks ended up with a huge inventory of foreclosed houses, which put the downward pressure on prices. Giving an illegal who is getting paid cash under the table for manual labor is a recipe for a similar outcome.
If he has to have the normal income qualification factor, i.e., 3.7 to 1 (gross income of $7400/mo on a $2000/mo payment) on the payment amount, there are no illegals who will qualify anyway and it's an empty-gesture publicity stunt.
He and his people were in charge of ALL the financial regulating agencies during that time and they bear a HUGE part of the responsibility for the crash. Democrats also bore some responsibility . But for CDL to pretend this was not a bi-partisan mess is the height of partisan hackery.
While the Community Reinvestment Act of the 1970’s played a role in this as the law got updated under Clinton, the main culprit of the financial crisis was the neolib financial modernization laws and the removal of Glass-Stegall. All happened under Clinton and pushed through a GOP Congress. One of many awful things done by Clinton. His telecommunications modernization gave rise to the awful media we have today and it destroyed the music industry.
Dubya gets the blame for doing nothing to fix the problem, which should have been obvious in the early part of his Presidency by the time Enron went to shit. But like the nitwit that he was, he did nothing and the housing market went to shit. This benefitted me enormously, but it was a disaster for the country, and even worse the taxpayer had to bail them out. Which in turn added more to the national debt.
First off, cash is king. Anyone with bucko bucks knows thry can win bids on homes if they got the cash. Where I live, all the best homes get overbid and they are cash offers. A middle class American struggles to get good homes in my hood. Illegals have no shot.
Second off, a zero down payment loan still means you need to qualify for the loan. You can be sure as shit the banks will have strict requirements if you’re putting no money down.
If this program is indeed going to be available to illegals, it’s going to be so they can buy homes in neighborhoods you and I probably don’t want to live.
You keep taking shit and trying to make shit soup out of it. But it’s still shit.
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