"We'd like to introduce you to Alberto and Rosa Ramirez. The Spanish speaking husband and wife team work as strawberry pickers and each bring home about $300 per week. They and their three children are close friends with Jesus Martinez, his wife, and their three children. Jesus and his wife work as mushroom farmers and bring in about $500 per week when there is work.
Together the two families purchased a $720,000 home using a subprime, no doc loan. When it became quickly apparent that a strawberry framer making $15,000 a year couldn't make the monthly mortgage payment of $5,378, not to mention the additional $750 per month for insurance and taxes, the couples were left with the only option. They stopped paying and became squatters until they were finally foreclosed on.
José Manuel J., an illegal immigrant from Mexico, came to the U.S. eight years ago to sweep construction sites. Using a subprime, no doc loan he purchased a home in the U.S. He also purchased land in Mexico and built another home there."
"These were trick mortgages, 'NINJA' loans, for example, awarded to people with no income, no job, or assets."
Geez, how do I get one of those?
And people wonder what's wrong with the banking industry...
Foreclosures by state:
Illegal immigrant populations by state:
"The New York Times reports that thousands of Brazilians, 'many here illegally', and also 'some after losing homes in the subprime mortgage crisis', are leaving to return to Brazil. The article takes some of the usual shots: we just weren't welcoming enough, and the Brazilians fear deportation. Those quoted in the article sound churlish and ungrateful. One thing this shows is how easy it will be to get rid of illegal immigrants. The mere fear of deportation drives them out."
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