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Immigration See other Immigration Articles Title: Immigrants hit hard by U.S. slowdown and subprime crisis 2 hours, 51 minutes ago WASHINGTON (Reuters) - As an economic slowdown and the subprime mortgage crisis deepen across the United States, Hispanic immigrants are increasingly in danger of losing their jobs and their homes. Both legal and illegal immigrants joined Americans in buying homes they could barely afford when the market spiraled upward and many have been caught with mortgages higher than the value of their homes as prices have slumped in the past year. Just as subprime mortgage payments rose and house prices fell, the economy's slowdown has hurt the construction sector, which employs large numbers of Hispanics and other immigrants. Unemployment among Hispanics in the United States jumped to 6.3 percent in December, up from 5.7 percent the previous month and well above the national average of 5 percent, U.S. Department of Labor statistics show. LOL!! LOL!! We don know wher they is, but we knows when theys no longer gots work. And almost half of the mortgage loans in the hands of Hispanics are subprime, making them especially vulnerable to the housing downturn. "Economic conditions are deteriorating and many immigrants now can't work those extra hours or find that second job to keep up with their mortgage payments," said Aracely Panameno at the Center for Responsive Lending (CRL) research policy group. Nelson, a 29-year-old legal immigrant and construction worker from El Salvador, had a miserable run of luck in November, when he lost his job and his subprime mortgage bills jumped $650 to about $2,650. He says he now has to sell the home he bought in Maryland in 2005. If he is unable to sell in the next four months, he will have to foreclose, meaning an even bigger financial loss and a damaging black mark on his credit record. "I have to practically give it away," he said. Like many caught up in the crisis, the father of three said he had no idea his monthly payments would soar two years into the mortgage when he closed the adjustable-rate subprime deal. "You have to sign a lot of things when you buy a house, so I didn't read, I just signed. I think it was the anxiety, the happiness of buying my house," he said. "I feel a bit betrayed." RECESSION FEARS U.S. President George W. Bush and Congressional leaders are working on an economic stimulus package worth almost $150 billion to fend off a possible recession, and Bush last month unveiled a plan to slow the wave of home loan foreclosures by freezing the rates on some subprime loans. But experts say most of the immigrants in financial trouble are either not entitled to help under the rescue plan or are not taking advantage of it. There are around 43 million Hispanics in the United States, making them the country's largest minority, and Mexicans and Central Americans account for the vast majority of some 12 million illegal immigrants. Tighter immigration laws and police raids have added further pressure on illegal workers and residents. Which, of course, could never have been done before...... just now cause there is enough pressure on wages downward without more illegals..... "There is less work, and more fear (of deportation)," said one Mexican illegal immigrant who lives with his family in Kansas. "Employers are relying more and more on you having a Social Security number in order." Although there is no formal tally, Mexican consular sources say a growing number of illegal immigrants across the United States are starting to pack their bags and return home. REALLY!? SAY WHAT?? You mean that big ol fence on the border is only for keeping people in?! Illegal immigrants were able to buy U.S. homes during the boom years, either by showing evidence that they pay taxes or by simply presenting false documents. Yeah, but we didn't know they was illegals........... cause we never did the real easy checks to verify the Social Security numbers. I mean, it takes all of ten minutes to do that! Oh, did I mention you can't gt a loan without a valid, and verified, Social Security number? Course, did I also mention that many Méxicans HAVE Social Security numbers? From México? Well, I have, in other posts. Many of them took out high interest fixed-rate loans or subprime mortgages with a low entry rate that later rose sharply. Experts say language difficulties made them more vulnerable to being offered, and taking, bad deals. "They were more exposed to abuse," said Alejandra Loudn of the Congressional Hispanic Caucus Institute's housing department, which carried out a recent study on Latino home loan foreclosures. "Documents were in English and explained in Spanish, and some vital explanation would be missing." (Editing by Kieran Murray) Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: richard9151 (#0)
The whites will soon be the minority, then watch the laws change.
"It does not take a majority to prevail, but rather an irate, tireless minority, keen on setting brush fires of freedom in the minds of men." -- Samuel Adams (1722-1803)‡
From the Desk of: Steve Elliott, President, Grassfire.org Alliance 1/30/2008 Jim, I have just learned that the just passed House Stimulus package intended to jump-start a sagging economy by giving citizens rebates, also includes cash benefits for illegal aliens! Yes, Jim, you read that right. According to FOX News, the plan would benefit those illegal aliens who qualify as "resident aliens" - meaning they have spent a substantial amount of time in the U.S. and have not yet been deported. These so-called "resident aliens" also must have been assigned an Individual Tax Identification Number. What? Assigning a tax number to an illegal alien in-effect legitimizes their right to be in the U.S! As Rep. Tom Tancredo said to FOX News, the bill will certainly stimulate "more illegal immigration." Jim, once again this is a slap in the face to citizen taxpayers, and I'm calling on you to take immediate action with me by calling your Senators and demanding rebates to illegal aliens be dropped from this bill. Here's your contact information for: Sen. Hutchison 202-224-5922 Sen. Cornyn 202-224-2934 This bill easily passed through the House (385-35), and it is my hope that our Grassfire team will be able to restore some sense and sensibility as this bill progresses through the Senate. But don't delay. Call and express your outrage today. Thank you for taking immediate action with me. Steve P.S: After calling your Senators, please forward this message on to your taxpaying friends and family members. Encourage them first to sign our petition by clicking below, and call their Senate leadership as well. ++ Sign our "Secure Our Borders" petition: Join the Ron Paul Revolution As I have always said, ALL of the illegal aliens problems START in Washington, DC. Always has; always will.
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest.
"It does not take a majority to prevail, but rather an irate, tireless minority, keen on setting brush fires of freedom in the minds of men." -- Samuel Adams (1722-1803)‡
"It does not take a majority to prevail, but rather an irate, tireless minority, keen on setting brush fires of freedom in the minds of men." -- Samuel Adams (1722-1803)‡
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