“So don’t be shocked when our grandkids bury muchof this generation as traitors to the nation, … , leaving the countryvulnerable to unchecked, unchallenged parasites.” –Kevin Tillman
Regarding the above video by Steve Sailer: Here
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Further proof they saw this coming:
From the Wall Street Journal: Big Banks’ Loan Push: Illegal Immigrants
Mortgages Get Pitched To Underserved Market; Critics Find Some Risks
By ROBIN SIDEL
May 3, 2007; Page C1
The nation’s big banks, scrambling for customers, are pitching mortgages to illegal immigrants.
Two years ago, making home loans to people who are in the U.S.illegally was largely limited to community banks that wanted torevitalize neighborhoods by offering low-cost mortgages to localworkers. There are signs that these loans, which comply with regulatoryrequirements and which represent a sliver of the nation’s $10 trillionmortgage market, are starting to take off in the broader bankingindustry.
J.P. Morgan Chase & Co. is developing a pilot program to pitchmortgages to illegal immigrants in Maricopa County, Ariz. If the bankproceeds, the plan could launch as soon as this summer. The New Yorkbank joins Citigroup Inc., Wells Fargo & Co. and Fifth ThirdBancorp, which also are experimenting with the loans.
Genworth Financial Inc., meanwhile, is testing insurance productstied to the loans. Deutsche Bank AG has teamed up with the HispanicNational Mortgage Association to develop a secondary market where bigbanks can sell and trade the loans, potentially reducing risk withkeeping the mortgages on their balance sheets.
“Whoever hits the street first with these loans will be the winner,”says Timothy Sandos, president of the National Association of HispanicReal Estate Professionals. The group says at least $85 billion ofmortgages could be originated from 375,000 households occupied byundocumented renters, up from an estimated $44 billion from 216,000households a few years ago.
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Providing financial services to illegal immigrants is drawingcriticism. Supporters say illegal immigrants contribute to the economy,often pay taxes and can help bring rundown communities back to life.Opponents contend that such lending can be risky because they knowlittle about these borrowers’ ability to repay the loans.J.P. Morgan’s pilot program, called “Building a Dream,” isgenerating dissension among some of the bank’s underwriters who arereluctant to handle the loans for fear that they violate federal law byencouraging illegal immigrants to stay in the country, said a personfamiliar with the situation.
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In Maricopa County, which includes the city of Phoenix, the sheriff,whose office has arrested hundreds of illegal immigrants, said banksproviding these loans are taking on a risky proposition.“If I catch these people, they are going back to Mexico and thebanks will have a tough time collecting on their loans,” said SheriffJoseph Arpaio.