I was trying to research some information about mortgage crisis relating to minorities. And then I found that, when it comes to illegal immigrants, a lot of people express their hatred toward them. They claim that illegal immigrants fueled mortgage crisis.
“There’s one giant paternal elephant in the room that has slipped notice: how illegal immigration, crime-enabling banks and open-borders Bush policies fueled the mortgage crisis,” according to Michelle Malkin, a columnist. Because illegal immigrants aren’t able to get a social security number, Bush government approved them to use ITIN (a.k.a matricula consular cards) in order to open bank account and report tax. Those illegal immigrants who could not purchase a house can be able to apply for loans as Americans do now. And that results in denouncing illegal immigrants publicly. As is stated by Michelle Malkin, “the defrauders manufactured and submitted false employment and income documentation for borrowers; most were illegal immigrants from Mexico.” And she said, “This is just the tip of an iceberg.”
For those who blame illegal immigrants for fueling economic crisis, they will do whenever a crisis comes because they hate immigrants. They won’t miss any chance to bash those illegal immigrants, including this one. “They shouldn’t be here in the first place, so they shouldn’t be bailed out,” said Chad Groening from OneNewsNow. Personally I don’t feel illegal immigrants are the main factors of the mortgage crisis. They are just a small part of the country. Most even couldn’t afford to buy a house. And actually, since banks are withdrawing from lending loans to illegal immigrants, they even find it harder to purchase a house. It there have been more regulation, there won’t be any single foreclosure, no matter whose house it is.
So dear classmates, I really want to know how you think about this issue. Do you think illegal immigrants fuel the mortgage crisis?
What’s your reason for wake up in the morning?
6 years ago
2 comments:
I believe that illegal immigration has fueled the flames of a troubled economy. America is full of man power now and because of this construction is cheaper and faster. Our housing markets may have began to have trouble due to the flood of house built due to labor of illegal immigrants. After the housing bubble burst the implication have spread into the lending sector.
It seems like everyone wants to know who or what is to blame for the mortgage crisis. I, personally can't see blaming illegal immigrants. Although I can't begin to understand all the factors that played a part, it seems pretty clear that the lack of regulation of lending practices was at the center of the crisis. If we're going to blame the people who took the loans, as opposed to the lenders who made them, then we're going to have to blame all of them, not just the illegal immigrants. And I really don't see that solving anything. The government definitely seems to have the attitude that those in the danger of losing their homes should be helped. I don't know how many of those affected are illegal immigrants, and I'm not sure if they will be eligible for any government assistance. I think it's good to look back to see what could have been done differently, but trying to blame illegal immigrants just doesn't seem productive.
Post a Comment