It’s Time to Uproot the Real Cause of the Mortgage Crisis
OK, all these theories are interesting and maybe all have some validity. I would like to add another point to the pot.
I know of a whole group of immigrants (I won’t name the group, but they are legal.) who have been allowed to buy 3 or more house on credit. In one instance, I was shocked to find out that it was 10 houses. These are houses in the 150-300 range. Their jobs are not necessarily upper middle class, and I am not sure if they put down a lot on the houses (my guess is not). Then when they cannot make the payments, and the loan ends up being greater than the market value of the house, they just give them all back to the bank. Fine if this was an isolated case, but it isn’t.
Now I want to know who in the world gave them loans. Whoever it is, they too have their responsibility in this mess.
