>No, I said it was my _guess_ about the Mexicans... Maybe minorities is a
>better for you PC wise... There was a story in the Washington Post
>about a Mexican/American who the husband worked in construction driving
>a truck making like $40K. His wife an administrator at a church. They
>were able to get in a $400K house until he got laid off and they could
>not afford the payments any more. Some of these houses are just being
>vacated and it is killing the market.
What difference does it make if he was Mexican/American? He could have been
Swedish for all I care. It was a situation where the lender sold him more of a
loan than they should have. The only way his ethnicity makes a difference
would be the irony of the situation if he lost his job because his employer
hired an illegal to do the job.
It is killing the market and if every lender takes a beating on every
foreclosure... not so bad. Around this area, they gave 100% loans on houses
and the market dropped. People cannot sell their houses. I've worked with a
couple of them where lender took less than they had invested just to move the
house. When they are stuck with a $299,000 loan on a one year old house in a
neighborhood where resales are going for $280,000 at best... they tend to
bargain sometimes. The people get out without a foreclosure and the bank takes
a hit... everybody wins.
Keep in mind when politicians are talking about bailing out home owners, it's
really the banks they are working to bail out. Helping the homeowners is only
incidental.
--
Larry Miller
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