October 3, 2008

The Coming Hair of the Dog that Bit Us Ploy

As various commenters have been suggesting, now that the government is going to, more or less, buy up the unaffordable mortgages on all those Real Homes of Genius in California, Arizona, Nevada, and Florida, you will soon be hearing from the Establishment that ram-rodded the bailout through, and its loyal media, that the only real solution is to let in a lot more immigrants to buy up all those homes. (Of course, as soon as they step off the plane, they'll immediately qualify for all sorts of affirmative action benefits.)

Let me just point out that 50% of the foreclosures and, probably, 75% of the dollar value of foreclosures, have happened in those four high immigration states. That's not a coincidence.

My published articles are archived at iSteve.com -- Steve Sailer

20 comments:

Anonymous said...

That may be the case, but what immigrants are going to want to come here during a recession ...

Anonymous said...

How racist... The economy is in a recession because we don't have enough really cheap labor! We need more immigrants to work for nothing and live with their extended families in these overvalued homes so that the home values will stay up so that I can sell mine and get the hell out of here.

Anonymous said...

Look, we're not far off from the day when the government determines who gets a loan and at what rate. If home-ownership rates diverge, what's to stop the gvt from offering affirmative action rates? It'll "make up for our legacy of redlining." Towns will need to have a quote of NAMs to qualify for aid, and whites and maybe Asians will compete with NAMs with lower rates to buy houses. Sound crazy and paranoid? Jon Corzine is already taking NJ there thanks to a new law lobbied for for 30 years by the Council On Affordable Housing, which sits under the acorn umbrella. Even our most liberal govs had resisted such an insane plan until Corzine, who's clearly angling for a post in the Obama admin. Now every suburb can look forward to their little slice of vibrancy!

http://www.nj.com/news/index.ssf/2008/07/gov_jon_corzine_signed_legisla.html

Doug_S said...

The thefts via government are getting more frequent and larger. Here in NJ with very high income (9%) and sales (7%) taxes the govt is nearly broke (unable to fund pensions), yet NJ is subsidizing offshore windfarms. I'll bet after a couple hundred million is shoveled out to connected contractors we discover (during the next administration of course) that the turbines don't work, the stuff on the ocean floor is wrecked and it all is a total loss.

Pretty soon I think the people at the trough will be expatraiting their money, as the Russians did. With everyone helping themselves at the trough as much as they can as often as they can, things domestically can get pretty ugly pretty quick.

Welcome to unlimited democracy, where any man's property can be taken for the public good. And what makes the public good more pressing than a panic? Limited republician democracy just made it so hard to get all this good done.

kurt said...

The feds will either try to up immigration to fill all of those foreclosed homes, or they will come up with some replacement scheme for sub-prime lending to fill them with NAM's.

I would definitely avoid buying a house in developments with significant foreclosures. These development will be the "hoods" of 2020.

Liberal Party of Canada said...

"...that the only real solution is to let in a lot more immigrants to buy up all those homes"

Now you're talking!

Signed,
The Liberal Party of Canada
A subsidiary of Pyramid Schemes Inc.
This statement authorized by Charles Ponzi

rast said...

you will soon be hearing from the Establishment that ram-rodded the bailout through, and its loyal media, that the only real solution is to let in a lot more immigrants to buy up all those homes.

This needs to be in bold letters on the front page of vdare.com.

PS: the same usual suspects will then want to create more government programs to help said immigrants make the downpayments on those homes.

birch barlow said...

Well, depends on what kind of immigrants we're talking about. But the media and Hollyweird Left are either unable or unwilling to make distinctions between stereotypical NAMs and actual HAMs (high acheiving minorities, consisting of mostly East Asians, a large number of South Asians, and just enough blacks and Mestizos/Amerinds to make the masses think cogelite membership is not heriditary).

Really, in hollywood and the media, there are only a few types of minorities, all of them physically and mentally inferior yet greatly morally superior to whites: the charity cases, the intelligent/attractive/industrious ones who are really mediocre (maybe about 30th percentile in all three areas), the menaces, and the charismatic community leaders and well-beside mannered doctors.

The real HAMs, the black or Mestizo family man and his attractive and intelligent wife with a 105-125 IQ who is working in the trades, the black Chemist, the truly attractive and studious East Asian female with a 140 IQ, are more likely to be ignored by Hollywierd, the media, left-wing and pseudo-righty politicians who consider such people a threat to their jobs, money, ability to attract mates, and most of all power.

Obedient, dependent, uneducated, short and fat immigrants are much more appealing to the far left, because they can be easily manipulated by left-wing and pseudocon politicians. Independent thinking, industrious, tall and physically fit immigrants are competitors who don't need left-wing or pseudocon politicians to make their life go on, and in fact would like to reduce the power and status of such politicians, and get their wealth (and the wealth of fossilized [in more ways than one] corporate aristocrats, ie CEOs of oil companies) which the cogelite immigrants can use more effectively.

Anonymous said...

iStevers: The bailout thing, as I understand it in a sentence, is as follows:

"The Bush Administration stated an intention to increase home ownership and encouraged and instructed financial institutions to ease lending rules to home buyers with an understanding, implicit or explicit, that the feds (taxpayers, really) would bail them out."

Amirite so far?

Ben Franklin said...

FROM THE NEW YORK TIMES…IN 1999


http://query.nytimes.com/gst/fullpage.html?res=9c0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=print


September 30, 1999
Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''

Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.

''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''


Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.

The move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.

In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.

The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.

Svigor said...

10/03/2008

Nah. Keep dreaming. In reality, all your "cogelites" will continue to recognize the side of the bread with the butter, and will only fall out with the other left coalition members after the body of the sleeping giant (white America) has been butchered.

Hell, the IRISH are still behaving this way, and I'm supposed to believe east and south Asians aren't and won't continue to do so? Gimme a break already.

Captain Jack Aubrey said...

That may be the case, but what immigrants are going to want to come here during a recession...

Are you really...that...stupid?

Lots of immigrants will want to come here, even during a recession. Their feeling? "There's no such thing as a recession in a First World welfare state."

Recession or no, open the doors tomorrow and 100 million people will walk through.

Anonymous said...

The simple fact is that the Democrats need to keep a flow of money going to their sub-prime constituants. The changes that need to occur to keep this tragity from happening again will flush their punch bowl. Watch for a fight over incrased lending standards.

Anonymous said...

Simple answer to the elites with the magic bullet amnesty solution: You were wrong. Over and over and over and over again, you were wrong. On subprime loans, on mass immigration making the economy stronger, on Iraq, and on so much else. If our doctors were wrong this often, we'd all get new doctors, if we weren't already dead.

Ben Franklin said...

Of course the Elite are wrong about everything, Amnesty/Open Borders; Free Trade; Iraq/Iran; Affirmative Action etc. The Elites appear Stupid, but it isn’t a simple case of being Stupid. The Elites are, to put it in simple terms, Evil and it is because the Elites pursue goals that are motivated by Evil desires (e.g., the destruction of the historic American nation) that they end up being Stupid.


But Reality isn’t going to make the Elite change course. The Elites have Power and Money beyond the dreams of avarice and absent some countervailing Power that will oppose the Elites, either in the political sphere or elsewhere (e.g., the military?) nothing much will stand in their way.


The Elite are still in a strong position to benefit from the lean times they have done more than their share to bring about. As long as there isn’t a complete collapse into something like 19th century conditions, and I mean a sudden collapse so that gradual adjustments can’t be made, its likely the Elites will get away with continuing on the same course.


That means that to change the direction of things there must be some counter Power to the Elites, a Power that will challenge the Elites for dominance. Such a challenging Power would entail a visible Counter-Revolution in the popular Narrative and Meaning regarding both the Past and Future of the American Nation and State. In other words, for the Elite to be defeated will require an obvious contest for dominance.

Big Bill said...

anon: "How racist... The economy is in a recession because we don't have enough really cheap labor! We need more immigrants to work for nothing and live with their extended families in these overvalued homes so that the home values will stay up so that I can sell mine and get the hell out of here."

Ahh, but can you "get out of here"? Are you an Italian or Irish immigrant descendant that can return home? Are you a Jew who can "make aliyah" to Israel and "rise up" from the degradation that is gentile America?

Good luck if you are!

I am an American, however, and not a Jew, Italian, or Irishman with a foreign hidey hole to which I can run off, and I have no other race or tribe from whom I can claim protection.

Truth said...

"I am an American, however, and not a Jew, Italian, or Irishman with a foreign hidey hole to which I can run off, and I have no other race or tribe from whom I can claim protection."

Are you a Navajo or a Cherokee?

Anonymous said...

the truly attractive and studious East Asian female

To you Birch, attractive to you. And Birch, buddy, you only need one to marry, not another 56 million or so. Get it? Good. Now get over it.

Er, "Truth" the only truth I've heard come from you is you moniker, and even then you managed to misspell "Bitterness."

Truth said...

"Er, "Truth" the only truth I've heard come from you is you moniker, and even then you managed to misspell "Bitterness."

That didn't happen during this thread, when did it happen? I could have sworn I read somewhere in 'Roberts Rules of Internet Order' that there is a satute of limitations on persnickety, childish typo flames. Oh, no, wait, that was only for adults; my bad.

Anonymous said...

Quote: "The economy is in a recession because we don't have enough really cheap labor! We need more immigrants to work for nothing and live with their extended families in these overvalued homes so that the home values will stay up so that I can sell mine and get the hell out of here." 10/03/2008


WAIT FOR ME!!!!