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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: energyplay who wrote (64193)	5/11/2006 11:55:34 PM
From: manalagi	Respond to of 206093

The lender should have checked the FICO score.

To: energyplay who wrote (64193)	5/12/2006 12:42:59 AM
From: ridingycurve	Respond to of 206093

You raise a very good point. I don't think anyone has a clue just how serious the problem could prove to be.

To: energyplay who wrote (64193)	5/12/2006 2:30:49 AM
From: Paul Senior	Read Replies (1) \| Respond to of 206093

energyplay: My opinion is you don't hear anyone talking about it because it's not a problem. First of all, it's questionable, I say doubtful, that there's a large pool of illegal immigrants who own property with mortgages who will lose their jobs or be deported. Secondly, there is a cultural or social support system that immigrants have that helps them. That is, imo (jmo, I don't claim to be an expert in these matters), it's common for both husband and wife to have jobs, and it's common to take in other family members who have jobs, or to rent space (bedrooms) to other immigrants. Also, these folk don't seem to have the costly lifestyles to where they are unwilling to carpool or take public transportation or where they have to have many discretionary items that lots of USA citizens take for granted (IPods?). My opinion about the majority of illegal or legal immigrants who buy houses is that they are making a big commitment, that they are aware of it, and that "commitment" means something to these people: scrimping/saving/doing without for the dream of homeownership in the USA. In my area, lots of immigrants (I don't know if they are legal or illegal) work the construction trades. When these guys and/or their families/friends/relatives buy housing that opens the door to barter. The roofer gets help from his contacts in plastering, the plasterer swaps his time for his bud or cousin who's a plumber. These people know quite well what they want an what they are doing. No need to worry about large numbers of them defaulting on their mortgages. ====== Additionally, I question who the bag holders will be for whom "it will not be a pretty picture for the bag holders". I assume most banks repackage their loans or insure them. Somebody's buying these loans (mortgage reits?), but I presume their picture is already clouded and more by the number of loans they make overall and the types and rates of those loans. Perhaps the bag holder is the US government. Well, it won't be a pretty picture for taxpayers if the government is involved like the last housing default disaster of 1990 or so, but the government (and taxpayers) survived. Jmo/