How illegal immigration fueled the meltdown

MICHELLE MALKIN
Creators Syndicate Inc.

The Mother of All Bailouts has many fathers. Panicked politicians have fingered regulation, deregulation, Fannie Mae and Freddie Mac, the Community Reinvestment Act, Jimmy Carter, Bill Clinton, both Bushes, greedy banks, greedy borrowers, greedy short-sellers and minority home ownership mau-mauers (can’t call ’em greedy, that would be racist) for blame.

But there’s one giant elephant in the room that has slipped notice: how illegal immigration, crime-enabling banks and open-borders policies fueled the mortgage crisis.

It’s no coincidence that most of the areas hardest hit by the foreclosure wave — Loudoun County, Va., California’s Inland Empire, Stockton and San Joaquin Valley, and Las Vegas and Phoenix, for starters — also happen to be some of the nation’s largest illegal alien sanctuaries.

Half of the mortgages to Hispanics are subprime (the accursed species of loan to borrowers with the shadiest credit histories). A quarter of all those subprime loans are in default and foreclosure.

Regional reports across the country have decried the subprime meltdown’s impact on illegal immigrant “victims.â€