Kill the bailout: Illegal immigration and the mortgage mess
By Michelle Malkin • September 24, 2008 07:49 AM
http://michellemalkin.com/

My syndicated column today tackles the bailout angle no one wants to talk about: Open borders and the home loan debacle. You’ve heard a lot about Fannie/Freddie and the minority lending shakedowns, but you haven’t heard most commentators/analysts on either the left or the right talk about the massive illegal alien mortgage racket — a topic I’ve reported on for the past five years. That’s because fault lies at the feet of the crime-enabling banking industry and the ethnic lobbyists and the illegal alien-enabling Bush administration.

They screwed us. Now, they want us to fork over a trillion dollars.

Screw them.

Kill this bailout.

And I second Mark Krikorian: Credit is not a civil right. It’s not a civil right for illegal aliens. For foreign banks. For American banks. For anyone. The bailout proposal, as I noted earlier, now includes student loans and auto loan debt. Will our tax dollars next cover foreign student loan debts? Illegal alien in-state discounted college tuition debt? Where and when will it end?

Oh, but pardon me. I’m just being, you know, an ideological purist.

***

Illegal immigration and the mortgage mess
by Michelle Malkin
Creators Syndicate
Copyright 2008

The Mother of All Bailouts has many fathers. As panicked politicians prepare to fork over a trillion dollars in taxpayer funding to rescue the financial industry, they’ve 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 paternal elephant in the room that has slipped notice: How illegal immigration, crime-enabling banks, and open-borders Bush policies fueled the mortgage crisis.

It’s no coincidence that most of the areas hardest hit by the foreclosure wave – Loudon County, Virginia, California’s Inland Empire, Stockton, San Joaquin Valley, 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€