Tuesday, October 7, 2008

Undocumented immigrants who own homes have a lower rate of delinquencies than U.S. citizens

Immigrants -- especially undcoumented immigrants -- have been blamed in some quarters for the mortgage credit crisis (here).  "Home loans held by illegal immigrants in California and across the nation generally have had fewer delinquencies than similar loans held by U.S. citizens, in part because of stricter lending requirements, according to banks, insurers and Realtors. Every indication is that their performance is better than the average" mortgage account, said Tim Sandos, president of the National Assn. of Hispanic Real Estate Professionals." Los Angeles Times, Oct. 6, 2008.

KJ

http://lawprofessors.typepad.com/immigration/2008/10/undocumented-im.html

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Comments

This is much better than your October 2nd post, Anti-Immigrant Krikorian and Malkin Draw Criticism from own Side. But it should have been part of Bainbridge's analysis in the first place.

Notwithstanding that, the point is not that there were more bad loans made to people who are here LEGALLY, but rather that ANY bad loans at all could have been made to people who are here ILLEGALLY. The option should have never existed.

Had their been no illegal aliens, or had it been illegal for federally regulated lending institutions to lend them money, the mortgage crisis may have been averted or, at a minimum, it's severity lessened.

It's a sound and reasonable argument. One that might even be proffered by someone who doesn't hate brown-skinned people.

(Malkin's skin is browner than any of the people this blog site suggests she hates)

Posted by: peter | Oct 9, 2008 5:17:28 AM

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