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Housing Push for Hispanics Spawns Wave of Foreclosures

January 7, 2009
Wall St. Journal

[Ed. note — Surprisingly, this comes from the notoriously liberal WSJ. But, in the end, they do manage to maintain their sinister mantra by placing blame on Congress and the banking industry, while refusing to divulge the industry’s practice of loans to ‘illegal aliens’, of whom the majority are Hispanic/Latino. And, of that ethnicity, the vast majority being Mexican! Yes, Congress and the bankers share in the blame. But they are not the only ones responsible. The entire Federal government bears the largest burden of blame for inducing the influx of Hispanic/Latino/Mexican ‘illegal aliens’!!]

For years, immigrants to the U.S. have viewed buying a home as the ultimate benchmark of success. Between 2000 and 2007, as the Hispanic population increased, Hispanic homeownership grew even faster, increasing by 47%, to 6.1 million from 4.1 million, according to the U.S. Census Bureau. Over that same period, homeownership nationally grew by 8%. In 2005 alone, mortgages to Hispanics jumped by 29%, with expensive nonprime mortgages soaring 169%, according to the Federal Financial Institutions Examination Council.

An examination of that borrowing spree by The Wall Street Journal reveals that it wasn’t simply the mortgage market at work. It was fueled by a campaign by low-income housing groups, Hispanic lawmakers, a congressional Hispanic housing initiative, mortgage lenders and brokers, who all were pushing to increase homeownership among Latinos.

The network included Mr. Baca [Rep. Joe Backa, D-Calif.], chairman of the Congressional Hispanic Caucus, whose district is 58% Hispanic and ranks No. 5 among all congressional districts in percentage of home loans not tailored for prime borrowers. The caucus launched a housing initiative called Hogar-Spanish for home-to work with industry and community groups to increase mortgage lending to Latinos. Mortgage companies provided funding to that group, and to the National Association of Hispanic Real Estate Professionals, which fielded an army to make the loans.

For the rest of the story …..

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