Via Kathy Shaidle [Diversity and immigration equals... victimization and stupidity!] I see that Iconoculture says that Hispanics facing foreclosure are being victimized by...other Hispanics. They reference a couple of news stories in which both the victim and perpetrator of the fraud are Hispanic. (Do you need me to tell you by now that original news stories just said that the victims were Hispanic? Kudos to Iconoculture for pointing out that it was "two Latinas operating a group called the Community Home Saver " and "Latina-owned Lincoln Lending Services LLC" that were in trouble with the law.) They write
Although there are mortgage counseling companies that are approved to help homeowners navigate the foreclosure process, the trust that Latino immigrants have in their compatriots – who speak the same language and are sensitive to cultural nuances – sometimes leads to unwise decisions.
Iconoculture calls this a "cruel irony", but it was Hispanic real estate agents and mortgage brokers who got these people into their overpriced, overfinanced homes in the first place. See Spanish Language Radio Stations Hit Hard By Drying Up Of Zero Down Mortgages and Hispanic Real Estate Agents, The Housing Bubble, And Beans For Breakfast.e
Here's a classic from the Housing Bubble Hall of ShameÂ®:
Chris Nunez, CPS Real Estate Chris is a super realtor in Santa Rosa, CA. He is renowned for pushing interest-only loans on people that CANNOT afford them. Once these loans reset, he's going to have some disappointed customers, such the Carnes family that took out a $700K, interest only loan to purchase a home they "had to have"—household income: $100K. And as he tells his clients, "I eat beans like you in the morning." Watch the video and enjoy! Video: Past Due & Pay Day (video at YouTube) Transcript: Past Due & Pay Day
My view is that if you are a recent Mexican immigrant, and you decide to trust some guy over a real estate deal because he is a Mexican too, then you have forgotten why you left Mexico.