Steve Sailer pointed out that many of the agents selling subprime mortgages on overpriced houses to the vulnerable immigrant community were Hispanic themselves—see Spanish Language Radio Stations Hit Hard By Drying Up Of Zero Down Mortgages.
Cesar Dias and Jorge Espino used to sell real estate in Stockton, California, the forclosure capital of the nation, now they run a business called Repo Home Tours, which runs bus tours around Stockton, for buyers looking to snap homes up cheap.
And in the Housing Bubble Hall of Shame®, there's a post about a guy named Chris Nunez, who would be the poster boy for the "Hispanic Real Estate Agent" Bubble Guy..
Saturday, January 19, 2008
Chris NunezChris 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
"I eat beans like you in the morning" is a specific ethnic appeal to Hispanic clients, the kind of thing that HUD targets for consent decrees when it happens in real estate ads. But the "diversity recession" may force him and his cliens to eat beans three times a day.