No one lost out more from the Bush era mortgage frauds than our immigrant citizens having lived for decades in the US and saved enough to be that homeowner. These frauds nearly eliminated all wealth and assets gained by the 99% of immigrant citizens. Since we left the same global Wall Street pols and players in power they are back using that black and white----and of course brown 5% to the 1% but this time our immigrant citizens are mostly unable to buy homes so OBAMA AND CLINTON NEO-LIBERALS created policy that subprimed for all immigrants. This means that 5% Latino realtor or house flipper brings in immigrants everyone knows cannot afford a house and ties them to these subprime toxic mortgage loans---SAME FRAUD CLINTON/BUSH/OBAMA----
GLOBAL WALL STREET CLINTON/OBAMA ARE NOT HELPING LOW-INCOME PEOPLE WITH BUSINESS STARTUPS OR HOUSING WITH THESE POLICIES---THEY ARE HARMING THEM AND USING THEM TO STEAL TRILLIONS OF DOLLARS FROM FEDERAL HOUSING FUNDS THAT COULD ACTUALLY DO GOOD IN OUR COMMUNITIES.
Clinton/Obama are doing that because they are FAR-RIGHT WING GLOBAL WALL STREET working for global 1% wealth and power---NOT THE 99% OF GLOBAL CITIZENS.
'Last year, Fannie Mae launched a new subprime-mortgage product called HomeReady that caters to recent immigrants with weak credit and limited income'.
Black and Latino citizens are targeted yet again for of course the most expensive mortgage loans because the more expensive the more money the criminal real estate, lawyers, global Wall Street can take from Federal FHA. The more expensive also assures that family will DEFAULT AND FORECLOSE so the house in that community goes right back to Wall Street BANKS.
The Dramatic Racial Bias of Subprime Lending During the Housing Boom
Blacks and Latinos were more than twice as likely as comparable whites to receive such high-cost loans.
- Emily Badger
- Aug 16, 2013
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Through a strange kind of logic – the sort that makes sense if you're a large bank at the height of the housing boom – high-income black households were actually the perfect customers for subprime loans. Black communities had long been ignored by banks, creating a void in the market for anyone pedaling these relatively new financial products. And subprime loans, while risky, were tremendously profitable (for the banks) when the homeowners didn't foreclose, thanks to their higher fees and interest rates.
Give a black family that could probably qualify for a prime loan a subprime one instead, and the lender likely wins.
In the wake of the housing crash (and even before), banks have been widely accused of doing just this, and the practice has even become the subject of some damning discrimination lawsuits. But here is some data on exactly how skewed things really were: In 2006, at the height of the boom, black and Hispanic families making more than $200,000 a year were more likely on average to be given a subprime loan than a white family making less than $30,000 a year.
Banks that once ignored minority communities were targeting them now to make money."To me, I see that information and I kind of scratch my head," says Jacob Faber, a PhD Candidate in New York University's Department of Sociology who uncovered that gaping disparity studying nationwide mortgage data from that period. One explanation suggests that minority borrowers, particularly those living in communities where bank branches had long refused to go, were simply not financially sophisticated enough to know these loans were wrong for them. "I’m thinking, so for this financial literacy argument to really work, we also have to say that incredibly wealthy blacks and Latinos are less financially savvy than arguably pretty poor white households."
That is probably not the full story here. In research that Faber recently presented at the annual meeting of the American Sociological Association, he analyzed Home Mortgage Disclosure Act data on 3,819,923 loan applications from 2006. About 1.5 million of them were denied. A little over 2 million were approved at a prime rate, and about 200,000 (or 5.4 percent) at a subprime rate.
Relative to comparable white applicants, and controlling for geographic factors, blacks were 2.8 times more likely to be denied for a loan, and Latinos were two times more likely. When they were approved, blacks and Latinos were 2.4 times more likely to receive a subprime loan than white applicants. The higher up the income ladder you compare white applicants and minorities, the wider this subprime disparity grows.
So what was going on here? Intentional malice? Perhaps lenders were convinced that minority borrowers even with high incomes would still pose greater risk over the life of mortgage?
"Certainly we can’t rule out personal bias on behalf of lenders," Faber says. But that's not all of it, either. "There’s a larger part of the story that the financial institutions responsible saw these profitable communities and targeted them specifically because they weren’t risky."
Over the sweep of history, this sounds ironic: Banks that once ignored minority communities were targeting them now to make money, a practice that's been bitterly referred to as "reverse-redlining." But Faber puts it another way: "I think it's tragic," he says. And this data offers another illustration that middle-class blacks have often not been able to leverage their income status for the same benefits as middle-class whites.
Faber was intentionally studying a slice of this mortgage data from the housing peak, when many of these practices were likely at their most pervasive.
"Some people might think that 2006 is a long time ago," he says. "But the consequences of these huge disparities in subprime lending – and then subsequent foreclosures – are going to have really powerful lasting impacts."
Individual families that have lost much of their wealth will struggle to pay for college or manage emergencies. Whole neighborhoods suffering from epidemics of foreclosures will suffer from declining property values and related problems. And even cities that have lost their tax base will struggle to fund schools and police and services. "We might not be able to measure that impact for another five, 10, 20 years," Faber says of this last group of implications. "We might now know what the fallout is."
Left social Democrats fight for the 99% of immigrants----their wages, protections, and yes their ability to buy and keep homes. We would NEVER DO THESE WALL STREET SCAMS-----while CLINTON/OBAMA work for the global 1% and their 2% so they partner with that RICH FOREIGN INVESTOR with CASH FILLING HIS POCKETS looking to flip houses in our Baltimore communities----left social Democrats do not support the 1% or their 2% no matter whether they are BLACK, WHITE, OR BROWN CITIZENS.
While it is our black and brown 5% to the 1% usually tied to marketing these mortgage frauds----it is my 5% to the 1% WHITE GREATER BALTIMORE/BALTIMORE DEVELOPMENT/EXECUTIVES AT JOHNS HOPKINS who drive these serial economic frauds and government corruption. GET RID OF ALL GLOBAL WALL STREET PLAYERS!
To FIX BALTIMORE we must remove these development corporations and global corporations from our Baltimore City Hall agencies and the capture of our politicians.
The loans are high-cost simply because they are being used by Wall Street to get more money from our Federal FHA---and our Maryland AG and Baltimore AGs KNOW THIS.
Below we see who these rich foreign investors are---they are the ones our Baltimore Mayor and city council recruit on trips to LAS VEGAS----and it is highly likely these foreign buyers have that wealth because they marketed all global Wall Street derivatives and bond frauds to their citizens----
WITH AMERICAN WEALTH AND 99% LOSING THEIR HOMES, RETIREMENTS, PENSIONS, SOCIAL SECURITY AND MEDICARE, AND COMMUNITIES.
Foreign buyers flood US real estate, but buy cheaper homes
Diana Olick | @DianaOlick
Wednesday, 6 Jul 2016 | 10:00 AM ETCNBC.com
The appetite for U.S. real estate continues to flourish, but international buyers are shifting their sights from luxury to less-pricey properties. This may be due to overall higher home prices, along with a stronger U.S. dollar, which both cost foreign buyers more at the negotiating table. There are also fewer nonresident foreigners investing in the market.
"Weaker economic growth throughout the world, devalued foreign currencies and financial market turbulence combined to present significant challenges for foreign buyers over the past year," said Lawrence Yun, chief economist of the National Association of Realtors (NAR). "While these obstacles led to a cool down in sales from nonresident foreign buyers, the purchases by recent immigrant foreigners rose, resulting in the overall sales dollar volume still being the second highest since 2009."
Foreign buyers purchased $102.6 billion of residential property in the U.S. between April 2015 and March 2016, according to NAR's annual report on international activity in U.S. real estate. That is a 1.3 percent decline in dollar volume from the previous survey. The number of properties purchased, however, rose 2.8 percent to 214,885. The value of homes bought by foreigners was typically higher than the median price of all U.S. homes.
"The slight drop in dollar volume can probably be accounted for based on the types of properties purchased, and the locations of many of those properties. We've seen at least some evidence that foreign buyers — both investors and people just looking for a home — have begun looking beyond expensive markets like San Francisco, New York City and Washington D.C., and buying properties in smaller, less-expensive cities in the Southeast and Midwest," said Rick Sharga, executive vice president at Ten-X (formerly Auction.com), an online real estate marketplace .
Another major shift was in the makeup of international buyers. Chinese purchasers continued to outpace all others, with their dollar volume exceeding the total of the next four ranked countries combined. Their dollar volume of sales, at $27.3 billion, was a slight decrease from last year's survey but was still three times as much as Canadian buyers, who were ranked second. Chinese buyers also bought the most expensive homes at a median price of $542,084.
"Although China's currency modestly weakened versus the U.S. dollar in the past year, it's much stronger than it was five to 10 years ago, thereby making U.S. properties still appear reasonably affordable over a longer time span," wrote Yun in the report.
Given today's volatility in global financial markets, real estate is one of the safest investments available. U.S. real estate in particular is relatively inexpensive compared to properties in Asia.
"The explosive growth of the Chinese economy created a very large number of very wealthy people. As that country's economy has slowed down, those individuals are looking for better investment alternatives, and many have concluded that U.S. real estate is a smart bet," added Sharga.
London had been a favorite of foreign investors, but the impact of the Brexit vote is already hitting the housing market there. Buyers from the United Kingdom were the fourth-largest consumer of U.S. real estate in the data that was gathered before the Brexit vote.
"Sales activity from U.K. buyers could very well subside over the next year depending on how severe the economic fallout is from Britain's decision to leave the European Union," added Yun. "However, with economic instability and political turmoil outside of the U.S. likely to persist, the world view of American real estate as a safe investment should keep demand firm even as pressures from a stronger dollar continue to weigh down on affordability."
As for U.S. destinations, five states accounted for half of foreign buyer purchases: Florida, (22 percent), California (15 percent), Texas (10 percent), Arizona and New York (each at 4 percent). Latin Americans, Europeans and Canadians, who historically favor warmer climates, were most prevalent in Florida and Arizona. Asian buyers flocked to California and New York. Texas was more a mix of buyers from Latin American, the Caribbean and Asia. Texas may be more of an investment play, as demand for single-family rentals there remains strong.
Sales to nonresident foreign buyers fell to the lowest dollar volume since 2013. Shares to foreign residents increased. The shares had been evenly split, but higher home prices and the depreciating value of foreign currencies likely played into that dynamic.
"Led by Venezuela (45 percent) and Brazil (24 percent), at least eight countries, including China and Canada, saw double-digit percent increases in the median sales price of a U.S. existing home when measured in their country's currency," added Yun.
When the US FED and Obama claimed a 2-3 GDP growth these several years---this is it----it was all the flipping of bundled foreclosures and bankrupt corporate properties and always involved the global 1% and their 2%. So, there was very negative economic growth during Obama----
Here is the next question with our US city real estate----here we are talking about our DOWNTOWN CORPORATE BUILDINGS AND HIGH RISE APARTMENTS----are these REALLY Chinese real estate corporations or are they global Wall Street and global hedge funds simply registering as FOREIGN? THAT IS WHAT MAKES US CITIES DEEMED FOREIGN ECONOMIC ZONES operate here as they do overseas----global Wall Street pols say----look, this is a foreign corporation and under Foreign Economic Zone policies they can operate anyway they want.
In Baltimore we are already seeing these high-rise apartment rentals artificially inflated and as we see it is happening across the US. The rush to get money in real estate of course comes with the COLLAPSING ECONOMY AND US DOLLAR
The foreign investor with whom I spoke on the Baltimore bus with PLENTY OF CASH to flip houses was from Pakistan----so it is not only China it is a global 1% and their 2% being allowed to launder money looted from their citizens as our global Wall Street bunch do the same overseas----it does nothing for WE THE PEOPLE wanting our US cities rebuilt with REAL ECONOMIES FOR THE 99%.
Chinese pour $110bn into US real estate, says study
Investment is set to double in the next five years as wealthy rush to get their money into overseas assets, especially houses
The Waldorf Astoria hotel in New York was bought by the Chinese group Anbang. But Chinese purchases of residential property outpaces commercial deals. Photograph: Mark Lennihan/AP
Sunday 15 May 2016 22.36 EDT Last modified on Sunday 15 May 2016 22.47 EDT
Chinese nationals have become the largest foreign buyers of US property after pouring billions into the market in search of safe offshore assets, according to a study.
A huge surge in Chinese buying of both residential and commercial real estate last year took their five-year investment total to more than $110bn, according to the study from the Asia Society and Rosen Consulting Group.
The sheer size of that total has helped the real estate market recover from the crash that began in 2006 and precipitated the 2008 economic crisis, they said.
Chinese investment in property has also helped to inflate prices in other developed countries, notably the UK and Australia in the wake of the dip in world stock markets in 2015.
And despite a slowdown due to Beijing’s subsequent clampdown on capital outflows, the figure for the second half of this decade is likely to double to $218bn, the study said.
“What makes China different and noteworthy is the combination of the high volume of investment (and) the breadth of its participation across all real estate categories,” including a “somewhat unique entry into residential purchases,” the study said.
The authors of the study said their numbers, based on public and real estate industry data, understate the total. They necessarily miss purchases made by front companies and trusts that do not identify the sources of the funds.
Big deals such as the Anbang insurance group’s $2bn purchase of the Waldorf Astoria hotel in New York last year and its failed $14bn offer for the Starwood group in March have made headlines. But the study said Chinese buying of US homes far outpaces its investment in commercial land and buildings.
Between 2010 and 2015, Chinese buyers put more than $17bn into US commercial real estate, with half of that spent last year alone. Unlike many countries, there are very few restrictions on what foreigners can buy in the US.
But during the same period at least $93bn went into US homes. And in the 12 months to March 2015, the latest period for which relatively comprehensive data could be gathered, home purchases totaled $28.5bn.
That took the Chinese past Canadians, who have long been the biggest foreign buyers of US residential real estate.
Geographically, Chinese buyers are concentrated in the most expensive markets: New York, Los Angeles, San Francisco and Seattle. Property in Chicago, Miami and Las Vegas is also popular.
That focus means they pay well above the average US home price: last year, Chinese buyers paid on average about $832,000 per home in the United States, compared with the average for all foreign purchases of $499,600.
The motivations are broad: some are buying second homes, some are buying as they move to the United States on EB-5 investor visas; some are investing for rental and resale.
Most of the money in US homes, the study noted, is private wealth, not corporate.
“This familiarity of utilizing real estate as an investment or wealth preservation tool is more prevalent in China and reflects the broader comfort of purchasing second homes in the United States by Chinese individuals and families,” the study noted.
Since last year, there has also been the motivation to get money outside China and into dollar assets amid worry about the continued fall in the yuan, which was devalued slightly against the US dollar in August.
The study says it expects a lot more commercial real estate buys in the United States by Chinese companies.
Last month, Chinese conglomerate HNA announced it would buy the 1,400-hotel group Carlson Hotels, owner of the Radisson brand.
“Anbang is not the only firm looking at these assets. Other Chinese entities were originally interested in acquiring Starwood in 2015 before Marriott reached an initial deal, including Jin Jiang Hotel Group, which had already acquired a European hotel chain in 2015, and CIC, the sovereign wealth fund,” the study said.
In Australia, the government recently blocked an attempt by Dakang Holdings to buy the Kidman farmland empire whose assets cover 1.3% of the Australian land mass.
This article written by global Wall Street developers would have us yet again believe housing costs would rise if global labor pool is slowed. What they are saying is-----rather than reduce the 1,000 profits developers pocket from global labor pool exploitation that our housing prices would go up to recover loses to US paid construction wages. When we have global Wall Street pols controlling local, state, and Federal government we have no advocates to assure PROFITS ARE LOWER TO KEEP HOUSING PRICES AFFORDABLE.
My 99% of immigrant friends may think being against global labor pool means being against IMMIGRANTS COMING TO WORK IN US---that is not what ending FOREIGN ECONOMIC ZONE policies is about. Our immigrants will be continually treated worse and worse and worse with these coming ONE WORLD ONE GOVERNANCE FOREIGN ECONOMIC ZONE policies. If we get rid of those policies then our immigrant workers can be protected by US workplace and wage laws--it is BETTER for our 99% of immigrants to get rid of global labor pool policies----so a REAL pathway to citizenship can occur.
Our construction trades are heavily tied to global Wall Street and Foreign Economic Zone global corporate campus construction---some immigrant laborers may like this constant moving around inside US or globally ----MANY DO NOT. Our US cities cannot be HEALTHY AND STABLE unless our immigrant families are tied to staying and being long-term citizens---able to invest in homes AND WE NEED THIS FOR OUR 99% IMMIGRANT FAMILIES.
When a global Wall Street player uses this WELL PRICES ARE GOING TO GET HIGHER if we cannot have our global labor pool workers working for free----we have identified who WE THE PEOPLE NEED TO SEND PACKING.
That developer or construction corporation feeling it needs to profiteer over our citizens able to work for decent wages and buy a home for an affordable price ARE NOT WELCOME IN FIX BALTIMORE.
Experts: Housing not Immune to Immigration Debate
By Cory Hopkins on 2/17/2016 Share
- More than two-thirds of experts said construction labor costs would rise if the current trend of slowing undocumented immigration continues.
- Forty percent said builders are likely to focus more on high-end construction, which has a higher profit margin, in the face of continued shortages of construction labor and rising construction labor costs.
- Experts expect home prices to rise 3.7 percent in 2016, on average, and at an average annual pace of 3.3 percent through 2020.
The construction industry has long had a complicated relationship with immigrants, particularly unauthorized immigrants. These workers bring a ready labor supply (and often new skills) to the homebuilding industry, helping keep costs down and make new homes more affordable to entry-level buyers. But immigrants also provide new, often pliable, competition to existing workers, including both U.S. born workers and earlier generations of immigrants.
But the number of immigrants in the U.S. who entered the country illegally declined during the recession and has remained flat since then, according to data from Pew Hispanic Center. The undocumented Mexican immigrant population in the United States, in particular, is now almost 20 percent smaller than it was in 2007.
If these trends persist, Americans should expect more opportunities for U.S.-born construction workers, but also a jump in housing construction costs and a continued focus by builders on the upper end of the market, according to the Q1 Zillow Home Price Expectations Survey. The quarterly survey, sponsored by Zillow and conducted by Pulsenomics LLC[i], asked more than 100 U.S. economic and real estate experts about their expectations for the housing market. Of those, 85 panelists answered a question about how a continuation of current undocumented immigration trends might affect the housing market.
Among the key findings:
- More than two-thirds of those with an opinion (67.1 percent) said construction labor costs would rise if current trends continued.
- About 43 percent said a continuation of current undocumented immigration trends would result in more construction jobs for U.S.-born workers and other, authorized foreign-born workers.
- Forty percent said builders were likely to focus more on high-end construction, which has a higher profit margin, in the face of continued shortages of construction labor.
- More than 30 percent of respondents predicted the number of new homes built will remain lower than historic norms.
But instead of focusing on the lower end of the market to meet this strong demand, builders have instead been building larger homes priced for more affluent buyers. Over the past few years, builders have been squeezing bigger, more expensive homes with more bedrooms and bathrooms onto smaller lots. While median U.S. home values overall remain 6.4 percent below their pre-recession peaks, the median, seasonally adjusted price of a new home sold in December was almost 7 percent above pre-recession peaks.
Builders are also struggling to attract workers at a pace consistent with historic norms, even as housing starts pick up and hiring overall is strong. Cutting into this already slim labor pool by curtailing immigration (legal and otherwise), as many candidates have proposed, would likely force builders to pay workers more. But while rising wages are generally viewed as a positive, they also typically translate into higher costs that find their way back to consumers, in this case in the form of higher prices for new homes.
And as new home prices rise, new homes themselves may become inaccessible to larger numbers of potential buyers, shrinking the pool of potential buyers and limiting new home sales growth. In fact, when asked to name the biggest factors limiting new home construction overall in a prior survey, panelists cited rising labor costs as one of the biggest obstacles.
In this election cycle, it makes some sense for candidates to focus on a broader set of global and domestic economic, social and security issues, at the expense of the kinds of housing discussions that dominated the 2012 and particularly the 2008 elections. When asked to offer their opinion on the level of federal involvement in the U.S. housing market, a majority of panelists that responded (57 percent) said they would like to see Uncle Sam reduce its footprint in housing.
But with a total value north of $28 trillion (and growing) the U.S. housing market is too big and too intertwined with the broader economy and with Americans’ day-to-day lives not to impact (and be impacted by) virtually every economic and social policy debate to some degree or another.
Looking Ahead: Growth, But How Much?
On average, the 104 experts surveyed said they expected the median U.S. home to appreciate by roughly 3.7 percent in 2016, up from expectations of about 3.4 percent growth in the last edition of the survey.
Respondents also said they expect growth to slow somewhat in coming years, to a 3.3 percent average annual growth rate through 2020 – slower than recent and pre-bubble historic norms. The pre-bubble (1987-1999) average annual growth rate in home values was 3.6 percent, and since the recovery began in roughly January 2012, U.S. home value growth has averaged 4.5 percent per year.
But the experts were divided in their views on the exact pace of growth in coming years. The most optimistic quartile of respondents said they expected average annual growth of 4.6 percent through 2020, while the most pessimistic called for average annual growth of 2.1 percent.
“[Immigrants] are a big part of housing markets both on the supply and demand sides,” said George Masnick, senior research fellow at the Joint Center for Housing Studies at Harvard University. “They build and buy houses.”
I want to make one more point with immigrant citizens housing and these continuous global Wall Street MORTGAGE FRAUDS----again, much of what we are reading in national news about immigrants buying houses is THE FRAUD----we all know our immigrant workers are under great stress to bring home the wages they are promised----$9 an hour is that standard wage ---so we know these policies are not actually helping our immigrant citizens.
The 99% across all population groups need to look beyond RIGHT NOW----think what US cities as Foreign Economic Zone under ONE WORLD will look like in just a decade or two----please don't buy these TEMPORARY social progressive POSING POLICIES.
THE SAME GLOBAL WALL STREET CLINTON/BUSH/OBAMA spent Bush era wiping out all our Latino citizens' gains in wealth and assets-----don't think these same global 1% and their 2% care.
When Abacus Bank Was Accused of Fraud - The New Yorker
Oct 12, 2015 ... Jiayang Fan on an investigation into fraudulent mortgages at Abacus ... The subprime-mortgage crisis of 2008 had exposed lax lending ... But in some ways Abacus was a surprising target for a high-profile mortgage-fraud case. ... Chinese immigrants, poor though some of them were, seemed to be far more ...
Staggering Loss of Black Wealth Due to Subprime Scandal ...
Oct 12, 2014 ... A subprime mortgage is a loan that carries a higher interest rate than prime mortgages. ... Specifically targeted for subprime loans among the minority .... in the last 10 years of felony larceny, theft, fraud, or forgery, money laundering or tax .... Education · Health & Social Policy · Religion · Immigration · Culture ...
How the Subprime Mess Hit Poor Immigrant Groups - WSJ
Dec 6, 2007 ... Immigrant groups have long been subject to financial scams, but the subprime- mortgage boom has offered new avenues for mischief ... loan officers and mortgage brokers targeted "vulnerable immigrants," falsified financial ...
I read an article saying Israel which has a big global labor pool economy only allows an immigrant to stay in the country 4 years----they insist the global labor pool remain FLUID-----do we know how long our global labor pool citizens are staying in the US? I think so many global citizens are being rotated through the US cities immigrants can never know what came before them WHICH IS THE POINT of a FLUID GLOBAL LABOR POOL ---Recruiting immigrant families to housing and these subprimed mortgage loans gives our immigrant families a false impression of being given rights that global Wall Street pols NEVER intend ----
HARVARD AS WITH ALL GLOBAL IVY LEAGUE UNIVERSITIES DRIVE THESE GLOBAL LABOR POOL POLICIES.
Why immigrants are crucial to the housing market
The driving force behind 40% of housing demand, and growing
April 1, 2016
Americans are increasingly divided on the subject of immigration, but immigrants play a critical role in driving our housing economy, and, by extension, our long-term economic prosperity.
Phillia Kim Downs has been a luxury real estate agent in New York City for seven years. She is the daughter of South Korean immigrants who came to the U.S. in the 1970s seeking higher education and has been a homeowner since 2008.
“I rented for a year in the East Village of Manhattan but then bought a condo in Williamsburg,” she explained. “Rent is so expensive in Manhattan, so my parents thought it would be a better investment to buy property.” Downs used her savings as well as some financial assistance from her parents to purchase the condo.
“Homeownership has been awesome,” Downs said. “It is definitely part of the American Dream, and it is definitely an investment for our family.” She said that her parents feel a sense of pride in having been able to help her purchase the condo since they “came to this country with nothing, really.”
Downs’ father’s first job in the U.S. was working his own hot dog stand at Yankee Stadium. At the time, he spoke limited English. “To have come from that start, saving money, raising a family here and sending two children to college, and now helping purchase a home for his daughter and to have a home of his own in Philadelphia — I’d say they feel pretty good about themselves.”
Downs’ story is not unique. It is the story of millions. Even as native-born Americans whose families have lived here for generations may have grown disillusioned about homeownership in light of the Great Recession, the American Dream still holds allure for the nation’s vast immigrant populations.
And that allure has serious economic impacts on the United States that are too often overlooked. In an election year where plenty of candidates are talking immigration reform (and some of them pushing for measures that would severely limit immigration), what does closing the borders (or at least substantially limiting influx) really mean compared to keeping them open and even easing access to citizenship?
IMMIGRANTS DRIVE HOUSING AND ECONOMIC GROWTH
Harvard University’s Joint Center for Housing Studies indicates that immigrants have made up 40% of housing demand in the U.S. since 2010. And within a few decades, housing analysts expect immigrants and their progeny to be responsible for the majority of the net growth in households in this country.
Between 2000 and 2013, immigrants or the children of immigrants have accounted for 57% of the country’s population growth, according to a 2014 white paper from the Immigration Task Force of the Bipartisan Policy Center called “Immigration and Housing: Supply, Demand, and Characteristics.” At the same time, immigrant labor has become a critical component in the nation’s construction workforce with 25% of all construction workers identifying as immigrants.
“Immigrants’ growing role in supplying construction labor and driving demand for new housing units makes immigration an important contributor to U.S. economic prosperity,” the white paper authors state. And given that a sluggish housing market overall remains the major drag on post-recession economic recovery, the authors contend that immigrants can and will play a substantial role in re-establishing a healthy housing market.
“[Immigrants] are a big part of housing markets both on the supply and demand sides,” said George Masnick, senior research fellow at the Joint Center for Housing Studies at Harvard University. “They build and buy houses.”
That impact becomes even bigger when one factors in the children of immigrants. “Immigrants and their children are the only thing keeping U.S. labor force growth from going under zero,” said Dowell Myers, professor of policy, planning, and demography at the University of Southern California. “They also patch up the weak spots in our housing market.”
Myers points out that immigrants’ impacts on the housing economy have been growing steadily for decades. In the 1970s, they made up 6% of growth in housing demand. By the 1990s, that impact had grown to 21%. By the 2000s, that number had reached 39%, a number that Myers said is holding steady.
Masnick adds that by 2010, in both California and New York, immigrant household growth represented almost all of the housing growth in both states.
For those not knowing NANCY PELOSI is Baltimore politics and is tied as close as ever to global Wall Street ONE WORLD ONE GOVERNANCE through Baltimore's global Johns Hopkins as is BEN CARSON. So Pelosi and Carson are on the same team----and she knows a CARSON as head of HUD will simply do as he is told by global Wall Street---he is not the LEADER OF HUD----he does what global 1% tells him to.
So, yes CARSON will do exactly what Bush and Obama did with housing---it will be totally global corporate campus and global 1% and their 2% housing----with 99% of citizens forced into global corporate campus DORMITORY-STYLE HOUSING. NO PUBLIC HOUSING----this is happening because CLINTON/OBAMA ARE FAR-RIGHT WING NEO-LIBERALS and BUSH TRUMP ARE TOO.
Trump will continue Obama's HUD of privatizing all that is public housing----send all HUD funding to global corporations and global Wall Street developers who then will tell us MARKET-VALUE HOUSING IS AFFORDABLE HOUSING.
“Dr. Ben Carson is a disconcerting and disturbingly unqualified choice to lead a department as complex and consequential as Housing and Urban Development,” she wrote in a statement, adding, “There is no evidence that Dr. Carson brings the necessary credentials to hold a position with such immense responsibilities and impact on families and communities across America.”'
I am sure Carson will continue all these global Wall Street mortgage loan frauds----the hyper house flipping will soar-----but this will not last long after this coming economic crash----all funding for housing in US cities deemed Foreign Economic Zones will then be controlled by WORLD BANK/IMF----this is why CARSON doesn't think he needs any experience----he will be just a FIGUREHEAD.
By Reena Flores CBS News December 5, 2016, 6:10 AM
Donald Trump names Ben Carson for housing and urban development secretary
Republican presidential nominee Donald Trump shakes hands with Ben Carson as he attends a church service in Detroit, Michigan, U.S., September 3, 2016.
REUTERSLast Updated Dec 5, 2016 5:13 AM EST
Dr. Ben Carson will be Donald Trump’s nominee for secretary of the Department of Housing and Urban Development (HUD), the president-elect’s transition team confirmed Monday morning.
“Ben Carson has a brilliant mind and is passionate about strengthening communities and families within those communities,” Mr. Trump said in a statement released by his team. ”We have talked at length about my urban renewal agenda and our message of economic revival, very much including our inner cities. Ben shares my optimism about the future of our country and is part of ensuring that this is a Presidency representing all Americans. He is a tough competitor and never gives up.”
Carson heavily hinted at the HUD position in a Facebook post days earlier, writing, “After serious discussions with the Trump transition team, I feel that I can make a significant contribution particularly to making our inner cities great for everyone.”
“I am honored to accept the opportunity to serve our country in the Trump administration,” Carson was quoted as saying in the statement released Monday. “I feel that I can make a significant contribution particularly by strengthening communities that are most in need. We have much work to do in enhancing every aspect of our nation and ensuring that our nation’s housing needs are met.”
Trump's teamCarson, who has never held elected office and failed earlier this year in a bid for the Republican presidential nomination, speculated to Fox News before Thanksgiving that Mr. Trump’s consideration for the HUD position was in part due to Carson’s upbringing.
“I grew up in the inner city and have spent a lot of time there, and have dealt with a lot of patients from that area and recognize that we cannot have a strong nation if we have weak inner cities,” he said Tuesday.
The 65-year-old has no previous policy experience in the field of urban development.
House Minority Leader Nancy Pelosi, D-California, was quick to criticize the pick.
“Dr. Ben Carson is a disconcerting and disturbingly unqualified choice to lead a department as complex and consequential as Housing and Urban Development,” she wrote in a statement, adding, “There is no evidence that Dr. Carson brings the necessary credentials to hold a position with such immense responsibilities and impact on families and communities across America.”
Carson, who was raised in an impoverished area of Detroit, later rose to prominence as a renowned neurosurgeon. Hedrew national political attention this year when he ran in the 2016 Republican primary race.
While his presidential campaign was short-lived, Carson has continued to make headlines with his early endorsement of Mr. Trump, and his advisory role with the president-elect.
In September, Mr. Trump toured Carson’s boyhood neighborhood in Detroit with the retired doctor by his side. During that trip, the then-GOP nominee pitched African Americans on his plans for inner cities and promised a “civil rights agenda for our time.”
Carson’s role in the coming administration was unclear as late as last week. Even the neurosurgeon’s longtime friend and adviser, Armstrong Williams, told The Hill that Carson wasn’t interested in running a government agency because he’d never served in a federal capacity.
“Dr. Carson feels he has no government experience, he’s never run a federal agency,” Armstrong said Tuesday. “The last thing he would want to do was take a position that could cripple the presidency.”
We will talk about the GORILLA-IN-THE-ROOM housing and mortgage fraud issue from Bush era frauds----and going strong for these several years of OBAMA era mortgage frauds----and yes, Trump will allow the same.
MERS was always ILLEGAL-----global Wall Street knew this-----the people creating the corporation called MERS knew this----and all the lawyers tied to MORTGAGE/HOUSING TITLING knew this. MERS is still ILLEGAL.
Obama came to office with his AG HOLDER---who should have prosecuted this corporation from throwing our entire real estate titling system into chaos. The processing of titles was done illegally----the results of this titling process left tens of millions of homes with compromised titles. AG HOLDER did nothing AND a few Federal Courts were allowed to rule on this very, very,very important MERS issue----guess what the only two courts and their rulings were----CA and WASHINGTON DC. Where was almost all of the subprime mortgage fraud and MERS? CA and WASHINGTON DC BELTWAY. The national media reported that courts ruled MERS WAS OK-----and that was the precedent allowed to stand.....meanwhile other courts across the US ruled against MERS and then all courts were quickly SILENCED.
There has never been a real court ruling on MERS that would satisfy any JURISPRUDENCE-----WE THE PEOPLE must return to Federal courts to push for the end of MERS PROCESSING OF OUR REAL ESTATE TITLES.
The problem with MERS was not only how it affected foreclosures-----the problem was the constant flipping by global Wall Street over and over with global buyers buying bundles of toxic subprime mortgages only possible with MERS
'These past-their-prime judges then rubber-stamp these fraudulent foreclosure documents, without even looking at them – effectively stealing the home from the homeowner through the coordinated fraud being committed by Wall Street banks and the U.S.'
Mortgage-Title Fraud: A National Catastrophe
Oct. 8, 2010 4:03 AM ET
Includes: BAC, JPM
It is impossible to overstate the severity of the real estate crisis in the United States which has been caused entirely by the reckless fraud of the nation’s largest banks – the Wall Street Oligarchs. We now have mortgage-fraud being openly acknowledged by the banksters, and on a scale never before seen in human history.
We have a single individual with JP Morgan (NYSE:JPM) openly admitting that she and her team committed more than 18,000 acts of fraud per MONTH, while one Bank of America official admitted that she personally committed 7,000 to 8,000 acts of fraud monthly. Regular readers will recall that in a recent commentary I reported on two, separate anecdotes where the Bank of America attempted to foreclose on properties which did not even have mortgages.
In that same commentary, there was also an anecdotal report from a Florida lawyer who specializes in foreclosure proceedings, who stated that he regularly encountered (so-called) judges who were rubber-stamping these foreclosures without even looking at the documents. The lawyer also reported that one particular judge had already written her judgments (confirming foreclosure) before the foreclosure trial started.
We thus have the following chain of events, a Wall Street bank pushes a stack of 18,000 foreclosures in front of a small group of clerks (who make convenient patsies), and tells them they have to clear this many documents every month – knowing that it is impossible to process that volume and still follow mandatory legal procedures.
Stacks of these foreclosures are then pushed before judges. In the case of Florida, they are being processed by judges called out of retirement. Many of these people are likely no longer allowed to operate motor vehicles. These past-their-prime judges then rubber-stamp these fraudulent foreclosure documents, without even looking at them – effectively stealing the home from the homeowner through the coordinated fraud being committed by Wall Street banks and the U.S. government.