In the aftermath, subprime was referred to as predatory lending, because many of the borrowers did not understand exactly what they were getting into, nor did they appreciate homeownership the same as people who really earned the purchase, could truly afford the mortgage payment and still put food on the table, and pay for all the rest of the day-to-day resources needed to upkeep a home, support a family and save for emergency bills, like a mortgage when you lose your job.
Introducing the California bill that gives millions of illegal immigrants 100% financing on homes they most likely can’t afford or keep when SHTF
The worst-led Democrat-run state in the union, California, is set to lend billions of dollars to illegal immigrants so they can become permanent fixtures of this country and help decimate the economy once and for all. This is like having permanent squatters all over the state of California, and you can be sure every other Democrat run metropolitan city and state will follow suit.
The illegal subprime predatory lending bill is progressing in the Democrat-dominated California legislature, so it’s sure to be finalized soon. They call it “shared appreciation,” which is just another Communist term for “we all end up in the same place” and “wealth redistribution.” The loan program gives illegal aliens 20% down payment on homes, which equates to about $160,000, since the average home price in California is around $800,000. This is the same as a zero-down loan because the borrower doesn't have to have any credentials or money to get it.
Imagine, as a hard-working American, how long it takes to save up $160,000, and how much that means to a homeowner when times get hard and the mortgage gets difficult to pay. Most people will find a way to pay that mortgage and NOT LOSE that down payment money they worked so hard to save, but not illegal immigrants.
California is about to sink faster than the Titanic. The state is already under water with a $60 billion deficit, so this illegal alien free home buying money will send the state to the bottom of the ocean, if a massive earthquake doesn’t do it first.
Of course, the fiscally irresponsible, extreme-Leftist Gavin Newsom will approve the bill. He is the ultimate yes man for the Communist-led Washington DC Demoncrats and does anything and everything they command him to do, as a leading example for the rest of the Democrat politicians who want to destroy the Republic, one state at a time.
If the illegal immigrants who get these loans can’t keep jobs going, they will let the house go, and most foreclosures get wrecked before the outgoing owners leave. This includes massive damages, flooding, fires, bugs, rodents and other problems that drive the value of the homes significantly down, adding to the chaos of the state that’s already in major disrepair (pun intended). That's why it's called predatory lending- because the big banks know they'll be taking the homes back, so it's like found money when they "resell" them to more illegals.
Tune your apocalypse dial to Preparedness.news for updates on insidious Democrat politicians treating illegal immigrants, many of whom are criminals, better than American taxpaying citizens.
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