This why there is a mortgage crisis

[ITWhore]

www.washingtonpost.com/wp...03512.html

Quote:In September 2006, Karla, a Honduran immigrant who cleans houses for a living, was able to buy a half-million-dollar house in Springfield, and she paid $10,000 more than the asking price. Because her credit was poor, she used a friend's name and credit report on the mortgage application. No one blinked an eye.

[David Cressey]

I hate to tell you this.

I know an immigrant who cleans houses for a living.  Well,  I think she currently hires other immigrants to do the actual cleaning.  But she started out doing the cleaning herself,  some 15 years ago.

Her hourly rates are more than three times what borks offer journeymen programmers these days.  I think the reason she is able to command such astronomical rates is that she's better than the competition at screening out thieves when she's hiring.  That's important to high end clients.

She probably owns one of those $500K homes in her city,  and not on an ARM.  

Having said that,  it the person in  your newspaper article may in fact be in way over her head.  And that illustrates the real problem with the emotional aspects of the current crisis.  If this Honduran feels the American dream slipping out of her grasp,  it may be the case that it was actually out of her grasp to begin with.  

Bubbles are built on illusion.  What follows illusion is often disillusion.  It could easily be the case that home ownership is beyond the means of about one third of the US workforce.  And I'm including citizens, residents,  and "undocumented" immigrants here, when I  say "workforce".