Cramer: Illegal Immigrants to Blame for Mortage Crisis

Discussion in 'Trading' started by makloda, Mar 13, 2007.

  1. DAMN HE NAILED IT!!!!!!! 100% TO THE POINT!!!!!!!!!!

    By Jim Cramer
    3/13/2007 6:04 PM EDT

    We know that it will be hard to get a loan, but we also know that it should have been harder. We know that there will be a longer-lasting glut of homes on the market, but we also know that the homebuilders have cut back dramatically.

    We know that the capacity has come out of the low-end lending business, but we also know, and this is gospel, that there will always be someone to lend to qualified buyers.

    I have a sneaking suspicion that both undocumented immigrants and flippers -- guys who tried to buy a house high and sell it higher -- are behind most of the problems. And while the latter are still being hurt, the former have been thrown out of the game. So it is ironic that their actions, vintage 2006, are now hurting the market.
  2. feb2865


    The flippers, maybe...not the whole reason but who knows

    but undocumented immigrants??

    you must be ironic right??
  3. i have a small question how UNDOCUMENTED immigrants got loans:confused:
  4. Bank of America :D
  5. Unlikely...need SSN...then credit check...even for subprime.
  6. I'm with Cramer on this one!!!! When you need somebody to blame for an imploding market that was blossoming on speculation and leverage...

  7. Good point....damn it we need a scape goat....
  8. i doubt illegal immigrants could land a sizeable home loan. lending $10K is completely different than lending out $200K.
  9. I would hardly call it a mortgage crisis.
  10. Jim's viewership is mostly made up of:

    Illegal immigrants...
    Mentally challenged people...
    Spillover from the WWF and Springer.

    Talk about biting the hand that feeds.
    #10     Mar 13, 2007