Tanking Economy? Don't Blame the Wall Street Powerful, Blame the Immigrants

With the recent and dramatic downturn in our nation's economy, millions of Americans have been left to grapple with the reality of the situation. "What does this mean for me?" "How did this happen" and naturally, our minds eventually turn to "Who is to blame?" Well, in the past few weeks, the anti-immigrant factions of the American media have jumped at the chance to point the finger at their favorite scapegoats - undocumented immigrants.

Michele Malkin took to her syndicated column to rant about how immigrants have higher foreclosure rates and are, therefore, the catalyst of this economic meltdown. And others, like recent Dobbsy winner, Neil Cavuto, eagerly followed her lead. "The host of “Your World with Neil Cavuto” used his program to put the blame for the subprime mortgage meltdown squarely where he believes it belongs – on the shoulders of poor minorities who have dared try to own a home."

The reality is this: undocumented immigrants have lower rates of foreclosure than American citizens. From the LA Times:

Home loans held by illegal immigrants in California and across the nation generally have had fewer delinquencies than similar loans held by U.S. citizens, in part because of stricter lending requirements, according to banks, insurers and Realtors.

"Every indication is that their performance is better than the average" mortgage account, said Tim Sandos, president of the National Assn. of Hispanic Real Estate Professionals.

More than 12,000 home loans were issued in recent years through a special program that relies on government-issued taxpayer identification numbers instead of Social Security numbers, according to the association.

The identification numbers, known as ITINs, were designed for foreign-born residents living legally in the U.S. but are widely acknowledged to be used primarily by illegal immigrants.

The real estate association does not keep statistics on foreclosure rates. But it has reported that the delinquency rates for taxpayer identification loans were 1.15% or lower in 2006, compared with about 3.5% for other home loans.

Immigrants come here with the hope of a better life. They are not looking for handouts, they are looking to WORK. With so much riding on their ability to make a life for themselves here, they do not take their responsibilities lightly.

But, as always, if there is a problem, count on the anti-migrant faithful to immediately point the finger at these hard-working people. Of course, this seems easier than facing the reality of the greedy, power-drunk wall street elite who have been gambling with our nation's money and future.