A New Kind of American Dream

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Whatever you think of the libertarian immigration debate, the gov’t subsidised mortgage/immigrant racket is ridiculous:

For example, the Little Haiti Housing Association in Miami is a “Community-Based Organization” [CBO] that manages several layers of public subsidy for new arrivals.

One financing package for the newly-arrived home buyers includes:
“A large soft second mortgage with minimal repayment requirements funded by a Miami-Dade County surtax program or the federal government (HUD’s HOME and Community Development Block Grant programs or other federal programs)” and “a modest-sized, soft third mortgage funded by a grant from the Federal Home Loan Bank’s Affordable Housing Program.” (p. 26, Reaching the Immigrant Market, Fannie Mae Foundation).
-The Mortgage Monsters Meet The Immigration Invasion. They Like Each Other. by Thomas Allen

5:40 pm on April 1, 2004
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