A New Kind of American Dream

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

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5:40 pm on April 1, 2004