One answer to the foreclosure mess: More immigrants

Money manager and influential financial blogger Barry Ritholtz was one of the few people on Wall Street to predict the subprime meltdown….

On Yahoo’s Daily Ticker program Friday, he offered this suggestion for clearing out the backlog of homes in foreclosure: Offer permanent resident status to any highly trained immigrant who buys a repossessed house within two years of arriving in the United States…

You want to get rid of the problem of excess supply, the way to do it is create more demand. Bring 2 or 3 million engineers, PhD’s. You come into the United States, you buy a home or start a business within two years, you get a permanent green card. I think this is a nation built by immigrants. I have no problem enhancing our brain trust in the United States by bringing some very talented people here….

That to me makes much more sense than getting into the business of being landlords. Listen, the federal government has subsidized and built low-income housing and rented it. It hasn’t really been a successful program for them over the decades. I would hate to see them go back down that road.”

Oh, Barry…

Okay, let’s break this down and tie foreclosure fraud, land record fraud, promissory note fraud, and property conveyance fraud in with your proposal to reduce oversupply of government owned fraudclosed properties.

You propose we induce “immigrants” with the lure of the “American Dream” under the guise of a call to increase America’s “brain trust.”   How’s it going to work for our international relations when “2-3 million brain trust immigrants” find out they bought  property with no clear title and fraudulent/robosigned historical land records.  How is that “brain trust” going to react when they realize they are facing a storm of litigation to either clear the title to their “American Dream”, defend from a fraudclosure by a different “owner/holder,” or a previous homeowner (post illegal fraudclosure) who decides to challenge the violation of their constitutional due process and property rights after learning of the fraud based foreclosure action against them?

Then what? Then you and US Gov tell them “Sorry, should of known better.  Please turn in that green card now, as they are deported out of the country.”

Why do you think that Freddie and Fannie want to “rent” these homes? Could it be because they are unsellable “assets” due to title defects?

This was/is the biggest transfer of wealth and robbing of the American people that has never been seen before in the history of the world.

We can not base our recovery on fraud. It will not sustain…

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4closureFraud.org