Basically, now that lots of the houses that people like them sold are facing foreclosure, they've turned to scamming the occupants with phoney claims of being able to help prevent foreclosure. Read the whole thing -- it provides a good reminder of how widespread throughout the social ladder these charlatans managed to thrive, from those catering to yuppies in San Fransisco to those who delivered loans to the illiterate Central American peasant underclass. Most of the latter were Hispanic themselves.
Similar to the Mexican strawberry picker who earned $15,000 a year but got a $720,000 loan, there is this example:
Three months earlier, [Jose] Serrano, 45, a dump-truck driver at a limestone quarry, says he had stopped paying the mortgage on his $569,000 house ["in Soledad, California, a farm town about a two-hour drive south of San Francisco" that "he bought with a 30 percent down payment of $169,000 in 2005"]. Under the terms of his adjustable-rate mortgage, Serrano's monthly payment shot to $2,500 from $1,618 after his initial teaser interest rate of 1 percent jumped to 8 percent. At the same time, the slowing economy forced the quarry to cut his hours, leaving him with only $2,250 in take-home monthly pay from $3,200 when he worked full-time.
Unable to support his wife and six daughters, aged 8 to 22, Serrano tried in vain to persuade his lender, Aurora Loan Services LLC, a subsidiary of now bankrupt Lehman Brothers Holdings Inc., to change his mortgage so he could continue paying $1,618 a month.
So a dump-truck driver who only made $38,400 a year working full-time bought a home in the middle of Greater Buttfuck for over half a million dollars? That's about 15 years of annual income -- for Christ's sake, the down payment alone was over 4 years of annual income. Probability that he could have ever repaid his mortgage: zero.
After we round up the parasite class and take them out back to be shot, we need new regulations to make sure they can't invade the population again. It could be something as simple as not allowing mortgages to be given for homes that are priced at more than 3 or 4 or 5 times your annual income. If the average person were prudent, intelligent, and far-sighted, we wouldn't need this regulation, obviously -- but then most parents wouldn't have their children inoculated against infectious diseases if left to their own devices, so we compel them to inoculate their kids before they can be dropped off at the free daycare facility called "elementary school."
What we really need is a massive overhaul of the whole incentive structure to encourage smart women into having more kids and at younger ages. That's the only sure path to a population less in need of supervision and paternalism. The problem has nothing to do with education, careers, etc., as the Demographic Transition began in the late 18th C. in France, and a bit later in England, long before women had the right to vote, pursued higher education, or entered the work force en masse. I don't really see a way out of it, so the best we can do is to slow the downfall as much as possible, and the quickest fix right now is to deport illegal immigrants and revive legislation that only allows in immigrants who are quite above the native population's average in intelligence, work ethic, education, and so on.