here.
Apparently some years ago the government started giving illegal, or undocumented, immigrants a tax ID number so that they could pay taxes even thought they are not even supposed to be here, let alone working. That in and of itself should be eye opening for some people. Apparently there are illegal immigrants who are contributing to the welfare and safety of my life. The whole idea that they are a drain on the system might need some reconsideration.
It gets better. That tax ID is called an I-10, and based on that number some banks started making home loans. You already know that there was a recent housing boom and so of course I-10 loans boomed right along with it. In California there are whole real estate firms based on this market.
Here's what you might not have guessed; the average default rate on those I-10 loans is .5%. That's right now, in the current housing implosion. The current national average for housing loan defaults is 6%. Yeah. Bring that to the Thanksgiving table this year.
3 comments:
I've often heard undocumented workers being interviewed say that they're paying taxes and I've always assumed they all have fake ID's with which they accomplish this. That's just too rich that at least some of them are getting them from the government. Really changes the picture doesn't it?
Wait... are you advocating smoking?
just goes to show that there is a lot going on out there that we have no idea about - and that maybe these illegal immigrants are more responsible with their money than some americans???
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