OligarchyNot

The FBI and Mortgages

The deregulation of the banking industry, coupled with unnaturally low interest rates and irresponsible public officials are the cause of the housing crisis. The value of real estate had historically increased in tandem with inflation until this housing crisis. When the value of real estate started outpacing inflation by many percentage points, those in charge of monitoring the banking/lending industry knew this was a big red flag, yet they did nothing about trying to reign it in (indeed, I would imagine most of them based their personal investments on what was happening and made a ton of money). Of course, it didn't help that the Republicans, who think privatization and deregulation are the answer to everything, had deregulated the banking industry back in the mid-1990s.

Inasmuch as many Americans want to have some individual(s) to blame for this mess, and illegal immigrants are the easiest choice, the illegal immigrants had nothing to do with the housing crisis. Instead of blaming illegal immigrants for any and everything when they are simply trying to survive from day to day, we should be blaming our lack of -- once again -- regulations and the enforcement and funding of same.