ArchivingLeftists (@ArchivingLeftists)

"We basically did NINJA loans again but this time with non-US citizens Many homebuilders, such as #BloomfieldHomes in #Celina, TX [#Texas] offered access to #FHA loans for H-1B visa holders through their preferred lenders until May of 2025, when #Trump had #HUD shut these lending practices down Some of these FHA loans offered 100% financing through a combination of a standard FHA loan and access to State assisted first time homebuyer grants for the 3% downpayment Yes, you read that correctly, your tax dollars funded home-buying grants for non-US Citizens during the Biden administration Is it just a coincidence that home prices began falling at a rapid pace in Celina, TX almost immediately after Trump shut this program down? How many people bought a brand new home with zero money down at peak 2022-2024 pricing? You won’t see an impact at a national level, but you WILL see it in certain markets with a lot of #H1B tech workers and new construction" #fraud #corrupt #corruption #moneylaundering #immigration https://archive.is/AYkuA https://archive.is/EelSZ https://archive.is/fDGuk "Also worth noting that FHA loans have the highest delinquency rate—and by a large margin We should not have been handing these loans out like candy to everyone visiting the US" https://archive.is/HmkU4 https://archive.is/KujW9 "Ignoring the fact that our taxes shouldn't be funding programs to help foreigners buy homes, H1B visas are good for a max of 6 years. What kind of loan officer is approving a 30 year note for someone that can't stay in the country for more than 6 years? Seems irresponsible to me." https://archive.is/yIjLa https://archive.is/97Emv "During the #Biden administration, H-1B visa holders were buying houses with 97-100% financing. 97% would come from the FHA, with the rest coming from state first-time home buyer programs. Zero money down. Thanks to programs that were supposed to be helping low-income American families buy their own homes. FHA loans to non-permanent residents quickly grew to represent 6% of mortgage issuances. The percentage was undoubtedly higher in places like the #DFW area, where H-1B visa holders are disproportionately concentrated. I don’t have anything against people in America on H-1B visas. I’ve said it before—and I’ll say it again—that I’ve found many of them to be great people on an individual level, and I wish them all nothing but the best. Individual immigrants—especially those here legally—are not at fault for flawed US immigration policy. But this might be the most radicalizing thing I’ve ever seen. Not only are American workers forced to compete for jobs, they’re also forced to compete in the housing market against people bringing 0-3% of a house’s cost to the closing table, versus the 10-20% most people have to pay. First, companies import mass numbers of H-1B visa holders, largely in "back office" white-collar fields like IT and accounting. This essentially imposes a lower ceiling on domestic wages in these job categories. Next, these workers—who are generally concentrated in certain geographic areas—create more demand for housing (especially in good school districts), driving up home prices and the cost of living. Then, to top it off, they don’t even have to save up money for a down payment. They can close on a $ 500k house with $ 0-15k plus a 97% FHA loan. Meanwhile, ordinary American families are forced to come to with $ 50-100k for the same down payment. I don’t care how you feel about #Trump or what your preferred #immigration policies are; there’s no defending this. It screws over hard-working American citizens several different ways over, and it’s yet another reason why I will always be glad #Trump won and Kamala #Harris lost in 2024." https://archive.is/gjRzT "Good job explaing this, but it's worse than this. The H1-Bs can bring their spouse and children under #H4. That H-4 can apply for an EAD, employment authorization document, and enter the workforce. So you are potentially replacing two American jobs, preventing American citizen home ownership and bringing more people in to compete for common goods driving demand and prices up. The kids can go to public schools which is taxpayer funded. And it goes on... Politicians need to be held accountable. Businesses cannot be subsidized by taxpayers for cheap labor." https://archive.is/EYhPk "While we were tightening the belt and looking for ways to cut costs in order to save up the 20% down we needed to buy our first homes, H1B's were getting 3.5% down loans and they didn't even have to come up with that 3.5%...that was given to them as well." https://archive.is/zjLTS