cheezeee

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.

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.

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.

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.

This is how governments will lock in rule forever btw

will the IRS beat my ass if i turn in 3 years worth of taxes before midnight tonight

Student debt discourse is bananas. The core complaint is some people have loans they can't pay off. There’s a standard policy for exactly this issue that's worked super great for centuries. In my lifetime we stopped using it for this one specific loan for no good reason.

Robinhood spam called me all morning, begging to take the post down. I told them to give me the stock I purchased. “We can’t do that sir” Burn them to the ground. Evil company.