Cramer's Housing Solution: Halt Illegal Immigrant Deportation

Photo of Jeff Poor.
By Jeff Poor (Bio | Archive)
November 6, 2008 - 10:49 ET

Drastic times call for drastic measures, and CNBC's Jim Cramer has a drastic measure that probably won't sit well with border enforcement proponents.

On Nov. 5 the host of CNBC's "Mad Money" detailed for his audience how he would save the economy serving under Democratic President-elect Barack Obama - under the facetious assumption he could be SEC chairman, Federal Reserve chairman and Treasury secretary.

Cramer's plan involves the government bailing out the big three U.S. automakers - General Motors (NYSE:GM), Chrysler (NYSE:DAI) and Ford (NYSE:F) - with a plan similar to the bailout of American International Group (NYSE:AIG), which was rescued earlier this year. Cramer would also give tax breaks to private enterprises that aid in the country's transition from petroleum-based fuels to natural gas.

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But one specific part of Cramer's plan could cause the biggest stir: halting immigrant deportation to increase demand for housing.

"Obama must let it be known that there will be no more immigrant deportations," Cramer said. "Like it or not - listen to me - so that immigrants, legal and illegal, will stop being afraid to buy homes."

Cramer referenced a study cited by CNBC "Street Signs" host Erin Burnett earlier in the day during the "Stop Trading" segment of her program. According to Burnett, the illegal immigrant mortgage payout is about 98 percent, versus a 92-94 percent range for mortgage payouts nationally.

"The home areas that are, have been most decimated are exactly where the immigrants were buying," Cramer said. "It's a major not-talked-about issue. By the way, the immigrants default rate is almost nil as the wonderful and fabulous one [Burnett] said to me today at 2 o'clock. These are the banks - these are the people the banks want to lend to as they will take on fourth, fifth, sixth, seventh and eighth and ninth jobs to keep their mortgages current."


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C'mon, Cosmo

November 6, 2008 - 10:54 ET by Mica the Magnificent

How does Cramer know the default rate for 'immigrants' is nil?

I don't remember checking a box off on my mortgage application for 'immigrant!'

"What he should do is

November 6, 2008 - 11:18 ET by stratman

"What he should do is pull an FDR and burn them, burn the homes, to get rid of the oversupply, an agricultural adjustment act for housing.  I kid you not.  Listen, we slaughtered pigs and plowed over corn, and that, well, it didn't work, but we can it try again."

Jim Cramer, Mad Money, 11/05/08

Like the Guinness commercial idiots say, "Brilliant!"

Cramer should fit in nicely within an Obama Administration.  Cramer, Second Time Proud MichelleO, Inspirational Director Reverend Wright and Secretary of Education William Ayers can chant "Burn, Baby, Burn!" while the country is imploding.

It's going to be a full moon every day for four years, folks.

Nice catch Jeff, and Bingo

November 6, 2008 - 14:59 ET by dscott

Nice catch Jeff, and Bingo here we have the reasoning behind a bailout of individual mortgage holders to keep them from being foreclosed upon - illegal immigrants!  Having illegally purchased property under a false identity, a felony, now the government is supposed to bail out illegals on top of giving them unemployment benefits! 

The real issue here is when the illegals lose their home because they are losing their jobs due to stricter enforcement of the labor laws and employers cutting a legal liability using the economy as a legal means to do so.  (employers are NOT allowed to fire an illegal if they find out after the fact, catch 22 for employers who then are fined for having them)  The real issue for Democrats is once the illegal loses the house, they will have nothing remaining to keep them here in the US, no house, no job - NO VOTE!  This is also why Obama wants to issue drivers licenses to illegals, it has nothing to do with safety, it has to do with voter registration.

Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.

According to Cramer, the taxpayers should..

November 6, 2008 - 12:51 ET by Gary Hall

So ... according to Cramer, in addition to buying houses for, the taxpayers should probably start buying stocks and bonds for legal and illegal immigrants, as well? Yikes? gary

ok I dont usually watch

November 6, 2008 - 13:37 ET by katainkent

I dont usually watch CNBC since Cavuto went to Fox but..  isnt this the guy that was wildly yelling abandon ship the stock market is tanking the stock market is tanking?  How can they responsibly let this man even open his mouth anymore.