Posted on 08/08/2005 1:11:41 PM PDT by NormsRevenge
"Illegal immigrants are here to stay and banks are recognizing that," she said. "If you do a niche market well and know how to price it, banks can have some attractive margins."
Here until we get people in office who'll through them out.
Some countries, I think Mexico is one, will take all your property if you're caught in the country illegally. That's what I wish we'd do.
Bookmark
When discussing the border situation with bayourod, use the term 'secure' borders. He will play silly games about 'open' borders.
It just doesn't seem right.
==========================================
Despite heated political debate in Washington over illegal immigration in the United States, an increasing number of banks are seeing an untapped resource for growing their own revenue stream and contend that providing undocumented residents with mortgages will help revitalize local communities.
You can bet this is going to happen. Why? Because when the illegals default, the banks will have the taxpayers foot the cost of foreclosure and 'the loss' on paper will come off their taxes. In the meantime, the price of houses keep going up. The parent company "bank" will post the losses while subsidiaries of Big Daddy Bank (real estate companies and brokers) and 'important folk' inside the circle of greed will make the profits scooping up the foreclosures and sitting on them until all equity is absorbed as (maintenance costs and investment loss).
You think credit businesses are hard on citizens being late with payments? Wait and watch what happens to those here illegally. It'll be 'take their money and run'. Will illegals have legal means to file for bankruptcy? The price of housing will start to fall as it has in a few areas in the last few months. Talk about hedging your bets and market manipulation.
I couldn't believe it when I heard Bush say, "Not enough brown people own homes and I'm going to change that". Why doesn't he give low interest loans and financing to poor whites? Bush supporters how do you defend such a racist position.
The CFO's of these banks should be perp-walked to the nearest jail cell.
Aiding and abetting the felonious invasion of this nation.
It usually doesn't happen that fast, and fannie may and freddy mac, do not buy every single mortgage.
That said, the default, is the biggest hassle, I deal with banks as part of my job (real estate), they go out of their way to avoid giving loans that will default, and usually if necssary, refer folks to a sub prime lender (i.e. let them become someone elses headache).
That said, you still have to go through the entire closing procedure, not something easy to do if you are an illegal.
I think this article may have been a scaremonger attempt taking a few isolated cases, leaving facts and details out, and trying to get some attention.
I will note, that illegals are not exactly uninvolved in the real estate market, I can personally name numerious ways in which I have seen them involved in various kinds of frauds, scams and other illegal acts for finanical gains, but this is not one of them.
That's why it's win-win. If the illegal is deported and defaults, the bank gets the house.
It's pretty widespread throughout the entire DFW metroplex. It's to the point where signs that read, "House for rent, no SS# required" are everywhere.
No, the money goes to the title holder when you get a a home loan.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.