Posted on 03/13/2006 2:42:43 PM PST by bordergal
The San Diego housing market is one of the most expensive in the country and many first-time home buyers are simply priced out of the market. Even if you can somehow scrape together enough money for a down payment, rising interest rates and mortgage insurance make it exceedingly difficult to become a homeowner. That is, unless you happen to be an illegal alien.
If you are in the country illegally, don’t have a valid social security number and use a taxpayer ID number instead, you’re in luck. The Association of Community Organizations for Reform Now (ACORN) has persuaded Citibank, one of the nation’s largest banks, to help out. Illegal aliens in San Diego can purchase a home at below market interest rates, receive down payment assistance, and not have to take out mortgage insurance like other risky customers do.
A similar program instituted by Wells Fargo in the Los Angeles area attracted bad publicity, so Citibank is trying to keep quiet the fact that illegal aliens can get better deals on home mortgages than citizens. The position of the banks is that as long as there is a buck to be made off of illegal aliens, they are going to keep marketing to them. As Chuck Lemoine, a senior vice president at Wells Fargo said, “It’s not only the right thing to do, it’s good business.”
Citibank (West) FSB PO Box 348480 Sacramento, CA 95834-8480
I can't wait to see what the foreclosure rate will be. Maybe the back thinks that will earn them even more money.
Swell. sigh.
Ok, so where do I apply ? How much can I refinance ?
I've conveniently forgotten I have a SSN.
Oops. That should have read "Maybe the bank..."
People who are here illegally don't use TINs.
Citibank hold may mortgage and won't cancel my PMI without a new appraisal even though the equity is well above the threshold required to cancel PMI. Shall I become an illegal alien and try again?
Actually... that's an interesting thought. Get them to put down some money, approve a less than what you think the value of the home is, and, when they default (say, someone gets "tipped off" that the address was bought by mortgage such as this and they get arrested) foreclose on the home. Man. And it isn't even illegal!
(Of course, the immigration would have actually go arrest them, but I'm sure they could be "encouraged" to do so).
This all has the blessing of the federal government.
If any of these loans have federal guarantees involved, there is an equal protection violation.
What do i have to do to become an Illegal immigrant? What laws can i break and get all these benefits not afforded to law abiding citizens? My healthcare costs for me and my employees is about to cause me to close my business. Can we all become Illegals and quit paying our due? i know they would love to keep 100% of their gross. Me too!
Why is it the right thing to do? The PC police are working overttime, I fear they will bring California to a third world status.
when the forclosures begin, and the banks start building up a hugh supply of forclosed homes, they will hollar for the taxpayers to bail them out. clinton's former cronies are a part of citi bank. we still haven't got out of the home loan scandal that clinton and Raines perpetrated to the tune of billions. Will the teflon black president and his cohort presidential candidate hillary have anything to say about this? Oh yeah. Blame Bush. Bush caused it.
Isn't this discrimination based on national origin?
People should apply for mortgages with Citibank and when they receive a higher interest rate, simply because they are American, they should sue based on Fair Housing and other anti-discrimination laws.
Scratch the surface of any goofy acronym that spells a word, and you'll find a bunch of Marxists scurrying busily beneath.
Oh great! Can't wait for this insanity to come to Cape Cod, where starter homes are over 300K.
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