HUD cries foul over illegal immigrant mortgage data

Phoenix Business Journal ^ | October 9, 2008 | Mike Sunnucks

[mdittmar]

The U.S. Department of Housing & Urban Development says there is no basis to news reports that more than 5 million bad mortgages are held by illegal immigrants.

A HUD spokesman said Thursday his agency has no data showing the number of illegal immigrants holding foreclosed or bad mortgages.

But news reports, including one aired on KFYI-AM 550 in Phoenix, cite HUD as a source for the illegal immigrant mortgage number. The widely read “Drudge Report” posted a link to the KFYI report, but as of Thursday afternoon the link no longer connected to the story.

Anti-immigration groups point to subprime and foreclosed mortgages given to undocumented immigrants, particularly in cities hard hit by the mortgage crisis, such as Los Angeles, Phoenix, San Diego, Miami and Las Vegas, which also have large immigrant populations.

[xcamel]

Like hell they don’t .....

[exit82]

And how would HUD know if there weren’t five million mortgages held by illegals?

[ken21]

same ol’ story.

hud did nothing wrong.

democrats did nothing wrong.

media did nothing wrong.

[PhilosopherStones]

Flak / Target

[LasVegasMac]

A HUD spokesman said Thursday his agency has no data showing the number of illegal immigrants holding foreclosed or bad mortgages.

Just like there is no data showing the number of crimes commited by illegals.

Problem solved.

[doc1019]

Yep, just the gun tote’n, bible huggn’, patriotic Americans pointing and accusatory finger are wrong. Shame on us. ;-)

[Oldexpat]

Whether if is 1m or 5m is irrelevant. No bank should have been giving mortgages to someone who could be deported any day. Makes no sense.
All I know is we have a friend foreclosing on almost one house a day in Orange Co. CA.

[donna]

Story about it still on Newsbusters
http://newsbusters.org/blogs/warner-todd-huston/2008/10/09/calling-old-media-five-million-illegals-have-illegal-mortgages-u

[VOA]

bump

[NonValueAdded]

blank them, we damned well do need to know this. How could an illegal alien be expected to fulfill their complete mortgage obligation? The risk is astronomical. Yes Fannie and Freddy accepted these? That’s criminal.

[calcowgirl]

Original KFYI story:

http://www.freerepublic.com/focus/f-news/2100080/posts
HUD: Five Million Fraudulent Mortgages Held by Illegals

[jerry639]

If there is even one illegal with a bad mortgage then it is serious. Should never have happened.

[wrench]

I knew some slimey guys writing mortgages. They preferred to deal with illegals, way more money than dealing with law abiding citizens.

Think, no complaining about higher interest rate, willing to pay points up front. And willing to pay “fees” in cash up front.

[donna]

KFYI Reply:

HUD Declines To Discuss Illegal Mortgages
Thursday, October 9, 2008

The Department of Housing and Urban Development won’t discuss whether 5 million illegal immigrants held mortgages.

Earlier this week, we posted a story that said figures from the Department of Housing and Urban Development showed that home mortgages were held by 5 million illegal immigrants and that this may have contributed, in part, to the housing crisis that has led to the recent failure in the financial markets.

Our source for that story, a retired agent from Immigration and Customs Enforcement, stands by those numbers.

A person from Housing and Urban Development contacted KFYI to tell us the number was inaccurate, that there were only 2.3 million mortgages held by immigrants, so there was no way that 5 million illegals could have mortgages.

When asked what HUD says the correct number is, the person (who identified himself only as ‘Brian’ and who refused to give his last name), either would not or could not say how many illegal immigrants hold mortgages. He also said there was “no way” HUD would grant an interview on the subject.

http://kfyi.com/pages/money-matters.html?feed=268721&article=4381201

[listenhillary]

that there were only 2.3 million mortgages held by immigrants

OK then, THAT makes it all better...

[calcowgirl]

Thanks! I looked on their website for a retraction or clarification and couldn’t find it.

It looks like HUD is too embarrassed to support their numbers. As to their “2.3 million mortgages held by immigrants,” maybe that is the number in California, alone. ;-)

[calcowgirl]

Ping to above, FYI

[supercat]

Think, no complaining about higher interest rate, willing to pay points up front. And willing to pay “fees” in cash up front.

Do things go that way, or the other way? Think 110% LTV. Cash all around, except for the poor shmuck who's stuck with the worthless paper.

[donna]

If illegal aliens were using stolen identities, wouldn’t they be stolen from American citizens?

So, then the total would be 5 million PLUS 2.3 million!

[Liz]

HUD cries foul over illegal immigrant mortgage data.....

Political correctness atrocity at work-------cannot ever ever, ever, appear to be "judgemental" or "critical" of a hyphenate.

[listenhillary]

I was just being a smart *ss if you didn’t catch my drift.

Had a friend selling their house in St.Louis that had an “undocumented alien” try to buy their house. Luckily the deal fell though because they were “undocumented”.

[TADSLOS]

And how would HUD know if there weren’t five million mortgages held by illegals?

Exactly. No more than Chicago, Columbus, Ohio or Las Vegas can tell how many ACORN derived registered voters they have.

[Liz]

KFYI reported the subprime housing mortgage meltdown has affected every state, including Arizona. The problem began years ago when banks were forced to give mortgages without confirming Social Security numbers or borrower identification. As a result, illegal immigrants were able to obtain home mortgages which they could not afford. One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt.

BACKSTORY July 21, 2006 Two held in bust of bogus ID operation

Pelcastre brothers, Angel and Jorge, Dallas, were a walking threat to US national security, expert document forgers who, for a few thousand dollars, could give anyone a new identity, authorities said. The two men turned a New Jersey hotel room into a business office and were readying a massive cache of fake Social Security cards for delivery to a local identity broker.

They were a "one-stop shop" for a myriad of fake US documents, including birth certificates, Social Security cards, driver's licenses for any state in the US, passports and resident alien cards, said state police. Officers happened upon two cars bearing Texas plates in a hotel parking lot. Authorities wouldn't identify the hotel by name for fear it would spark retribution.

The Drug Interdiction Task Force, regularly runs checks. The brothers were followed to an office supply store nearby where they purchased computer supplies. Officers then followed the brothers to a storage facility in Secaucus, where they loaded several boxes into a car. One of them stood lookout. Authorities approached them when they returned to the hotel and questioned them separately. The brothers consented to a search. Police recovered laminating sheets with built-in security features, pages of blank documents waiting for fake names and information, finished documents, computers and software to create the fake IDs.

All told, the haul was worth about $500,000 on the street. Police also recovered $6,000 in cash, which was the first payment from a fake document broker for a shipment of 500 Social Security cards.

[donna]

LOL, don’t worry, I caught ya.

[beaversmom]

Looks like the same old mistakes are ready to be made again and again. If you can’t even tell the g-damn truth, how in the hell are you going to fix the problem? The Dems and the weak kneed Repubs are going to run this country into the ground and we will be all invading Mexico looking for jobs.

[bcsco]

This is a ping list promoting Immigration Enforcement and Congressional Reform.
If you wish to be added or removed from this ping list, please contact me.

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[Fresh Wind]

A HUD spokesman said Thursday his agency has no data showing the number of illegal immigrants holding foreclosed or bad mortgages.

Actually, this is a true statement. HUD has no clue who is illegal and who is not, so they couldn't possibly know how many bad mortgages are held by illegals.

Clinton taught me to think this way.

[GOPJ]

HUD’s part of the group that got us into this mess...

[metmom]

A HUD spokesman said Thursday his agency has no data showing the number of illegal immigrants holding foreclosed or bad mortgages.

Lack of evidence is not evidence of lack.

If they have no data, then they can't say that there are no mortgages held by illegals.

They're lying as is evidenced by their reaction to the statements. They're over reacting which shows guilt.

[hunter112]

Cash all around, except for the poor shmuck who's stuck with the worthless paper.

We have met the schmuck, and he is us. At least its been that way officially since Fannie and Freddie were taken over.

[Deporter55]

Remember, until recently, HUD was headed by Alphonso Jackson, another primo Bush appointee. Prior to this, Jackson headed the Dallas Housing Authority, where he freely labeled anybody who disagreed with him a “racist”. Yes, Jackson was another one of those african-american race pimps. He also vigorously pursued a policy of building new public housing directly in the middle of middle to upper middle class neighborhoods, thereby destroying home values. And everything people warned about when they tried to stop putting public housing criminals in decent neighborhoods has since taken place. I know. I live in a suburb north of the Dallas city limit, where Jackson plugged in one of his public housing blights. Grocery stores, strip malls, and chain stores closed down several years ago, because they were constantly burglarized. There is a rundown strip mall where a thriving one used to exist. Seventy percent of the stores are empty and have been for years. What’s left in business is a beer and wine store (big surprise), a Blockbuster, and dollar store. Thanks, Alphonso. If you don’t think this guy was doing everything he could to get mortgages to illegals, you don’t know the Jackson agenda.

[mlocher]

Rashid Wallace of Detroit likes to cry foul too.

[Robert A. Cook, PE]

Let's see:

If 5,000,000 illegals did have mortgages, figure 1/2 (?) default or leave the country after 12-18 months to return home. Walk out on the mortgage, or “give” the house here to the next bunch of 20 itinerant laborers - who then trash the house/neighborhood/yard and destroy remaining value in the street.

If each house is 50,000.00 to 150,000.00 - take an average of 100,000.00 in losses for each bad mortgage. And unlike “real estate” - which does go up in value historically, an abandoned and trashed house on a defaulted mortgage is worth little if anything!

SO 2.5 million times 100,000.00 each = 6.25 x 10^11th dollars! That have to be made up by SOMEBODY.

Assume ONLY 1/10 default.... Blatantly low. It's is STILL 5 x 10^10 dollars!

[GOPJ]

Atlantic Monthly did a story on what you're talking about a few months back. They looked at patterns of crime in Memphis - a city that had the same HUD "outreach" you speak of.

In Memphis, the liberals decided if members of poor minorities could just live in good neighborhoods, that wealth would "rub off" on them. In fact, as you stated, the opposite happened. Crime went from being centralized in the ghetto to being all over the city. A situation that put massive strain on police departments. An analysis was done and the crime emanated from HUD placements.

I'm also sure that many of these people were given loans they would not be able to afford. It's part of the same wishful, magical, unicorn type thinking that characterizes liberals.

God help us all - the financial meltdown caused by the silly "good intentions" of liberals might destroy our country.

[gubamyster]

ping

[dennisw]

i said this 5 millioon figure was bs....yesterday

[skeeter]

Why are they denying it? The banks, with tacit approval of the federal govmnt, was ADVERTISING mortgages for borrowers without US IDs.

[Bigg Red]

Anti-immigration groups point to subprime and foreclosed mortgages given to undocumented immigrants....

&&&
Hey, liar, it’s “anti-ILLEGAL-immigration groups”, and their concerned is with “undocumented ILLEGAL immigrants”.