MASSIVE MORTGAGE FRAUD ON CAPITOL HILL FACILITATED W/ OUR TAX DOLLARS :
The Congressional Hispanic Institute, Inc, is an entity organized by Cong Joe Baca (D-Cali) in his capacity as head of the Congressional Hispanic Caucus.
Cong Baca created "HOGAR" (Spanish for home) in 2003 to work with the mortgage industry, F/M, lenders, banks and latino community groups to increase mortgage lending to what savvy observers consider to be unqualified Latinos.
"HOGAR" colluded w/ Cong Baca in what was to become a massive bilking of taxpayers. Cong Baca calculatedly hyped the fact that the national Latino homeownership rate was 47%, compared with 68% for the overall population.
HOGAR was coached to call the figure "alarming," and to say "a concerted effort was required to ensure that by the end of the decade Latinos will share equally in the American Dream of home ownership."
HOGAR and Cong Baca conned the public, failing to note that most of the "dreamers" were illegals, citizens of Third World countries who had violated US borders.
Predictably, HOGAR colluded w/ co-conspirators which included:
(a) shaky mortgage companies that ran into big trouble;
(b) Fannie Mae and Freddie Mac, both now under federal control after billions in taxpayer bailouts;
(c) Countrywide Financial Corp., sold to Bank of America Corp;
(d) Washington Mutual Inc., taken over by the US government and sold to J.P. Morgan Chase & Co.; and,
(e) New Century Financial Corp. and Ameriquest Mortgage Corp, both now defunct, killed by defaulted subprime Latino mortgages.
HOGAR's ties to the subprime mortgage industry were substantial. Bribery and self-dealing were rampant:
<><> Companies that donated $150,000 to Cong Baca got the right to have their own research fellow who would conduct fraudulent studies, which were cunningly used by industry lobbyists to pump lending.
<><> Bribery and extortion in the form of $100,000 annual donations to Cong Baca, for which HOGAR provided phony news releases from Cong Baca's Hispanic Caucus promoting a lender's commercial products to the Latino market,
<><> The most shocking example of bribery well-substantitated by Hogar's literature..... HOGAR announced it worked with Freddie Mac on a self-serving two-year examination of Latino homeownership in 63 congressional districts.
The "study" found Hispanic ownership on the rise thanks to "new flexible mortgage loan products" that the industry was adopting at the urging of Cong Baca's collusive coterie.
<><> HOGAR conned lenders into even more lenient down-payment and underwriting standards.
<><> As the subprime debacle unfolded, HOGAR declined repeated requests for comment despite the economic havoc their activities precipitated.
The mortgage schemes demonstrated the criminal activities of border violators with multiple identities---perhaps violent, terrorist-connected foreigners---colluding and conspiring to defraud private companies and public entities. And mortgage racketeering enterprises which employed sub rosa finance and business practices to carry out deceptions and frauds.
The alleged ring of swindlers---a Congresman, individuals with multiple identities, banks, insurance companies, mortgage brokers--might be charged with cheating the US govt, taxpayers and bank share holders out of hundreds of millions of dollars via an elaborate web of mortgage and bank frauds.
The mortgage Dreamers used multiple phony identities, fraudulent Social Security numbers, purchased from identity forgers in order to obtain govt-subsidized benefits.
L/E will find that individuals with multiple identities obtained fraudulent mortgages then flipped the houses at ever-higher prices to family member who then absconded to foreign countries, sticking banks (and taxpayers) with hundreds of millions in fraudulent mortgages.
BACKGROUND A Wall Street Journal investigative report related that, according to the Federal Financial Institutions Examination Council examination of the borrowing spree, uncovered financial schemes by low-income housing groups, Hispanic lawmakers, a congressional Hispanic housing initiative, mortgage lenders and brokers, all colluding in fraduent schemes to increase homeownership among Latinos with forged documents which enabled massive fraud.
This was not simply the mortgage market at work. It was fueled by avarice, greed, and Congressional enabling fraudulent practices. In 2005 alone, mortgages to Hispanics jumped by 29%; Latinos with multiple fraudulent identities in low-paying jobs obtained subprime mortgages for prime properties---soaring to 169%.
(Research provided by Wall Street Journal. Some material excerpted from the NY Times).
"The secretary (of homeland security) may not grant registered provisional immigrant status to an alien under this section unless the alien fully discloses to the secretary all the names and Social Security account numbers that the alien has ever used to obtain employment in the United States," said Grassley's amendment.
Grassley's amendment would not have prohibited illegal aliens from being converted into legal aliens just because they had used names and Social Security numbers that did not belong to them. It would only have required that the illegal aliens make the names and numbers they used known to DHS before they could be granted the right to legally live in the United States.
Grassley said, "Congress should not thumb its nose at the millions of Americans who are victims of identity theft, often perpetrated by an undocumented person who steals Social Security numbers to get jobs, govt benefits, driver's licenses and more. This amendment will simply require the person applying for RPI status to disclose any previously used Social Security numbers," said Grassley. "It's the first step to helping clean up the mess that's been created for the victim of identity theft. The amendment also authorizes certain federal agencies, upon receipt of this information, to notify individuals who were the victims."
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ON RECORD AS AIDING AND AETTING FELONIES Ranking member Sen Schumer dismissed Grassley's proposal. "When people are living in undocumented status, there are times, I suppose, when they've made up identities, made up Social Security numbers," Schumer told his Judiciary Committee colleagues. "How are they going to remember all that, and are we going to delay RPI status? "(The) purpose of this bill is to bring people out of the shadows. We all know when they lived in the shadows, they had to forge documents, forge Social Security numbers, et cetera. I just don't see how, when you've lived here 10 years, and you've had many different identities, many different numbers, you're going to remember them all," said Schumer.
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The Senate Judiciary committee defeated Grassley's amendment 8 to 10 on a party-line vote.
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ACTION ALERT Freepers should mobolize locally--get grand juries to begin indicting these Senators for FAILING TO UPHOLD THE LAW AGAINST FELONIES. A few convictions and imprisonment oughta wake up the treasonous Congress. KEEP IN MIND---those elected to office are held to a higher standard of law than we peons....but have never been held to account.
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Majority members----Senate Judiciary Committee Hearing Room
226 Dirksen Senate Office Building Washington, DC:
Patrick Leahy, Dem-Vermont, Chairman
Dianne Feinstein, Dem-California
Chuck Schumer, Dem-New York, ranking member
Dick Durbin, Dem-Illinois
Sheldon Whitehouse, Dem-Rhode Island
Amy Klobuchar, Dem-Minnesota
Al Franken, Dem- Minnesota
Chris Coons,Dem- Delaware
Richard Blumenthal, Dem- Connecticut
Mazie Hirono, Dem-Hawaii
Source: 2013 Congressional Record, Vol. 159, Page S296 to 297