Chicago: Banks Allow Mortgages to Illegal Immigrants

Chicago Tribune ^ | December 10 | Avila, Oscar

[sixmil]

And people wonder why immigration laws are not enforced. Tourism, housing, and mortgage corporations benefit from mega-immigration and heavily lobby the government. Who cares about American citizens the taxbase!

[texastoo]

It looks like Bush got his amnesty.

America is DEAD.

[blackie]

Shaggy ~ you can have Chicago ~ I was there in Nov of '86 and it was minus 19° F in the lower parking area at noon ~ brrrrrrrrrrrrr! :)

[Bikers4Bush]

Good lord, we have gone completely insane. Illegals are taking over and the federal government is doing nothign to stop them.

Obviously the banks know something the rest of us do not with respect to legalizing these scumbag criminals.

[JustPiper]

And I cannot get a mortgage! Sometimes they will even refuse you a bank account here! How can the illegals get it?!

[petercooper]

Bring on the housing price crash. These prices are ridiculous.

[bert]

.....That makes me feel all warm and fuzzy.....

warm and fuzzy won't warm the ice in a banker's cold heart. For that you need collateral.

They can forclose on a mortgage but not on a credit card.

They charge higher rates for illlegals and when they are run out of the country, the banks can forclose.

Pretty neat eehh?

[texastoo]

"How can the illegals get it?!"

The illegals follow V. Fox commands. V. Fox evidently hasn't assured GW Bush of the illegals vote.

This is all about votes. Why else do this one year prior to an election?

This is a form of amnesty behind our backs.

[Steve0113]

Seems to me they're talking about offering mortgages to people who cannot legally hold a job. What's wrong with this picture?

[shaggy eel]

you can have Chicago ~ I was there in Nov of '86 and it was minus 19° F in the lower parking area at noon ~

,,, I was there in August of 1992 and loved it. I'll stay where I am though.

[blackie]

Yep ~ I'll take where I'm living over other places ~ too. :)

[Dubya]

Demand for Mortgages Declines

(December 11) -- Demand for mortgages slipped last week, according to a leading indicator. The Mortgage Bankers Association of America (MBA) reports that its seasonally adjusted measure of loan demand declined 12.2 percent for the week ended Dec. 5. Requests both to refinance and to purchase a residence dipped last week--15.5 percent and 9.5 percent, respectively--with MBA officials adding that the group's weekly mortgage refinancing index fell to its lowest point in 18 months.

Applications for home loans have sunk more than 60 percent from their May peak since mortgage rates started their upward climb in June. With the refinancing boom grinding to a halt, home lenders such as Washington Mutual are now preparing for contraction by slashing profit outlooks and cutting staff.

Source: Chicago Tribune (12/11/03)

[JustPiper]

This is a form of amnesty behind our backs.

Well today's news is not behind our backs anymore, "W" wants to go for this as he always has, blanket amnesty!

[Dubya]

IRS Steps Up Real Estate Fraud Investigations

(December 12) -- According to the Internal Revenue Services, the number of investigations into real estate fraud and money laundering has jumped from 107during the 2001 fiscal year to 215 this year. At the same time, prison sentences for convicted real estate criminals have climbed from an average of two years to about 46 months.

Fraud has become more prevalent due to the hot housing market; and unscrupulous mortgage brokers and other industry professionals have profited from preying on low-income families, lenders, and investors. Most of the crimes involve property flipping; dual settlement statements, one of which details the accurate value and is given to the homebuyer while another document with an inflated value is presented to the lender to secure additional funds; and the use of fraudulent employment or credit histories to help borrowers qualify for home financing.

Source: Inman News Features (12/11/03)

[Dubya]

Average Rate Falls on 30-Year Mortgage

(December 12) -- McLean, VA – In Freddie Mac's Primary Mortgage Market Survey, the average national commitment rate for a 30-year fixed-rate mortgage (FRM) was 5.88 percent, with an average 0.7 point, for the week ending December 12, 2003, down from 6.02 percent last week. Last year at this time, the average commitment rate for a 30-year FRM was 6.04 percent.

The average national commitment rate for a 15-year FRM this week is 5.24 percent, with an average 0.6 point, down from last week's average of 5.36 percent. A year ago, the commitment rate for a 15-year FRM was 5.46 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.77 percent this week, with an average 0.6 point, unchanged for the last three weeks. At this time last year, the one-year ARM averaged 4.18 percent.

"Mortgage rates continue to be spectacularly low at present, especially when you consider that a generation ago, the 30-year fixed-rate mortgage rate was triple today's rates," said Frank Nothaft, Freddie Mac chief economist. "Not only does it look like the annual 30-year rate for 2003 will fall to the lowest level in the 32-year history of our survey, but next year's rates won't be a lot higher, according to our December forecast."

—Freddie Mac

[Dubya]

Calif.: Only 25% Could Afford a Home in October

(December 12) -- A median-priced home in California was out of reach financially for 75 percent of the state's households in October, a new report determines.

The CALIFORNIA ASSOCIATION OF REALTORS® study finds that just one-quarter of Californians earned the minimum yearly income of $89,340 required to purchase a property at the median price of $381,200, down from 30 percent who could afford a median-priced home in October 2002.

Affordability calculations assume 30-year, fixed-rate financing at 5.83 percent and a downpayment of 20 percent.

Source: Associated Press (12/11/03)

[Dubya]

Remodeling Keeps Up Pace

(December 12) -- U.S. homeowners tackled improvement projects at about the same pace in 2003's third quarter as they did in its second quarter, according the National Association of Home Builders' (NAHB) remodeling index. The index of current market conditions dipped one-tenth of a point to 53.5 in the third quarter, at the same time that its index of future expectations climbed by one-tenth of a point to 54.9. Year-over-year, these indices reflected gains of 3.7 points and 6.7 points, respectively.

"Low interest rates, rising home values, and strong home sales are definitely contributing to the remodeling fervor among homeowners," explained NAHB Remodelers' Council Chairman Mike Weiss. "In addition, the rebounding economy and rising consumer confidence are fueling substantial optimism among remodelers."

The pace of professional remodeling was highest in the Northeast during the third quarter.

Source: CBSMarketWatch.com (12/11/03); Kerch, Steve