Chicago: Banks Allow Mortgages to Illegal Immigrants

Chicago Tribune ^ | December 10 | Avila, Oscar

[FITZ]

To make it legal will take away all the fraud problems on applications.

How????? If they don't get approved because they have poor histories of paying their bills, they just commit fraud like they do now. These aren't people who respect our laws or avoid felony document fraud.

[ChiMark]

If these people cannot cover a 5% down payment what are the odds that they'll cover a mortgage? What is the rate of fore closure? I know Chicago has a 1% down guaranteed loan program for first time buyers but only if you're hispano or non-white.

[eno_]

When financial privacy is outlawed (bank reporting laws, The Patriot Act, and all their odious predecessors) only outlaws will ahve financial privacy.

[Pro-Bush]

Sure, what the hell. The American dream for Illegals, who would've thought. Celebrate diversity!!

[Alberta's Child]

We at the Center for Immigration Studies estimate that the average Mexican immigrant will use $55,200 more in public services during his lifetime than he pays in taxes.

I don't question this number, but I strongly suspect that this is more a function of the business sectors in which Mexican immigrants tend to work than anything else. I'll bet the differential between services received and taxes paid for the average all-American, heartland-type grain farmer is about ten times the value you see posted here for Mexican immigrants.

[Bob J]

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[Political Junkie Too]

A coalition including Citibank, Bank One, and 33 other banks—banded together as the New Alliance Task Force—are rolling out a model loan program meant to bring undocumented Chicago immigrants into the mortgage mainstream.

Hmmmm...

Citibank = Robert Rubin
Chicago = Rahm Emanuel

-PJ

[chicagolady]

We are not having a Christmas get together a minute to soon.
Hopefully we can talk Christmas Freeps! THIS is out of control, illogical and sickning. The folks who probably CAN NOT get a loan are working class like you and me.
What are they gonna use for I.D. .........................................the Matricula Consular???

[Mr. Jeeves]

This is how desperate they are to keep the "mortgage boom" going. This is all going to end so badly...just hope it's after November, 2004.

[chicagolady]

Barf Alert!

[freeangel]

C'mon--my bet is that everybody in the pick-up truck has their name on the note.

[shaggy eel]

,,, move over Blackie, I'm packing my bags right now... Chicago - it's my kind of town!

[Barnacle]

THIS COUNTRY IS DOOMED

[Barnacle]

This is how desperate they are to keep the "mortgage boom" going.

It's no boom anymore. Last quarter had half the apllications of the previous one.

[Gabz]

What garbage.

Because of things beyond our control, my husband and I accrued a little more debt than we should have in the nearly 3 years it took us to sell our house. Our "mortgage broker" then dropped the ball and not only did we wind up being homeless for a week, we had no choice but to accept a mortgage totally different then we signed.

Our down payment went from 10% to 20% overnight, and if we didn't have it - we didn't get the house - all because they made a mistake and refused to rectify it.

I would love to be "an undocumented" right now.

[Tauzero]

Does anyone know what the interest rate differential is? From that, with survival analysis, we could calculate the presumably quite low odds of deportation...

[gubamyster]

I'll bet the differential between services received and taxes paid for the average all-American, heartland-type grain farmer is about ten times the value you see posted here for Mexican immigrants.

A couple of problems with this:

1) the "average all-American"... is a citizen as opposed to an ILLEGAL. While I personally would do away with social services for all people, Illegals should never get a dime of my tax money.

2)Immigration and Welfare

Although the United States’ welfare rolls are already swollen, every year we import more people who wind up on public assistance: immigrants. Many immigrants are poor; indeed, that is why they come here. The immigrants we admit are much poorer than the native population and are increasing the size of our impoverished population. As a result, the share of immigrant households below the poverty line (18 percent) is much higher than the share of native households that are poor (11 percent)—nearly twice as high. And immigrant households are more likely to participate in practically every one of the major means-tested programs. Immigrant use of welfare programs (21 percent) is 43 percent higher than non-immigrants’ use (15 percent).1

Each year, state governments spend an estimated $11 billion to $22 billion to provide welfare to immigrants.2

[ridesthemiles]

An employer is not supposed to be hiring an illegal immigrant. There is supposed to be a hefty fine for doing so. As a payroll supervisor, I worked darn hard to make sure I had a copy of a soc sec card, even if it was a phoney. At least they couldn't say I transcribed the number down wrong.
Now the banks are pandering to these illegal persons? Guess we have to boycott some of these financial institutions, eh?
Where is the law when you need them?
Any legal beagles out there who can advise us who to protest this to?
Federal district attorney? Who?
Seems like this should be against the laws of the federal and state governments.
If you are verifying that a company is employing an illegal, you have them red-handed for doing so.
Hard to raise your kids today with everyn thing and every one all around breaking the rules.

[Alberta's Child]

Understood.

I put a very rough price tag on the farmer, by the way.

The farm bill that was passed last year allocates $183 billion for agricultural purposes over the next six years. This comes to about $30.5 billion per year. I've estimated current farm employment in the U.S. at about 2.5 million (based on late USDA numbers from the late 1990s), which computes to about $12,200 per agriculture sector employee per year. At $73,200 for the six-year life of the farm bill, I would say the Mexican who "costs" $55,000+ for his entire life actually comes pretty cheap.

I'd also point out that the numbers I referenced in the article are for Mexican immigrants in general -- I don't think they separate them into legal and illegal immigrants.

[Arpege92]

My sister and her hubby work their tales off and they still don't own a house. Maybe if they become Mexican citizens, they can get themselves a mortgage.