Three indicted for helping people get illegal home loans

9News.com (Denver) ^ | Dan Viens

[Millee]

Hope it was worth it, suckers!

[flashbunny]

But in wisconsin, the government has set up a program to help ILLEGALS get home loans!

[dakine]

It is a trickle, let's see if the dam bursts....

[Millee]

Please, please, (pretty please) say you are joking.

[Horatio Gates]

Not being Real Estate savvy, I'll ask anyway. Is the ultimate goal here to wait for these home to go into foreclosure, since these folks won't be able to pay, then the realtors can pick these places up down the road as income generators? Just wondering.

[Brad’s Gramma]

Nope. Not a joke...

[Millee]

Boy, that'd make this story even more slimy. Food for thought, though.

[HiJinx]

No, not joking, it was posted here at the end of last week.

[HiJinx]

There may be some who are thinking that way, but my thoughts are less conspiratorial.

I just look at it as the mortgage lending industry seeking a larger pool of customers in order to make more money from more loans.

I suspect, however, that the default rate is going to be much higher on these loans and there may be a little something to what you're thinking.

[Horatio Gates]

Thats a good way to look at it. I imagine the commisions alone on a legitimate sale can be quite significant.

[Millee]

Heaven help us. It's time for a new civil war. (Least we have all the weapons!) : )

[Publius6961]

There was a legislator from Minnesotta this morning on the Michael Medved show arguing that it was perfectly reasonable to have taxpayer-guaranteed loans made to "immigrants".

Clearly, the concept of illegality does not exist in his universe.
He even called the laws of Minnesotta "arbitrary"! A freepin' legislator!

[Millee]

He even called the laws of Minnesotta "arbitrary"! A freepin' legislator!

Well heck fire! I'm moving to Minnesota where laws are arbitrary. (I've noticed that the driving laws in St. Paul are routinely ignored!)

[gubamyster]

ping

[janetgreen]

I know several young AMERICAN couples who would love to buy a home, but they can't afford it yet. As they wait their turn, illegal aliens are buying homes with FALSE DOCUMENTS.

Guess it pays off big to be an illegal alien here in the USA...

All of those involved should be prosecuted and jailed.

[CyberAnt]

{{{{{ping}}}}}

[Tacis]

GUARANTEE!!! The high priced lawyer these banditos hire to represent them will claim that they were simply helping to right a terrible social wrong. These poor illegals are discriminated against and they were simply trying to overcome that discrimination.

Profits? What profits? Oh, sure, there were additional costs that had to be covered and some properties were seized by minority owners when the illegals defaulted. But, there were no crimes here, only good deeds.

[Rebelbase]

HUD has really clamped down on FHA verifications of SS#'s for borrowers. That will put a big crimp in HUD loan fraud.

Now if there could only be a way to instill that same demeanor in the conventional business we'd see some improvement.

[Iron Matron]

Medina.Rios.Alvarado.

you scratcha my back, I scratcha your back..

deport illegals now.

NO to CAFTA, which will make illegals part of "free trade", rather than the Congress legislating their entry or not.

GET IT? The current administartion is unconstitutionally removing power from We the People!

[proudofthesouth]

A thought: Do all mortgage companies require that homeowner's insurance be obtained prior to the loan being granted? I know with the 2 houses that I've bought over the years that was the case. If true, it seems to me that insurance companies are now aiding and assisting illegals as well.