Mortgages for Illegal Aliens Encouraged by FDIC

The Common Voice ^ | August 3, 2005 | Diane M. Grassi

[jackbenimble]

Why doesn't an ambitious State Prosecutor start prosecuting? This would be a great move politically.

[reelfoot]

The current administration is proving itself to be no friend of law-abiding, tax-paying citizens.

Bush is writing his legacy every day, and, on balance, it's not pretty.

[chris1]

Greed for the almighty dollar by those who would sell us out to anybody will be our ruin as a nation.

[Just mythoughts]

Are the Clintons still running these government money lenders????

[.cnI redruM]

How does one collect when an illegal alien goes off the grid and stops making payments? I wonder if these geniuses thought this one through.

[Dont_Tread_On_Me_888]

There is no federal law which requires banks to verify the immigration status of foreign account holders.”

The Immigration Department has a similar policy. "Just show me some fake papers half-filled out and I will grant you a VISA."

That is how Ms. Ryan let in many of the 911 hijackers.

America is at war against America.

[jackbenimble]

How does one collect when an illegal alien goes off the grid and stops making payments?

Banks often make money on foreclosures. So far I have not heard that these are FHA insured loans so rather that the usual 10% FHA down payment the banks are probably requiring the 20% down payment that has been typically required on conventional real estate loans. This should ensure that there is enough equity so that the banks are covered in a foreclosure. Hopefully the banks are not so stupid that they are making "zero down" or "interest only" loans to illegals.

If the housing bubble pops the way some economists are suggesting, even 20% down may not be enough to keep the banks whole and I don't doubt that the illegals would laugh as they walked away from their mortgage obligations. It costs them $200 to change their name and buy a new set of fake IDs.

If we have to dust off and refund the Resolution Trust Corporation from the banking failures of the late 1980s I am going to be a pissed off taxpayer if I learn that I am bailing out banks that made loans to illegals.

[bayourod]

" Unfortunately, the U.S. government has now mortgaged away the future of America as we once knew it."

What a totally meaningless statement. Just another bumper sticker mantra for the Tancredo crowd to repeat to each other in their little echo chamber of depression and hysteria.

[Gipper08]

What will they think of next!?

[.cnI redruM]

>>>>If the housing bubble pops the way some economists are suggesting,


Let's see, the economy has been on the verge of The Great Bush Depression for what, five years now? I haven't had to eat dog food yet, and I seriously doubt I will, unless there's a real economic catastrophe; like President Dean for example.

However, any corporation that lends $500,000 to an illegal alien and then has to ask why the tax payers do not feel like paying indemnification, needs to have the crap shaken out of their brain pans.

[sergeantdave]

Since banks and politicians don't follow the law, why should I consider them as legitimate purveyors of law?

[Happy2BMe]

Illegal aliens getting home loans - FDIC and IRS encourage loans irregardless of legal status.

* * *

High Desert banks tap illegal immigrant market (Victorville, California)

Illegal aliens getting home loans - FDIC and IRS encourage loans irregardless of legal status.

* * *

High Desert banks tap illegal immigrant market (Victorville, California)

[Happy2BMe]

Fanny my mae . .

==================================

Mortgages for Illegal Aliens Encouraged by FDIC

[B4Ranch]

They are a large part of keeping the real estate bubble fully inflated. Bank, mortgage lenders, credit unions, etc., are all doing well because of them.

[RebelBanker]

According to Michael Frias, a spokesman for the FDIC, “Banks aren’t legally required to verify legal status. There is no federal law which requires banks to verify the immigration status of foreign account holders.”

My bank's compliance officer laughed his butt off when I read that to him, then rattled off a list of laws and regulations that contradict this idiot.

[dennisw]

The sell out of America by corporate interests continues apace. We have men and women fighting in Iraq who will be priced out of the housing market due to these illegal alien mortgages. Why should they fight for a nation that screws them when they come home?

[hispanarepublicana]

This ancecdote isn't related to illegal immigration (well, not directly anyway but it's about an American without a job), but I was walking through a car dealership showroom last week, and there was a guy sitting at a salesman's desk in what appeared to be the "paperwork" part of the deal. As I walked by, the salesman asked the guy, "Okay, so the next blank is income. How much unemployment are you getting?"
Just damn.

[zerosix]

In the wonderful "Land of Oz" (KS for those of you in Rio Linda and Palm Beach Co.), a federally funded "Non-Profit" group called El Centro, purchases up homes in great neighborhoods (with your tax dollars.)then turns them over to illegals, while arranging bank loans from local and national banks who are only toooooo eager for the business.

[ByDesign]

Oh, that's just effing wonderful! Since we're going to reward illegals, why don't we just pay their mortgage and taxes as well??!?!?!

So, ya pinheads at the FDIC, how do you propose we'll collect property taxes from someone who has no legal identity? No Social Security number? Hmmm?

Who's going to pay when the property is trashed, and the illegals move on to the next mortgage (under a new name), and there's mortgage and taxes due?

Oh, joy, we get to pay for that, too!

This country has lost it.

[politicalwit]

"Bush is writing his legacy every day, and, on balance, it's not pretty."

Will GW Bush's legacy be written in Spanish only?