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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.

>>>>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.

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.

"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."

They have a term, tipping i believe, where the loan is made, the house reappraised at a higher value, a second loan is made against the increased value in an amount to cover the down payment.
Sometimes they get enough to get a new Lexus or two and still have enough for some spinner wheels.And it is all insured by you..

God what a country!!