Can't Afford to Buy a House in San Diego? Become an Illegal Alien.

FAIR ^ | 3/6/2006 | Federation for American Immigration Reform

[AZRepublican]

Who can afford to buy a home anywhere anymore? With the costs of insurance, energy, general all purpose taxes just doesn't make the cut anymore.

[navyblue]

"Isn't this discrimination based on national origin?"

Among others.

[freedumb2003]

Who can afford to buy a home anywhere anymore?

Illegals, looks like.

[BigFinn]

Not only this, but they can also receive complete health care at the cost of American taxpayers. I know of an example where a Mexican citizen was brought to San Diego from Culiacan for the express purpose of putting them in Grossmont Hospital. This man was in the hospital for a week, a myrad of tests were run, he was treated and released. EVERYTHING WAS PAID FOR. There is an actual program that pays for their treatment. Try getting this if you are a citizen...

[Arizona]

"Illegal aliens in San Diego can purchase a home at below market interest rates, receive down payment assistance, and not have to take out mortgage insurance like other risky customers do."

The word "illegal" used to mean "against the law", "prohibited", "banned", "criminal", "forbidden".

How is it possible that this word has evolved into "welcome", "embraced", "favorable", desired".

I do not understand what our so-called leaders are thinking. This is crazy!

[BenLurkin]

This can't be for real!

[ocr1]

ping

[clawrence3]

If it is not illegal, then of course making these loans are good for business.

[whitedog57]

This has nothing to do with Fannie Mae, Freddie Mac, The Federal Home Loan Bank System or Farm Credit. Franklin
Raines is a great target ... as long as you don't know what you are talking about.

[sgtbono2002]

I doubt they get many foreslosures, Think about it. When you have 8 families living in the same house, even at low wages the payments shouldnt be all that hard to make.

[american spirit]

Could've sworn there is a federal law against "aiding and abetting" an illegal alien or are those laws just for the "little people"? Seems to me when a country has certain classes of people "above the law" then is that the definition of a "banana republic"?

[VOA]

bump

[Antonello]

So a non-profit org is providing counseling, free administrative prep work, and underwriting guarantees for, as they put it, people with low and 'nontraditional' sources of income. The bank is happy to grant them loans with more favorable rates and conditions since there is a guarantor assuming the risk.

Neither are the immigration police. And I'm not so sure I'd like to set the precedent of banks and private groups being saddled with the duties of actively investigating possible illegal activity beyond the mandatory reporting of financial data already required by law.

The banks have to abide by equal housing laws when determining the creditworthiness of an applicant. But a private advocacy group has every right to choose who they are willing to throw their money at without being required to share their funds in a nondiscriminatory fashion. Otherwise it would be like saying if you want to contribute to the Boy Scouts then you have to give some money to NAMBLA too.

[clawrence3]

Do you think Wells Fargo and /or Citibank are "aiding and abetting" by making loans to other criminals who then use their homes for meth labs, prostitution, etc.?

[barj]

It doesn't have to be less than the value of the home; if they (and it will be a group of purchasers as it is likely no single buyer would qualify - multi-buyer allownaces are another illegal/foreign buyer bonus) purchase at market value, pay for a few years (interest is paid before principal anyway) and prices go up (as has been the trend) the bank wins.

Furthermore, they can get a deficiency judgement against the owners and afix to their wages should the home sell for less than the loan figure (done with cars all the time). Heck, the bank could even sell the house to itself or a puppet corp. at a closed auction (done all the time and legal), and still afix their wages.

What is puzzling is these folks aren't the best tax payers, the IRS could take the home for non-tax payments(city/county taxes are part of their mortgage payments)as can the government if it is believed the property were purchased with ill-gotten means. I believe who ever takes the property for taxes is still liable for the balance owed on the property. Can anyone verify this for me?

Banks don't really take risks, if you pay, they get their interest, if you lose, they get the property.

[CaptainCanada]

Thanks for the heads-up.
I've always wanted a winter home in the U.S. South, and I'm getting
tired of showing my passport everytime I go Stateside.
Sounds like it's no problemo anymore.

[barj]

Hey! Where are all you folks who want to slam businesses for hiring illegals (knowingly or otherwise)? Some of you even advocate the seizure of property or the business's assets. Do you think the government should seize the bank's assets and/or the home and sell the home at auction, leaving the bank out of their take? Essentially, the bank is aiding and abetting by loaning to illegals; aren't they? Heck, the bank wouldn't knowingly loan on a vehicle that was intended for a criminal activity (get away car or smuggling operation) or a property for illegal acitivty like a meth lab, would they?

[montag813]

A. Travel to Mexico. B. Go to US Embassy and renounce your citizenship. C. Cross border back into US.

Can't you just get a fake Matricula consular card? Are those hard to get? Does Wells Fargo check that out, or just the ITIN?

[american spirit]

The potential for massive fraud in these types of deals is phenomenal......I'm sure the scams are already on the drawing board.....flipping properties, fraudulent ID's, kickbacks to bank insiders, etc. The fin'l downside to US taxpayers who will ultimately "tote the note" will be critical unless this idiocy is stopped.

[clawrence3]

What do you think the average illegal immigrant owes on his / her federal taxes?