Posted on 11/04/2006 4:40:33 AM PST by radar101
Voting immigration with your pocketbook= Selling your country for CASH
Where is the justice in this country?
Translation: "The hole Middle America has dug for itself isn't deep enough and we want to bring in 'guest workers' to help dig."
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
There goes the neighborhood and my investment.
sw
I have a better idea.
Just let homebuyers use imaginary money!
Then prices will really soar!
What an economy THAT will be!
If these new systems are widely accepted, there will be
a flood of mortgages in default within a year or two
of the sale. I worked 10 years in "second-chance" financing for automobiles and what the lender sitting in his/her office will not know is this....How many illegals
will be living in that house and what per cent of the rent are they responsible for? When they move out, or are caught and sent back, will the person whose NAME the loan is in be able to make up that protion of the payment?
Who was the "landlord" that provided rent receipts to help the illegal applicant establish a payment history: brother, cousin, uncle? Is that payment history even legitimate? Etc, etc., etc., These are the problems we encontered on auto loans approved thru sources other than those using credit scores....fraud, fraud, and more fraud.
Over 10 years, I worked for Mercury Finance,Reliance Acceptance, First Merchants Acceptance, and Long Beach Acceptance. All are now out of business. Each one had their own "alternative scoring" system.....
They are. We call them "dollars."
But these CRIMINALS can just waltz right in, with unverifiable information and buy a house? What's wrong with this picture.
I hope the banks that give loans to these criminals find themselves totally screwed, they'll deserve it.
seems we need laws to say you must be LEGALLY in the USA to buy in this country.
How about selling to an illegal means you have no recourse to enforce collection. (ala illegal gambling debt)
That doesn't leave much after much after the projected spending of $1.0 trillion on Low-Rider automobile modifications and Pupusas. (:^*)
That doesn't leave much after much after the projected spending of $1.0 trillion on Low-Rider automobile modifications and Pupusas. (:^*)
Oops, I stuttered.
Here in Texas many builders are financing their new homes with no money down.
Fraud is rampant in the mortgage industry these days. Money talks, not politics.
But what happens to the loan when/if they are deported?
The REALTORS are the LARGEST LOBBY IN DC!
Wonder how many terrorists my mortgage company is funding?
Don't ask don't tell policy in play?
I believe that a majority of home buyers are going no money down. I did. Can't think of a good reason to make a down payment on a interest rate < 6.
Read my post 15. They simply reposses it, clean it up and resell it.
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