Realtors project housing boom if alternate credit scores adopted

San Diego Union ^ | 4 NOV 2006 | Garance Burke

[dalereed]

"But what happens to the loan when/if they are deported?"

They aren't, the fact that they are property owners allows them to apply and get perminant residence statis.

That is the scam they are pulling!

I saw it happen in Glendale just before Hong King went over to the communists. They came in, bought a house, usually before they ever set foot in this country sight unseen, and were given immediate legal residence statis.

[VOA]

The slumping housing market could get a $200 billion boost from
new immigrant home buyers if mainstream lenders start using alternative
methods to score credit, a national group of Hispanic realtors said Friday.

Well, when I can waltz down to Mexico and points south and just buy
property just like here in the U-S-of-Hay (with same protections, etc.)...
maybe I'll listen.

Until reciprocity breaks out...they can pound sand.

[VOA]

more on ACORN (at least the fraud-vote group)

http://www.pipelinenews.org/index.cfm?page=acorn110306.htm

[John Jorsett]

Swell. If we ever do start deporting illegal aliens in large numbers, government-backed mortgages will start defaulting and the taxpayers will be stuck with the bill.

[gnarledmaw]

"If these new systems are widely accepted, there will be a flood of mortgages in default within a year or two of the sale."

Then I would suggest that you make sure your finances are in order and a bit of cash is on hand because someone with your background would have a better chance than the rest of us at being an overnight billionaire by buying up the defaults and renting back to the ones already living there.

The whole thing sucks but you might be in a position to make lemonade...

[gnarledmaw]

Seeking expert commentary...

[Old Professer]

100 year mortgage anyone (fraud?)

[doug from upland]

I don't want illegals buying houses. I want them to go back home. That didn't take much expertise.

[gnarledmaw]

Ill second that but what do you see as its effect on the market should this come to pass?

[JayNorth]

With five or six families in the home and a at least that many junk cars in the driveway...

Not one of those cars is legally registered or insured, so when they inevitably run into you (with their third world driving skills) they just take off and your insurance pays for the whole mess. My uninsured motorist coverage is as much as my own coverage now.

[JayNorth]

The article uses euphemisms like "new immigrant home buyers" and "recent immigrants", but the article is talking about illegal aliens.

And they purposely blur the lines of legal and illegal immigration by stating the total Hispanic component of the economy.

[itsahoot]

Where is the justice in this country?

The Department of Justice works for the President, whom I voted for twice, yet get berated as a Bush hater when it is pointed out that he is not actually the savior, but a fallible man that makes mistakes.

[doug from upland]

More buyers would tend to raise prices. Interest rates, however, will still have a significant impact on the housing market. If the illegals all went home, I would expect a decrease in prices that could be substantial. At least we would be able to access emergency rooms and drive on the freeway again.

I had discussed on a San Francisco talk show the effect of a serious drop in prices if massive foreclosures hit. The property will be taxed according to the new purchase price. The only reason that California is not bankrupt right now is that the skyrocketing housing values have skyrocketed the property taxes. If that revenue is lost, California is a goner as sure as was Mary Jo when Ted ran away.

[A CA Guy]

It's FRAUD.

Tricks and mirrors to just make more commissioned loans.

[brytlea]

Creditors like Citigroup Inc.'s Citibank see recent immigrants as a growing market niche, but those who lack Social Security numbers or legal status in the U.S. are often rejected by the three major credit bureaus

Well, alot of people see illegal activities to their benefit. Are we going to stop hounding poor drug dealers and pimps? After all, it's just commerce...

susie

[brytlea]

Creditors like Citigroup Inc.'s Citibank see recent immigrants as a growing market niche, but those who lack Social Security numbersor legal status in the U.S. are often rejected by the three major credit bureaus

Did you read the entire article?

susie

[brytlea]

Clearly those euphemisms fool some people....

susie

[doc30]

The last thing we need are artificially inflated prices for real estate because illegals, with no verifiable credit record, can now access borrowed cash for buying property.

[jammer]

I hope the banks that give loans to these criminals find themselves totally screwed, they'll deserve it.

Agreed. But what will happen is the same as in the Savings and Loan debacle: the phrase "too big to let fail" will again resound, and you and I will pick up the tab.