Not a citizen? No problem. Illegal immigrants meet little resistance getting home loans

The Memphis Commercial Appeal ^ | 11/12/06 | Daniel Connolly

[Sybeck1]

Sisters Marleny Carranza (left) and Sandra Carranza are affiliate brokers at Century 21 Su Casa Realty, a multilingual real estate agency. Marleny is part owner as well.

[EagleUSA]

Our Washington pols will do ANYTHING to America for votes...

[Dick Bachert]

It is my fervent wish that these greedy (put your favorite nasty feminine noun here) and the banks who do this get stuck with every one of those places when the buyers default.

[paratrooper82]

The break the law illegal immigrants in this Country can get a home loan easier and quicker than a US military veteran can, and that just really P me OFF!!!!!!!!!!

I know first hand, because, a good friend of mine and myself attempted to get loans, one was for remodeling,and he other was for a new home. Both were denied, because we were both still in the military, and would be going to Iraq to fight on the front lines.

Next time I will tell them I just sneaked across the US border, and I am on the run from INS! The will probably hide, me, feed me, house me, and give me a loan under any name I want, and build the house for me!

[operation clinton cleanup]

He said none of the loan recipients has defaulted

I doubt that. They sell the homes at an inflated price and then roll them over when the loan defaults. It's a huge scam that the rest of us will have to pay for at some point.

[headstamp]

"Many clients have substantial savings from blue collar jobs or small businesses. Some immigrants without Social Security numbers have paid as much as $100,000 up front, the sisters said. "


Hey, what the hell if you're not paying income/payroll taxes and when they default, the taxpayer will pick up the tab.

Citizenship means absolutely nothing anymore. In fact it can be a disadvantage now.

[upchuck]

...despite dramatic moves like Congress' vote this fall to build 700 miles of fencing along the border.

That's hardly dramatic. Pathetic is more like it. And it will never get built.

The time is now to fear for our country.

[visualops]

It's about money.

[Vinny]

"Many clients have substantial savings from blue collar jobs or small businesses. Some immigrants without Social Security numbers have paid as much as $100,000 up front, the sisters said."

Puleeeeeaze. let me see, they make $50/day and saved $100,000. How? starved themselves to death and their children? Sounds like somebody sells or runs drugs or is involved in prostitution rings.

But if not, i bet I could save $100,000, if I didn't have to pay any taxes.

[Aikonaa]

Byrd said the federal government gave him the idea of extending home loans to illegal immigrants. He said that in 2004 he attended a conference in Chicago at which officials from agencies, including the Federal Reserve and Federal Deposit Insurance Corp., encouraged bankers to give services to illegal immigrants.

Remember, these agencies are controlled by a supposedly conservative executive branch. Anyone who thinks there's going to be any meaningful immigration reform is dreaming.

[ArtyFO]

This is going to put the banking industry at risk like the fiasco in the 80's. Unsecure loans are a problem already, with defaults growing every day. I predict big, big problems in the months to come.

[SeaBiscuit]

United States House elections, 2006


Hispanics 69 % Dem.2006 55 % Dem.2004 30 % shift to Dem 2004-06

[EagleUSA]

It's about money.
------
And it's about doing business with criminals.
There are still some people who have ethics in business.
Very few, I realize.

[Aikonaa]

I predict big, big problems in the months to come.

Even though these loans are supposedly not federally backed, I guarantee that once this scheme starts to unravel, it will be suddenly noticed that the 'situation is so severe' that the taxpayer will have to be called to pay the bills.

[kinoxi]

About 18 months ago, the community bank started a mortgage program for people without Social Security numbers.

How about a five minute public service program on how to get one?

[television is just wrong]

will we be welcome to purchase property in these country of origins????

probably not, but I thought I'd put the question forward.

[Aikonaa]

A private firm that Byrd wouldn't name backs the loans -- federally backed firms Freddie Mac and Fannie Mae don't support such loans.

Here's a case for investigative journalism if there ever was. What is this corporation backing these loans? We are not talking about a small scale operation here, a major US financial institution has to be involved in what is basically a criminal conspiracy. Smoke the b*stards out!

[CindyDawg]

Yeah, one of my kids was denied a home loan because of income. The agent had the nerve to send them to me for a 30 year co-signer. They are still in their apartment.

[OBXWanderer]

"I don't think it's physically possible or fiscally possible to deport 12 million folks," said Bob Byrd, chairman and CEO of the Bank of Bartlett...

Yooo, Bob, Mexico found a way...Bob?.....Booooobbb?

[SpaceBar]

We are living in a parallel universe. Spock has a beard. It is legal to enter into contractual agreements involving real property with individuals who's very presence in the US is in violation of the laws of residency. Beam me up.