Posted on 09/12/2007 9:21:13 PM PDT by NapkinUser
Representative Tom Tancredo (R-Littleton) today sent a letter to the U.S. Department of Housing and Urban Development asking what safeguards are in place to verify the legal residency and identity of potential homebuyers to ensure that illegal aliens are not obtaining federally backed home loans. He also pressed the agency to disclose the extent to which this type of fraud is contributing to volatility in the mortgage markets.
In the letter, Tancredo cited a Colorado-based mortgage fraud ring in which realtors, loan officers, and sales agents were indicted and arrested for obtaining federally-backed loans for some 250 unqualified buyers by manufacturing false financial information, fraudulent identities, and bogus citizenship documentation.
“I believe this kind of fraud has significantly contributed to jitters we are seeing in the mortgage market,” said Tancredo. “Banks in Colorado alone lose upwards of $75 million per year to fraud – so I can only imagine what the numbers are like nationally.”
“We need to ensure that the ‘American Dream’ remains within reach of American families” concluded Tancredo, “And that means doing everything we can to prevent unscrupulous businesspeople and illegal aliens from undermining its integrity.”
If I can’t easily buy a land/home in the home-countries of ILLEGALS...
Why should they be able to do that here in the USA?
There is something called “reciprocity”.
Good for Tancredo. He’s catching on.
Dear Tom...You can find your answers here http://www.hud.gov/directory/800/parainformacion.cfm
Yeah Tom. Wish you could do something about that freeway loop that is part of the NAFTA deal and owned by non-US companies in Denver!!! Guess we can add Golden to another city we won’t visit anymore.
Thank heavens somebody is getting ahead of the curve on this. I just read about this kind of fraud becoming widespread only three years ago.
I hope this goes through. There is a lot of crap that is going to come out that will amaze a lot of people.
With 20-30 million illegal aliens in this country there must be at least one million houses owned by them. They ain’t paying cash... who is giving them mortgages?
For the past decade our US Government has been evangelical about getting poor people into home ownership. Illegals also heard this propaganda
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My aunt lives next door to an Armenian immigrant family that bought their house through a government backed loan at 3% interest.
Maybe he should ask originators at Bank of America , Countrywide and Wells Fargo.... They were all in on it....
It is long past time for HUD to be completely dissolved. It never actually performed it’s function; it only made some slum property owners very rich.Lose the thing and let the free market rule.
Based on yesterdays testimony, put the Product Safety Comission in the same category. We seem to be able to do without it. Somehow, we have identified defective things from China without the government.
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