Posted on 10/07/2008 6:55:53 PM PDT by HollyButler
One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt.
Some five million fraudulent home mortgages are in the hands of illegal aliens, according to the U.S. Department of Housing and Urban Development.
It's not known how many of those have contributed to the subprime housing mortgage meltdown, but it has affected every state, including Arizona.
The problem began years ago when banks were forced to give mortgages without confirming social security numbers or borrower identification. As a result, illegal immigrants were able to obtain home mortgages which they could not afford.
One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt.
Thankfully we can trust that an Obama or McCain administration will fight just as hard as our current one on illegal immigration. :(
The number sounds quite high to me. That would be one fraudulently obtained mortgage for a little over every two illegal immigrants.
You really think there are only 10 million illegals?
Ah, the Legacy continues.
All part of the strategy of ACORN/Obama/Ayers/Soros/et al:
http://www.americanthinker.com/2008/09/barack_obama_and_the_strategy.html
No we are going to hold Pres. McCain’s feet to the fire on this.
“No we are going to hold Pres. McCain’s feet to the fire on this.”
I thought thats what everyone said we’d do to Bush and the party members who went along with amnesty? And then we go and nominate one. And you wonder why they don’t take us seriously.
The people who are doing this a buying more than one home, just like the illegal in the article. Also, there are far more than 10 million illegals in this country.
Our government has been overtaken by leftists from both the GOP and the Rats bump.
I live in Tucson - the number of houses listed for sale in the predominantly hispanic and illegal alien areas is unbelievable - house after house - and yet our local media refuses to explain how the American public were duped.
bump
There are well over 20 million illegals. The numbers sound fine to me, especially considering simple concepts like “identity theft” and “multiple purchases.”
Now we see what the AMNESTY was all about. My guess is everyone knew what was going on, but the people that now have to pay the bills.
Why not, the banks were handing out free money.
Was this just this one state that didn’t allow proof of ID?
Amazing.
Are you still buying into the fiction that there are "only" 12,000,000 illegal aliens in the U.S.?
If the government ever allowed it, it could easily be between twice and three times that number (depending on how you classify "anchor babies").
I know. PC and fear may never allow the true number to be known.
We whistle past the graveyard and allow criminal incompetence by our Congress at our peril.
This financial fiasco started in 1977 with Pres. Carters’ CRA . It said that the banks had to fix it so minorities and people with very little credit could get loans for homes. Each bank had a quota to fill to get enough loans so they would be allowed to open new branches. When the people defaulted on their loans Fanny and Freddy came to aid of the banks that were going down. In the ‘90’s , Pres. Clinton reinforced these plans. People look back and say,” look how prosperous we were back then” , not realizing that the prosperity they had was on loan and now it’s time to pay up.
When the CRA was created during the Carter administration, the administration also funded with tax dollars numerous “community groups” that have helped the Fed, the Comptroller of the Currency, and other federal regulatory agencies to enforce the act. Under the CRA, if a bank wants to make virtually any change in its business operations — merging, opening up a new branch, getting into a new line of business — it must first prove to regulators that it has made “enough” loans to the government’s preferred borrowers. The (partially) tax-funded “community groups” like ACORN (Association of Community Organizations for Reform Now) can file petitions with regulators that stop the bank’s activities in their tracks, perhaps defeating them altogether. The banks routinely buy off ACORN and other “community groups” by giving them millions of dollars as well as promising to make even more dubious loans.
In 1994 the Riegle-Neal Interstate Banking and Branching Efficiency Act loosened up the regulatory barriers to bank mergers. Consequently, said Bernanke, “As public scrutiny of bank merger and acquisition activity escalated, advocacy groups [like ACORN] increasingly used the public comment process to protest bank applications on CRA grounds.” In other words, there was a burst of additional legalized extortion perpetrated by the Fed and its pet “activist organizations” beginning in the mid-1990s. As a result, says Bernanke, “banks began to devote more resources to their CRA programs.”
Also in 1995, the US Treasury Department created the multibillion-dollar “Community Development Financial Institutions” fund to “provide banks with access [i.e., taxpayers’ dollars] to new opportunities to finance community economic development” as “encouraged” by the CRA, said the Fed chairman.
The government also “streamlined” the regulatory requirements for CRA loans in 1995 under Pres. Clinton, allowing — and indeed pressuring — banks to make such loans without the benefit of many traditional credit-worthiness criteria, such as the size of the mortgage payment relative to income, savings history, and even income verification! Instead, the Fed told banks that participation in a credit-counseling program, many of which are federally funded, could be used as “proof” of a low-income applicant’s ability to make his mortgage payments. In other words, federal bank regulators required banks to make bad loans based on nonexistent credit standards.
Try one mortgage for every 4 IAs in this country. And remember and kids they have here are not considered IA.AWB
Mortgage payment?! We don’ make no steenkin’ payment!!
and=any
This number seems made up. While there are illegals mentioned on the HUD website, the 5 million number does not come up.
There are several individual cases, and cases of brokers breaking the law by having illegals submit false SSNs, but they don’t add up to millions.
Until someone can confirm this, this story should NOT get legs.
Any other researchers take a look?
You have to digress thei illegals from the foreigners who own stuff here to figure it all out.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.