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.
What the heck?
During the last year of the housing fraud bubble, there were ads touting 110% LTV mortgages on very expensive homes, available to almost anyone. The median dodgy mortgage is probably pretty small, but the average could have been pushed pretty high by those outright fraudulent mortgages which are probably worth less than $0.25 on the dollar and may, once the occupants are done with the property, be worth less than $0.01 on the dollar.
There were so many illegals in your industry, that they drove you out of business, yet your position here is that there are not as many illegals in the U.S. as most credible estimates indicate?
Hmmm..
Do you see something wrong with that statement and the position your taking on this thread? Seems to be a conflict here.
Y’all will have to chew on each other for a while. I have to work tomorrow.
You suddenly became sleepy?
That's rather suspect too.
When you wake up, ping me. I'd like to continue this line.
The typical illegal alien lives in a house with a dozen other people, rides a bicycle, eats at Burger King (once a day), and sends as much money home as he or she can ~ usually half.
Even the nasty guys have feelings for their relatives back home so they regularly send half that's left over after basic living expenses.
Not a real good life. So far haven't met any of them who really wants to stay here ~ they'd rather be rich and down home.
They are undoubtedly ripe for assimilation.
You forgot the Sarc tag (LOL). Otherwise I agree with that post.
But I reiterate that the pressure put on the banks by the Clintonistas and the actions of ACORN and their ilk went a long way toward granting home-ownership to these undeserved while the deserved were shown the door while scratching their heads.
Near the end of the housing bubble, some lenders were trying to prop up property values by paying people to "buy" their houses; the buyers wouldn't get to stay in the houses forever, but they wouldn't have to actually pay anything for them either.
Such deals could be dangerous for people who have real identities, but would be perfect for alien criminals who do not. Your point about being caution regarding the 5,000,000 figure is well taken, but given that some lenders really didn't care who was signing their "mortgages", I see no particular reason to believe that alien criminals would limit themselves to one or two loads of free money.
There you go. The lender’s covered by FDIC and the perp gets what he wants. Sweet for them but we citizens have been left with the bill.
Actually, no. The guy that writes the mortgage launders it through F&F, possibly with the aid of phony insurance supplied with AIG, so that after some slicing and dicing it can be sold as an AAA rated security.
No, it was nationwide. FBI director Mueller went before Congress and pleaded with them not to allow the IRS to Individual Tax Identification Numbers to illegals. With an ITIN, bankers could go ahead and make loads. Trouble is, anyone can get one or more ITINs without ID other than a signed request form. And ITINs could be used by terrorists to get drivers' licenses. That explains the FBIs concerns.
The deeper problem, of course, is what partially caused the current financial crisis - home loans to folks who couldn't afford them and had no incentive not to walk away from the homes they couldn't afford.
Jeez, I had no idea that the obfuscation was so far in depth. Right Now is the time to put a stop to it and Yesterday was when this crap should have been posted all across FR (now that the media is a mere tool).
Ultimately the money comes out of all our pockets...much from our descendants before they can even form words.
Isn’t it nice to know that we help fund his efforts?
http://thomas.loc.gov/cgi-bin/query/F?c110:5:./temp/~c1109ELV8i:e647497:
H.R.3221
Housing and Economic Recovery Act of 2008 (Enrolled as Agreed to or Passed by Both House and Senate)
SEC. 2401. HOUSING COUNSELING RESOURCES.
There are appropriated out of any money in the Treasury not otherwise appropriated for the fiscal year 2008, for an additional amount for the `Neighborhood Reinvestment Corporation—Payment to the Neighborhood Reinvestment Corporation’ $100,000,000, to remain available until December 31, 2008, for foreclosure mitigation activities under the terms and conditions contained in the second undesignated paragraph (beginning with the phrase `For an additional amount’) under the heading `Neighborhood Reinvestment Corporation—Payment to the Neighborhood Reinvestment Corporation’ of Public Law 110-161.
Check out their Grantees!!!!!
http://www.nw.org/network/nfmcp/documents/AwardeesbyGrantAmount-FINALforwebstie.pdf
Acorn, LaRaza...!!!
I had to hold back the stomach contents on that one.
I was wondering if anyone would crunch the numbers. Thanks for posting this, HB!
I had heard that an illegal hispanic woman in Ca, without a job got a home loan for 500,000.
Rumor? It doesnt appear so.
Crazy number sounds more like a ball park for all types of loans for illegals.
no even that seems high idk
In your zeal to prove the benefits of illegals you forget one thing: Banks are allowed to use TIN's to give out mortgages.
In case you don't know what a TIN is it is a Taxpayer Identification Number. It can be very easily gotten using a Matricula Consular card which were being passed out by the millions several years ago.
In fact, in the mortgage disaster it's fairly easy to demonstrate that if 100% of the poor people in America had gotten in on it, they, combined with the illegals, would account for no more than 30% of the problem.
Seems to me other folks ~ who were neither illegal aliens nor poor ~ were the greater part of the problem.
Ed McMahon springs to mind. House worth more than a million bucks he was being evicted!
There are multimillion dollar beach front houses in Carlsbad California where the owners are walking away from their mortgages as the house values falls below the mortgage.
All in all it sounds and feels like a good deal for somebody ~ the rich steal and successully blame the poor for the loss. This precipitates a financial panic that ends up electing a guy as President whose best buddies are white hating black nationalists, MAD BOMBERS, vote fraud specialists, crack brained political cultists who want to put the government in your bedroom, kitchen and living room and sexual deviants.
No doubt the arrival of the Anti-Christ is announced in this way ~ let's see, the Four Horsemen of the Apocalyp[se are described as bringing Famine, Inflation, higher taxes, unusual disease, very high oil prices, war in diverse places, high crime rates, etc.
I think we are at one of those moments in history where something or someone is trying to bust out into reality to cause all sorts of elemental nastiness. Best we get about beating this Obama character in the general election lest that happen.
Matricula Consular are available at Mexican consulates and embassies. It’s not something that happened in the past ~ but as far as getting a mortgage is concerned, the banks still continue to insist on legally recognized identification ~ the matricula consular won’t cut it.
Please reread my post.
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.