HUD: Five Million Fraudulent Mortgages Held by Illegals

KFYI ^ | OCT 7 2008 | KFYI

[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.

[muawiyah]

I did. They were handing them out in the past and they are handing them out in the present.

As far as using them as a valid form of identification to get a TIN, the only government reference you can find on the internet is a reference to a government report to Congress. Looking through the rules even in 2003 the MC still wasn't a legal form of ID in the US.

Bank of America was seeking illegal alien business then and they said they'd accept the MC, but no one made them do that and even in 2003 folks were digging up bank regulatory rules that prohibited the use of the MC. There were several Congressional hearings on the question ID standards in fact.

What BAC wasn't telling the illegal aliens was that when a bank gets seized by FDIC if you want to take advantage of FDIC insurance on your accounts you will still need to have a valid form of identification ~ and the MC isn't going to cut it.

We had several "runs on banks" in Northern Virginia over the last year where 100% of the folks lined up were Latinos. ICE could have done raids on those lines and picked up nothing but illegals ~ self-identified by their intense interest in pulling money out of the bank before they lost it.

[raybbr]

According to the IRS you can use a "# National identification card (must show photo, name, current address, date of birth, and expiration date)" card to get a TIN. I would assume a Matricular Card would be accepted.

[raybbr]

UNITING AND STRENGTHENING AMERICA BY PROVIDING APPROPRIATE TOOLS REQUIRED TO INTERCEPT AND OBSTRUCT TERRORISM ACT OF 2001

17 Thus, the proposed regulations do not discourage bank acceptance of the "matricula consular" identity card that is being issued by the Mexican government to immigrants.

Unless you can show that it has been changed then I would bet that you could still get a TIN using an MC.

[muawiyah]

The statement is about providing an MC to an "immigrant". An "immigrant" will necessarily have an immigration visa. Otherwise he or she is simply an illegal entrant.

You really have to watch the weasel words here.

Mex-co decided to give its laid off workers an opportunity to pick up their MCs in the United States. That was a change on their part, not ours.

I'm still looking for the rules that say an MC is OK for ID for a person with no other ID, and no visa.

[DBrow]

“I’d love to see confirmation of this. “

I spent some time digging, as has at least one other.

I think the article is baseless and may not be factual.

In short Bravo Sierra, unless someone can confirm this.

[dennisw]

5 million illegals getting morttgages is buulshit

[dragnet2]

You noticed that tiny bit of inconsistency too?

Ya know whats interesting here? Going back just a few years ago, certain people on this forum and elsewhere telling everyone that would listen, "Illegals can't get home loans, it's a myth".

Now they are struggling to convince everyone the number of illegal aliens that were given home loans isn't quite as many million as we think.

[TexasCajun]

My head is going to explode!!

Rush must mentioned this.

[dragnet2]

People have been asking for the last week how many of these sub primes were held by illegals.

While just a few short years ago, some were alleging it was impossible for illegals to obtain loans.

My guess is some of these people were part of the machine that was providing these loans, and were making a tidy profit.

[skeeter]

You wanted proof - are HUD numbers good enough?

[mewzilla]

BTTT.

[dennisw]

I think the article is baseless and may not be factual......

I agree and Rush just put it out there too! LOL!
But I’ll bet million or more legal immigrants are walking away from mortgages they don’t like. Sorry but many legal immigrants have little stake in America and are as impoverished as the illegals

Some illegals got mortgages but no way is it 5 million. Maybe half a million

[RDTF]

Drudge has this up now

[servantboy777]

>>The number sounds quite high to me.”

I was sitting at a stop light a couple of years ago and turned my head to see signs on the side of the intersection that said, “No Documentas, no problemos.”

This was in the Northern Houston area advertising for a home development called Sugarberry Farms.

No documents, no problem!!! My wife and I were stunned. I wanted to get out and pull the sign outta the ground but the ditch was full of water.

I saw the signs a couple of times after, then they disappeared.

Whoever was responsible for closing these loans to illegals should be put in prison.

[Sun]

Beyond unbelievable.

[rmlew]

The figure was 12-20 million 4 years ago.

[mewzilla]

BTTT.

[RealtorKim]

Let’s not be mislead into thinking that a gun was put to the lender’s heads to “force” them to make sub prime loans without verifying social security numbers.... Some greedy, unregulated, unscrupulous lenders smelled money and took advantage of the loosening of requirements by Freddie Mac and Fannie Mae. If those lenders WANTED to verify the SS#’s, noone was stopping them from doing that!!!