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.

[SoConPubbie]

The number sounds quite high to me. That would be one fraudulently obtained mortgage for a little over every two illegal immigrants.

Only if you believe the ridiculously low estimate of 10 million Illegal Aliens being in the US.

I'd say the number is closer to 30 million.

[Chicagofore]

I buy foreclosures in the Chicago area. I can tell you without doubt that there are a lot of illegals that have props in FC. However they are not solely to blame.

Most are very hard working, strong Christian families that want a better life and got wrap up in greed and scams.

[PGR88]

Wow - we only had Carter for 4 years, 30 years ago, and we are still paying for the infection he gave us!!

[supercat]

The lenders are really stupid.

Are they? I would expect that many of the people running them set things up so that they would generate personal wealth as long as the housing bubble could be propped up. Then when the bubble went boom they could let their companies go bust while they retire on their personal fortunes.

Why not engage in that style of bank robbery, especially if the government's even willing to buy you a getaway car?

[Pride in the USA]

I knew that many illegals had taken advantage of this situation, but I had no idea that so many had done so.

[gubamyster]

ping

[AuntB]

“Some five million fraudulent home mortgages are in the hands of illegal aliens, according to the U.S. Department of Housing and Urban Development.”

People have been asking for the last week how many of these sub primes were held by illegals...well, here’s the answer.

[AuntB]

“That’s a bunch of mortgages!

I wonder if McCain would buy those up along with the rest he promised to buy.”

Who knows! I wouldn’t want to bet on it.

[Hartlyboy]

I’d like some source confirmation on that number. It doesn’t show up in the HUD info I’ve seen. I’d love to use it, but the data does seem suspect.

[AuntB]

“It’s pretty hard to blame the illegals for this. If banks left piles of cash out what do ya’ think would happen?”

They were willing participants. Anyone over age 5 knows when they’re scamming someone. Do you let the drug user off scott free and just punish the pusher?

[skeeter]

A few days ago I freeper challanged me to prove that a very high number of fraudulent mortgages were given to illegals.

I cited common sense, but he didn't buy that.

Here's your proof, David-whatever your handle is.

[skeeter]

I really need to begin proofreading my posts...

[ZULU]

Muchas Gracias Senior Jorge Bush.

Another TRIUMPH for the Administration of Illegal Alien inclusion!!!

[HuntsvilleTxVeteran]

http://immigrationcounters.com/

One of the best sites on illegal aliens, (People
who overstay their visas or just INVADE).

[dalereed]

“Our govt. purposely left the lid off the cookie jar.”

They just neglected to poison all the cookies!

[PapaBear3625]

Interesting scam. Buy home after home for no money down, put people in them, collect rent, don't pay mortgage.

By the time it's foreclosed, you have made a nice profit, you didn't use your real identity (so good luck finding you) and you disappear.

[PGalt]

Thanks very much for the ping. BTTT!

[TomGuy]

Fraudulent Mortgages Held by Illegals

And many of those were price+ loans, where the potential buyer got more $$$ and the value of the home. Then, after a while, many of them defaulted and left the country. Home prices fell. The lenders were left holding over-priced loans that exceeded the original home value, plus plummeting home prices.

[Those are the homes that McCain wants to revalue, per his revelation at last night's debate. And guess who makes up the difference?]

[Bubba Ho-Tep]

The father of a good friend of mine used to buy tax-delinquent properties at the county tax sale, mostly slum apartment buildings. Then he’d start collecting rents while neglecting to do any maintenance or paying the taxes himself. When the building code violations stacked up and the building would be in danger of being seized by the city, he’d donate it to a church and take a big tax write-off. All perfectly legal.

[blackie]

Unbelievable!!