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?
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.
There are well over 20 million illegals. The numbers sound fine to me, especially considering simple concepts like “identity theft” and “multiple purchases.”
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.
Try one mortgage for every 4 IAs in this country. And remember and kids they have here are not considered IA.AWB
But we don’t have an illegal problem. /sarc
What are you smoking?
One of the best sites on illegal aliens, (People
who overstay their visas or just INVADE).
In January 2006 (IIRC) Ted Kennedy himself said 20 million were here. Since he is a consumate liar I put the number at 30 million minimum back then and they have continued to pour across the border. Try and keep up. ;*)
I guess twice..to three times as many as "officially" reported.
Staff Reporter, 06/02/08
Juan and Rachael Torrens pled guilty to conspiracy charges in connection with their participation in a recent multi-million dollar mortgage fraud scheme in South Florida. The defendants acknowledged as part of their guilty plea that their scheme produced over $15,000,000 in fraudulent loans, and resulted in losses of over $5,000,000 to various lenders. With Juan and Rachael Torrens‘ guilty pleas, 15 of the original 31 defendants charged have pled guilty.
As previously reported by Mortgage Fraud Blog, defendants Juan Torrens, the de facto owner of Amsouth Trust & Investment Corp. (”Amsouth”) and president of Countryside Land & Development, Inc., Rachael Torrens, president of 1st Choice Realty of South Florida, Inc. and de facto owner of First United Mortgage USA Corp., Daniel Ramos, Alfonso A. Muxo, a State of Florida certified real estate appraiser and owner of Palm Bay Real Estate Appraisals, Inc., and Katherine Harris, former president and part owner of Floridian Home Title Corporation, were charged with conspiracy to commit wire fraud and/or wire fraud for their participation in this massive mortgage fraud scheme.
The scheme involved fraudulent mortgage loans obtained for the purchase of 28 properties located in Miami-Dade and Broward Counties, Florida, and in the City of Marco Island. All except Katherine Harris have already pled guilty, and are awaiting sentence.
The Indictment also charges defendants Mario E. Diaz, Aurelio Pozo, Oscar Barreiro, Lellany Rordriguez, Jose Asensi, Carlos Morales, Damaris Jimenez, Lizabeth Perez, Mario Blanco, Rene Rodriguez, Tamaris Angulo, Alicia Loaiza, Ester Crespo, Jesus Enrique Guevara, Janette Lugo, Priscilla Fleitas, Erick Clavijo, Luis DeJesus Planas, Moises Llorens, Milva Roque, Aurora Ramentol, Gladys Lens, Nancy Fundora, Yanny Cruz Pavon, Roger Rosario and Jacqueline Perez-Castillo ("the straw buyer defendants") with wire fraud for their participation in this mortgage fraud scheme. To date, guilty pleas have been entered by defendants Aurelio Pozo, Oscar Barreiro, Carlos Morales, Damaris Jimenez, Mario Blanco, Jesus Enrique Guevara, Janette Lugo, Priscilla Fleitas, Moises Llorens, Gladys Lens, and Roger Rosario.
According to the Indictment, Juan Torrens would identify sellers of residential properties who were willing to overstate the true selling price of their properties. Daniel Ramos and Juan Torrens would then recruit and pay the straw buyer defendants to pose as buyers and ostensibly participate in the purchase of the selected properties. Defendants Rachael Torrens and Juan Torrens would prepare fraudulent mortgage loan applications for the straw purchasers that included false employment verifications, pay stubs, income and funds on deposit, and IRS Forms W-2.
Thereafter, to support the overstated sales prices on the properties and the fraudulent mortgage applications, defendant Alonso A. Muxo would prepare fraudulent appraisals attesting to the inflated property values dictated by Juan Torrens. Roger Rosario, an employee of Regions Bank, assisted the fraud by providing, on at least one occasion, a fraudulent verification of deposit in connection with a mortgage loan application for one of the straw buyer defendants.
To effectuate the scheme, defendants Juan Torrens and Rachael Torrens, together with the straw buyer defendants, would create and submit to the banks and lending institutions HUD-Settlement Statement Forms, also known as HUD-1s, which falsely stated that the straw buyers brought their own funds to the closings. Once the mortgage applications were approved, the lenders would wire the loan proceeds to the title company, Floridian Home Title, for closing. At closing, Amsouth, a company owned and controlled by Juan Torrens, would receive a credit for the difference between the inflated price and the actual selling price of the property. Defendants Juan and Rachael Torrens would make the payments on the mortgage loans to maintain the loans afloat until the properties could be resold again, often to another straw buyer.
When the Torrenses failed to make payments on the loans, some properties went into foreclosure, resulting in substantial losses to the lending institutions.
http://www.mortgagefraudblog.com/index.php/weblog/comments/husband_and_wife_plead_guilty_to_massive_florida_straw_buyer_scheme/
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FREEPER DB POSTED Here's what illegals did in my area: Family member buys house and gets teaser loan. Family member sells house to another family member for $50k more. That family member gets teaser loan. That family member sells house to yet another family member for even more again getting a teaser loan. They repeat this multiple times. The last family member defaults on the loan and goes back to Mexico. The other family members walk away with a couple hundred thousand dollars of the banks money through all the repeated selling between family members. No one is accountable. Now repeat this on a broad scale and you can get an idea of what was going on..."
ANOTHER FREEPER POSTED What we have seen in our area is a little less complex: An illegal or legal buys a home. They rent out the garage to 4 or 5 illegals for 3-5 thousand per month. Then, each spare bedroom in the house gets another 2-4 illegals at 2-4 thousand per month. None of this is ever declared as income. The home owners drive Lincoln Navigators and Tundra pickups. Down in E. Contra Costra county, the same thing happens, except the vehicles of choice were Hummers and Escalades.
5 million loans to illegals sounds about right to me. Many, many different combinations of illegal buyers.
The government has done just as good of job securing our borders and sovereignty as they have the economy.
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.
The figure was 12-20 million 4 years ago.