Posted on 10/08/2008 9:43:32 PM PDT by wac3rd
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.
And even some that weren’t sold to illegals were/are rented to them... My ex-mother-in-law had a house across the street (suburb of Phoenix) that turned out to be a coyote house, full of illegals. Once they were arrested/evicted (after a stabbing), it sat empty. They were the first renters in the house after it was built, too.
Tack this on to the Bush/Congress failed immigration enforcement.
No wonder Comrade Juan McNuts wants to bail them out.
I received this letter from McCain this evening, next post is my answer back to him.
My Friends,
Millions of Americans on Main Street are feeling the effects of our current economic crisis largely brought on by corruption and greed at Fannie Mae, Freddie Mac and Wall Street. Our next president must come into office with a plan to address the very root the failing housing market.
Last night, during my debate with Senator Obama, I announced my plan to fix the root of our problem and I’d like to share a little more with you today.
If elected president, I will direct my Treasury Secretary to implement an American Homeownership Resurgence Plan to keep families in their homes, avoid foreclosures, save failing neighborhoods, stabilize the housing market and attack the roots of our financial crisis.
America’s families are bearing a heavy burden from falling housing prices, mortgage delinquencies, foreclosures, and a weak economy. It is important that those families who have worked hard enough to finance homeownership not have that dream crushed under the weight of the wrong mortgage.
For those that cannot make inflated payments or their mortgage exceeds the value of their home, mortgages must be re-structured to put losses on the books and put homeowners in manageable mortgages.
This Resurgence Plan would purchase mortgages directly from homeowners and mortgage servicers, and replace them with manageable, fixed-rate mortgages that will keep families in their homes.
By purchasing the existing, failing mortgages the resurgence plan will eliminate uncertainty over defaults, support the value of mortgage-backed derivatives and alleviate risks that are freezing financial markets.
I am ready to lead our country out of this financial crisis and I am ready to work with anyone and everyone who will help. Together, I know we can work together to find solutions for these challenging times. Please do your part today and spread the word about my new plan by forwarding this email on to your neighbors, friends, family and coworkers. Thank you for your time and support.
Sincerely,
John McCain
P.S. Homeownership represents the very core of our American economic system. This is not the time for politics. We must move aggressively to provide relief and stability for all Americans.
There is no requirement that a loan or mortgage originating in the US be made only to a citizen. US companies do business with non-americans all the time. To my knowledge, illegal alien held mortgages have a MUCH lower foreclosure rate than those held by citizens. That’s logical for two reasons: (1) they want to avoid problems with law or courts, (2) they typically are working hard and trying to pay their bills.
La Raza is well funded (by you and me) in helping to accomplish this.
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...!!!
And just exactly where did you get this "knowledge"?
These are fraudulent loans...the reality is that many illegals got loans that are not paying...
The bottom line is that if an illegal spits on a sidewalk or uses a square of toilet paper in a public building, it is wrong as HE ISN’T SUPPOSED TO BE HERE. If you go to Mexico, you need to declare where you are going, where you are staying, for what purpose and how much cash you have...why is it different for Mexicans in America?
How hard is the definition of illegal?
How can we enforce the Syrian/Iraqi border and not our own when 19 illegals brought down the WTC?
Deportation is the only answer, and revision of anchor baby status. Period.
Are you going to send these morons that purchased these overpriced houses, (the ones, they just had to have), to some kind of SCHOOL on how to be more responsible???????
Are you going to go after the greedy mortgage brokers who brokered these illegal loans to unqualified buyers?
Are you going to go after those in Congress who ENABLED this to happen?
Here is what you need to do before anyone agrees to your proposition:
Send them back to school to learn economics and self control and monitoring their budget should be a pre-qualifer for your bailing them out of their own mess. I do not feel sorry for them, not one bit. They overspent and you want me to help them?, no thanks. No one helped me. Let them fail, that is the only way they will learn. We don't need to be an enabler to these spoiled brats.
They can live in a little 2 bedroom as we and their parents did, pay for it move on to bigger when they can afford to do so and only then. Tell them to get rid of the 2 Broncos, 2 motorcycles, a boat, a garage full of kids toys and equipment.
Tell them they do not need a cell phone, nor cable TV., she does not need to get her nails done every week, nor do they both have to go to the gym for a workout or a tan.
Tell her a $10/20 purse will work as well as a COACH. And Payless has some cute shoes. Tell them they don't need to shop at GAP or Abocrombie's or any other so called eletist shop. Tell them they can shop at GOODWILL and then they can be as cool as the Movie Stars.
Tell them to let their hair go to it's natural color, they do not need the botox, nor a boob job or a tummy tuck.
Tell them they can make their own coffee, it's easy. They don't need STARBUCK'S at $4.00 per cup of chichory swill, or come exoctic lattee.
Take away their childrens cars, let them ride the bus or walk.
They don't need a 57inch TV in every room, nor do they need that stupid boom box or spend $15 on the lastest idiots CD just released, nor do they need to spend $75 on some idiots concert.
Take away their credit cards, all of them
Tell them they have just graduated from the " SCHOOL OF HARD KNOCKS", and now it is time to get a real education on how to budget. THEY ARE SPOILED AND ROTTEN TO THE CORE.
When is this type of thing going to STOP??? When are you and Congress going to STOP asking the PAYING Americans to once more to fork over?
Matter of fact: NONE OF US CARE ANYMORE. TAXPAYER REVOLT is way overdue.
I should have added: PS: quit calling me your friend, you dont' know me, you only want my vote (which I will anyway).
my friends this, my friends that, and you went and voted for this "CRISIS" BAILOUT? some friend.
Nice job, Annie.
AZ is #1 per capita for ID theft, so a lot of this was probably going on. Our first bank failure was First Magnus in Aug 2007. They were “fine” one day, and closed the next.
I just smiled reading your post.
I was born into a middle-class family with upper middle-class grandparents who had worked all their lives to build numerous businesses.
If I wanted something, I was told to save for it and even making $3.00 a week in the 1970’s I would contribute to my bike, model airplane or whatever...it meant more when I had a stake in it...
You are very right...we are very spoiled...credit cards, SUV’s, gym memberships, Starbucks, Neiman Marcus, Whole Foods..you are right, you can live on less.
What is the source of your knowledge?
I agree that businesses work with legal residents and others holding valid visas. Illegal aliens are another matter. Homeland security looks the other way when banks deal with illegal aliens.
There are networks of businesses that facilitate illegal aliens. In the housing area, there is lots of fraud involving illegal aliens. Illegals are deep in fraudulent real estate transactions facilitated by an array of businesses and political cover.
Excellent reply.
And when I think of the millions of American citizens who are renting because they can't afford a mortgage it boils my blood. Greedy, power hungry politicians have prostituted America's resources like the pimps they are.
If Obama is elected President it might just be all over for the U.S. If McCain is elected we also need to remember that it was he who sponsored legislation to grant amnesty to these illegal bums. Now McCain wants to renegotiate all these bogus mortgages through lowering mortgage rates and lowering the values of the homes. So here we are, five million ILLEGAL ALIENS owning homes on the backs of tax paying citizens, many of whom do not own a home themselves. If McCain really wanted to get votes he'd come up with a plan that would take these 5 million homeowners and their families and DEPORT them all. Then let 5 million American CITIZENS purchase those homes at a lower value and interest rate.
Any business that knowingly provides a loan or mortgage to an illegal alien is violating federal immigration laws (aiding and abetting an illegal alien).
Yes, but I was in the mortgage industry...the Feds made it very hard to discern what was discrimination and what was solely for citizens...the fine line were green card holders who I understand could get them, but many banks lent to foreign nationals.
You don't need no freakin’ number.
In September 2007, several months after the first wave of weak lenders started to collapse, both Bank of America and Countrywide were advertising mortgages on the MSN.com homepage.
Both ads had this headline:
“No Social Security Number Required”
You can't even do a serious credit check without a SS#, let alone establish citizenship.
And we are bailing these guys out?
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