KFYI Reply:
HUD Declines To Discuss Illegal Mortgages
Thursday, October 9, 2008
The Department of Housing and Urban Development won’t discuss whether 5 million illegal immigrants held mortgages.
Earlier this week, we posted a story that said figures from the Department of Housing and Urban Development showed that home mortgages were held by 5 million illegal immigrants and that this may have contributed, in part, to the housing crisis that has led to the recent failure in the financial markets.
Our source for that story, a retired agent from Immigration and Customs Enforcement, stands by those numbers.
A person from Housing and Urban Development contacted KFYI to tell us the number was inaccurate, that there were only 2.3 million mortgages held by immigrants, so there was no way that 5 million illegals could have mortgages.
When asked what HUD says the correct number is, the person (who identified himself only as ‘Brian’ and who refused to give his last name), either would not or could not say how many illegal immigrants hold mortgages. He also said there was “no way” HUD would grant an interview on the subject.
http://kfyi.com/pages/money-matters.html?feed=268721&article=4381201
OK then, THAT makes it all better...
Thanks! I looked on their website for a retraction or clarification and couldn’t find it.
It looks like HUD is too embarrassed to support their numbers. As to their “2.3 million mortgages held by immigrants,” maybe that is the number in California, alone. ;-)
Ping to above, FYI
If 5,000,000 illegals did have mortgages, figure 1/2 (?) default or leave the country after 12-18 months to return home. Walk out on the mortgage, or “give” the house here to the next bunch of 20 itinerant laborers - who then trash the house/neighborhood/yard and destroy remaining value in the street.
If each house is 50,000.00 to 150,000.00 - take an average of 100,000.00 in losses for each bad mortgage. And unlike “real estate” - which does go up in value historically, an abandoned and trashed house on a defaulted mortgage is worth little if anything!
SO 2.5 million times 100,000.00 each = 6.25 x 10^11th dollars! That have to be made up by SOMEBODY.
Assume ONLY 1/10 default.... Blatantly low. It's is STILL 5 x 10^10 dollars!
Why are they denying it? The banks, with tacit approval of the federal govmnt, was ADVERTISING mortgages for borrowers without US IDs.