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Realtors project housing boom if alternate credit scores adopted
San Diego Union ^
| 4 NOV 2006
| Garance Burke
Posted on 11/04/2006 4:40:33 AM PST by radar101
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To: twinzmommy
"But what happens to the loan when/if they are deported?"
They aren't, the fact that they are property owners allows them to apply and get perminant residence statis.
That is the scam they are pulling!
I saw it happen in Glendale just before Hong King went over to the communists. They came in, bought a house, usually before they ever set foot in this country sight unseen, and were given immediate legal residence statis.
41
posted on
11/04/2006 10:26:17 AM PST
by
dalereed
To: radar101
The slumping housing market could get a $200 billion boost from
new immigrant home buyers if mainstream lenders start using alternative
methods to score credit, a national group of Hispanic realtors said Friday.
Well, when I can waltz down to Mexico and points south and just buy
property just like here in the U-S-of-Hay (with same protections, etc.)...
maybe I'll listen.
Until reciprocity breaks out...they can pound sand.
42
posted on
11/04/2006 10:31:59 AM PST
by
VOA
To: RegulatorCountry
43
posted on
11/04/2006 10:36:28 AM PST
by
VOA
To: radar101
Swell. If we ever do start deporting illegal aliens in large numbers, government-backed mortgages will start defaulting and the taxpayers will be stuck with the bill.
44
posted on
11/04/2006 10:50:34 AM PST
by
John Jorsett
(scam never sleeps)
To: larrysh
"If these new systems are widely accepted, there will be a flood of mortgages in default within a year or two of the sale."Then I would suggest that you make sure your finances are in order and a bit of cash is on hand because someone with your background would have a better chance than the rest of us at being an overnight billionaire by buying up the defaults and renting back to the ones already living there.
The whole thing sucks but you might be in a position to make lemonade...
45
posted on
11/04/2006 12:51:53 PM PST
by
gnarledmaw
(I traded freedom for security and all I got were these damned shackles.)
To: doug from upland; CTGOPPER
Seeking expert commentary...
46
posted on
11/04/2006 1:17:46 PM PST
by
gnarledmaw
(I traded freedom for security and all I got were these damned shackles.)
To: radar101
47
posted on
11/04/2006 1:24:18 PM PST
by
Old Professer
(The critic writes with rapier pen, dips it twice, and writes again.)
To: gnarledmaw
I don't want illegals buying houses. I want them to go back home. That didn't take much expertise.
To: doug from upland
Ill second that but what do you see as its effect on the market should this come to pass?
49
posted on
11/04/2006 1:34:14 PM PST
by
gnarledmaw
(I traded freedom for security and all I got were these damned shackles.)
To: Moonman62
With five or six families in the home and a at least that many junk cars in the driveway...
Not one of those cars is legally registered or insured, so when they inevitably run into you (with their third world driving skills) they just take off and your insurance pays for the whole mess. My uninsured motorist coverage is as much as my own coverage now.
50
posted on
11/04/2006 1:44:51 PM PST
by
JayNorth
To: DumpsterDiver
The article uses euphemisms like "new immigrant home buyers" and "recent immigrants", but the article is talking about illegal aliens.
And they purposely blur the lines of legal and illegal immigration by stating the total Hispanic component of the economy.
51
posted on
11/04/2006 1:46:41 PM PST
by
JayNorth
To: CrawDaddyCA
Where is the justice in this country? The Department of Justice works for the President, whom I voted for twice, yet get berated as a Bush hater when it is pointed out that he is not actually the savior, but a fallible man that makes mistakes.
52
posted on
11/04/2006 2:03:28 PM PST
by
itsahoot
(If the GOP does not do something about immigration, immigration will do something about the GOP)
To: gnarledmaw
More buyers would tend to raise prices. Interest rates, however, will still have a significant impact on the housing market. If the illegals all went home, I would expect a decrease in prices that could be substantial. At least we would be able to access emergency rooms and drive on the freeway again.
I had discussed on a San Francisco talk show the effect of a serious drop in prices if massive foreclosures hit. The property will be taxed according to the new purchase price. The only reason that California is not bankrupt right now is that the skyrocketing housing values have skyrocketed the property taxes. If that revenue is lost, California is a goner as sure as was Mary Jo when Ted ran away.
To: D.P.Roberts
It's FRAUD.
Tricks and mirrors to just make more commissioned loans.
54
posted on
11/04/2006 3:59:08 PM PST
by
A CA Guy
(God Bless America, God bless and keep safe our fighting men and women.)
To: radar101
Creditors like Citigroup Inc.'s Citibank see recent immigrants as a growing market niche, but those who lack Social Security numbers or legal status in the U.S. are often rejected by the three major credit bureaus Well, alot of people see illegal activities to their benefit. Are we going to stop hounding poor drug dealers and pimps? After all, it's just commerce...
susie
55
posted on
11/05/2006 4:56:19 AM PST
by
brytlea
(amnesty--an act of clemency by an authority by which pardon is granted esp. to a group of individual)
To: sergeantdave
Creditors like Citigroup Inc.'s Citibank see recent immigrants as a growing market niche, but those who lack Social Security numbersor legal status in the U.S. are often rejected by the three major credit bureaus Did you read the entire article?
susie
56
posted on
11/05/2006 5:00:29 AM PST
by
brytlea
(amnesty--an act of clemency by an authority by which pardon is granted esp. to a group of individual)
To: DumpsterDiver
Clearly those euphemisms fool
some people....
susie
57
posted on
11/05/2006 5:02:23 AM PST
by
brytlea
(amnesty--an act of clemency by an authority by which pardon is granted esp. to a group of individual)
To: radar101
The last thing we need are artificially inflated prices for real estate because illegals, with no verifiable credit record, can now access borrowed cash for buying property.
58
posted on
11/05/2006 1:52:56 PM PST
by
doc30
(Democrats are to morals what and Etch-A-Sketch is to Art.)
To: CrawDaddyCA
I hope the banks that give loans to these criminals find themselves totally screwed, they'll deserve it.Agreed. But what will happen is the same as in the Savings and Loan debacle: the phrase "too big to let fail" will again resound, and you and I will pick up the tab.
59
posted on
11/05/2006 8:23:02 PM PST
by
jammer
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