Posted on 02/05/2014 7:06:31 AM PST by Biggirl
SUB-PRIME MORTGAGE SCAMS--MASSIVE LATINO MORTGAGE FRAUD ON CAPITOL HILL:
The Congressional Hispanic Institute, Inc, is an entity organized by Cong Joe Baca (D-Cali) in his capacity as head of the Congressional Hispanic Caucus.
Cong Baca created "HOGAR" (Spanish for home) in 2003 to work with the mortgage industry, F/M, lenders, banks and latino community groups to increase mortgage lending to what savvy observers consider to be unqualified Latinos.
"HOGAR" colluded w/ Cong Baca in what was to become a massive bilking of taxpayers. Cong Baca calculatedly hyped the fact that the national Latino homeownership rate was 47%, compared with 68% for the overall population.
HOGAR was coached to call the figure "alarming," and to say "a concerted effort was required to ensure that by the end of the decade Latinos will share equally in the American Dream of home ownership."
HOGAR and Cong Baca conned the public, failing to note that most of the "dreamers" were illegals, citizens of Third World countries who had violated US borders.
Predictably, HOGAR colluded w/ co-conspirators which included:
(a) shaky mortgage companies that ran into big trouble;
(b) Fannie Mae and Freddie Mac, both now under federal control after billions in taxpayer bailouts;
(c) Countrywide Financial Corp., sold to Bank of America Corp;
(d) Washington Mutual Inc., taken over by the US government and sold to J.P. Morgan Chase & Co.; and,
(e) New Century Financial Corp. and Ameriquest Mortgage Corp, both now defunct, killed by defaulted subprime Latino mortgages.
HOGAR's ties to the subprime mortgage industry were substantial. Bribery and self-dealing were rampant:
<><> Companies that donated $150,000 to Cong Baca got the right to have their own research fellow who would conduct fraudulent studies, which were cunningly used by industry lobbyists to pump lending.
<><> Bribery and extortion in the form of $100,000 annual donations to Cong Baca, for which HOGAR provided phony news releases from Cong Baca's Hispanic Caucus promoting a lender's commercial products to the Latino market,
<><> The most shocking example of bribery well-substantitated by Hogar's literature..... HOGAR announced it worked with Freddie Mac on a self-serving two-year examination of Latino homeownership in 63 congressional districts.
The "study" found Hispanic ownership on the rise thanks to "new flexible mortgage loan products" that the industry was adopting at the urging of Cong Baca's collusive coterie.
<><> HOGAR conned lenders into even more lenient down-payment and underwriting standards.
<><> As the subprime debacle unfolded, HOGAR declined repeated requests for comment despite the economic havoc their activities precipitated.
The mortgage schemes demonstrated the criminal activities of border violators with multiple identities---perhaps violent, terrorist-connected foreigners---colluding and conspiring to defraud private companies and public entities. And mortgage racketeering enterprises which employed sub rosa finance and business practices to carry out deceptions and frauds.
The alleged ring of swindlers---a Congresman, individuals with multiple identities, banks, insurance companies, mortgage brokers--might be charged with cheating the US govt, taxpayers and bank share holders out of hundreds of millions of dollars via an elaborate web of mortgage and bank frauds.
The mortgage Dreamers used multiple phony identities, fraudulent Social Security numbers, purchased from identity forgers in order to obtain govt-subsidized benefits.
L/E will find that individuals with multiple identities obtained fraudulent mortgages then flipped the houses at ever-higher prices to family member who then absconded to foreign countries, sticking banks (and taxpayers) with hundreds of millions in fraudulent mortgages.
BACKGROUND A Wall Street Journal investigative report related that, according to the Federal Financial Institutions Examination Council examination of the borrowing spree, uncovered financial schemes by low-income housing groups, Hispanic lawmakers, a congressional Hispanic housing initiative, mortgage lenders and brokers, all colluding in fraduent schemes to increase homeownership among Latinos with forged documents which enabled massive fraud.
This was not simply the mortgage market at work. It was fueled by avarice, greed, and Congressional enabling fraudulent practices. In 2005 alone, mortgages to Hispanics jumped by 29%; Latinos with multiple fraudulent identities in low-paying jobs obtained subprime mortgages for prime properties---soaring to 169%.
(Research provided by Wall Street Journal. Some material excerpted from the NY Times).
Illegal is illegal is illegal. Don’t you understand the word?
If you want to improve yourself get a dictionary. And wash your greasy hair.
In Sotomayor, we bear witness to corrupt “ethnic solidarity” rearing its ugly head.
She’s a Third Worlder first and foremost-—no matter what degrees or title you give her, she’ll always be a Third Worlder.
She’ll reject the values, mores, and traditions of our blessed country .... in favor of corrupt Third World hellholes.
Why Sotomayor scares me - “illegal alien” is the term used in the U.S. Code, which derives from the Constitution with the language used by the Congress that creates the law the Supreme Court is supposed to use as a basis for its decisions. Sotomayor is an activist abortion of Justice.
Amen! I find her remarks not just insulting to this nation, but quite telling of her ignorance.
“Sotomayor: Labeling Illegal Immigrants Criminals Is Insulting”
If they are breaking the law they are criminals. How hard is this? Do you think she would be saying this if she were Swedish? I don’t think so! Interpret the law. Keep your feelings, heritage and biases out of it.
Yeah, how can you call someone who commits a crime a criminal? Oh yeah, I guess that’s what the word means. And I guess someone who says her opinion is more valid because she is a Latina is a racist.
The thief who breaks into a home and steals is NOT an ‘undocumented guest’. The thief is a criminal.
The illegal who breaks into our country is NOT an undocumented worker. The illegal is a criminal.
Sorry Sonia Sotomayor, people who break the law are criminals. It’s still against the law to break into this country... If you don’t understand this you need to resign.
Illegals are criminals. Write it a hundred times...
Illegals are criminals. Illegals are criminals. Illegals are criminals. Illegals are criminals. Illegals are criminals. Illegals are criminals. Illegals are criminals. Illegals are criminals. Illegals are criminals. Illegals are criminals...
Thinking of her as a “justice” is even more insulting.
Mark
Money does have a strange way of buying these that supposedly cannot be bought. Those taking the money work for people other than We The People. Their goals are to turn America into just as you typed (third world). Am truly surprised the lame-stream media does not take these people to task. Their children are going to suffer as much as yours and my children. Democrats have hidden behind, *It’s for the children* for way to long aided by the lame-stream. Do the lame-stream think that as long as they spout the propaganda of the democrats they and their children are immune? LOL (though I should not), the lame-stream will be one of the first institutions to be replaced and paid minimum wave or less. The lame-stream simply has not figured this fact out. Democrats, once all powerful will make more people disappear than have already been made to disappear. The lame-stream and their children will be huge losers should they continue to spew the propaganda. At this moment the lame-stream media is only a group useful idiots. Prayers the lame-stream wakes before it is too late for them, as well.
Does she need a dictionary? A criminal is someone who breaks the law and we DO have immigration laws in this country.
So what Congresscritter is gonna be the first to ask for her resignation from the court?
crickets?
but its not against the law...
Sotomayor is an insult to the constitution.
That is what people don’t get about Ingraham’s comments.
It is not so much about immigration. It is about brown pride.
Scalia has delved into this. Talks about racial entitlements. Racial entitlements include affirmative action and the right of any Hispanic to cross the border.
Scalia also talked about “enforcing immigration law in a way that pleases Mexico.
Sorry people, Sotomayor is correct. They are not criminals because immigration law violations are not “crimes.” They are civil matters, not criminal matters. It’s like calling your wife a “criminal” in divorce court. As much as you might like to think of her as such, it is NOT a proper term. Ask any lawyer.
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