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Stricter lending requirements? Give me a break! I guess providing NINJA loans (no income, no job or assets) to people illegally residing in this country, constitutes "stricter" lending requirements. This article is clearly intended to squelch outrage by legal citizens. Nice try, but I'm not buying it. Have you not read any of the threads contradicting this? It’s simply pro-illegal propaganda.
Wow.. guess this topic blew up in his (the one) face!
I wonder why you only see (the one) and (amc) defending illegal mexicans..
why not illegal russians.. or illegal asians.. or other illegals OTHER than
illegal mexicans???????
Wow.. guess this topic blew up in his (the one) face!
I wonder why you only see (the one) and (amc) defending illegal mexicans..
why not illegal russians.. or illegal asians.. or other illegals OTHER than
illegal mexicans???????
OOPS, I know why......
If it looks like a duck, quacks like a duck.........
The problem is the story ASSUMES that Illegal Immigrants use Tax Payer Identification Numbers (TPIN). While some may do so, many do not. Likewise MANY legal immigrants do use TPINs. So the article tries to do what the Pro Illegal side loves to do. Mix Illegals with LAW ABIDING LEGAL IMMIGRANTS.
Even if you foolishly want to try to claim that EVERY SINGLE one of those homes was bought by an illegal. the article says that there are only about 12,000 such homes. They claim the national default rate on those homes is 1.15% or about 138 homes. However if you add on JUST the 233 houses from this ONE of many frauds committed by Illegals, you quickly arrive at (12,000/(233+138)) a default rate of 3.1% add on a few hundred more such cases of Illegal Fraud and the Default rate Passes the national Average.
The Washington Post noted in 2005: "Hispanics, the nation's fastest-growing major ethnic or racial group, have been courted aggressively by real-estate agents, mortgage brokers and programs for first-time buyers that offer help with closing costs. Ads proclaim: "Sin verificacion de ingresos! Sin verificacion de documento!" - which loosely translates as, 'Income tax forms are not required, nor are immigration papers.' "
Fraudsters also have engaged in house-flipping rings using illegal aliens as straw buyers. Among many examples the FBI cites: a conspiracy in Las Vegas involving a former Nevada First Residential Mortgage Company branch manager who directed loan officers and processors in the origination of 233 fraudulent Federal Housing Authority loans valued at over $25 million. The defrauders made and submitted false employment and income documentation for borrowers; most were illegal immigrants from Mexico. To date, the FBI reported, "Fifty-eight loans with a total value of $6.2 million have gone into default, with a loss to the Housing and Urban Development Department of over $1.9 million."
this article does not mention any particular race or ethnicity, tho it does quote some spanish surnamed individuals, it never mentions mexicans. and neither did it. i am not the one bringin race/ethnicity into the conversation. thats what you are doing.
all im doin is presenting the other side of the coin. in CALI, the situation is not what you guys would think. im not defending anyone. just adding to the conversation.
with that said, since the illegals (russian, mexican, irish, or otherwise) are not defaulting on loans, what would happen if there were massive immigration sweeps and all illegals deported? what effect might that have on the economy? should the banks take the loss? would they given what recently happened with the bailout?
stuff to think about.
aint nothing blowing up buddy.
an article from a reputable source with references was presented. contrary to what you beleive, i have no agenda.
i would rather talk about these issues in a civil manner. can you do that?
Quote:
Originally Posted by Arizona Bound
Wow.. guess this topic blew up in his (the one) face!
I wonder why you only see (the one) and (amc) defending illegal mexicans..
why not illegal russians.. or illegal asians.. or other illegals OTHER than
illegal mexicans???????
the article i posted refutes this claim. and this article you reference from the wash times does not mention illegal. it only says hispanics. they could very well be legal hispanics.
its the author that comes to the assumptiuon that its illegals. he does not know that. what we do know is that in CALI, the rate of foreclosure is lower amongst illegal immigrants.
It's no coincidence that most of the areas hit hardest by the foreclosure wave - Loudoun County, Va., California's Inland Empire, Stockton and San Joaquin Valley, and Las Vegas and Phoenix, for starters - also happen to be some of the nation's largest illegal alien sanctuaries. Half of the mortgages to Hispanics are subprime (the accursed species of loan to borrowers with the shadiest credit histories). A quarter of all those subprime loans are in default and foreclosure.
Regional reports across the country have decried the subprime meltdown's impact on illegal immigrant "victims." A July report showed that in 7 of the 10 metro areas with the highest foreclosure rates, Hispanics represented at least one-third of the population; in two of those areas - Merced and Salinas-Monterey, Calif. - Hispanics comprised half the population.
it only mentions hispanics. not illegals. are you guys assuming that all these hispanics are illegals?
i could use that simple paragraph from above and say:
A july report showed that in 7 of the 10 metro areas with the highest foreclosure rates, hispanics only represented 1/3rd of the population. the rest were white people. oh those caucasians!!!
Quote:
Originally Posted by Benicar
Stricter lending requirements? Give me a break! I guess providing NINJA loans (no income, no job or assets) to people illegally residing in this country, constitutes "stricter" lending requirements. This article is clearly intended to squelch outrage by legal citizens. Nice try, but I'm not buying it. Have you not read any of the threads contradicting this? It’s simply pro-illegal propaganda.
ok, ill make sure to take that into consideration next time.
Quote:
Originally Posted by RandomU
The problem is the story ASSUMES that Illegal Immigrants use Tax Payer Identification Numbers (TPIN). While some may do so, many do not. Likewise MANY legal immigrants do use TPINs. So the article tries to do what the Pro Illegal side loves to do. Mix Illegals with LAW ABIDING LEGAL IMMIGRANTS.
Even if you foolishly want to try to claim that EVERY SINGLE one of those homes was bought by an illegal. the article says that there are only about 12,000 such homes. They claim the national default rate on those homes is 1.15% or about 138 homes. However if you add on JUST the 233 houses from this ONE of many frauds committed by Illegals, you quickly arrive at (12,000/(233+138)) a default rate of 3.1% add on a few hundred more such cases of Illegal Fraud and the Default rate Passes the national Average.
Wow.. guess this topic blew up in his (the one) face!
I wonder why you only see (the one) and (amc) defending illegal mexicans..
why not illegal russians.. or illegal asians.. or other illegals OTHER than
illegal mexicans???????
OOPS, I know why......
I was about to correct you in assuming I only "defend" illegal Mexicans, but then I saw your overuse of smileys and punctuation marks, and decided that explained a lot, so I'll let it go.
all im doin is presenting the other side of the coin. in CALI, the situation is not what you guys would think. im not defending anyone. just adding to the conversation.
with that said, since the illegals (russian, mexican, irish, or otherwise) are not defaulting on loans, what would happen if there were massive immigration sweeps and all illegals deported? what effect might that have on the economy? should the banks take the loss? would they given what recently happened with the bailout?
stuff to think about.
Well considering according to your own source only 12,000 loans have been taken out by both LEGAL immigrants and ILLEGALS the impact would be negligible. Even if ALL 12000 of those are illegals and we know that is laughable, Adding ALL of those homes into foreclosure is LESS then 1% of the current Foreclosure market. The reality is most of those homes are probably owned by LEGAL immigrants.
Wait I found more illegals buying homes. But once again using FAKE/Stolen Documents. Add another 102 onto the list of Phantom homebuyers NOT counted in your article. As well as 102 more victims of I.D. Theft.
Olathe — Two Leawood women have been sentenced to probation for helping illegal immigrants commit $7.7 million in mortgage fraud through the use of stolen Social Security numbers.
no.. what you try to do is make lite of what all the illegal mexicans are
doing to AMERICANS!
illegal mexicans have found many loopholes in our system, first we have
anchor baby abuse, then we have welfare freud, then we have medical freud,
then we have hud/housing freud, illegal home buying freud, job application freud.
The list is very long and in the billions being paid by AMERICANS!
You seem to find no wrong in what this illegal is doing.. why because he's mexican!
You seem to think that they (mexican illegals) can slither over and commit whatever
crimes they want.. take away from those who enter legally!
Yes, I am white.. but would I ever defend a white illegal... NEVER!
Would I ever defend a white person who has done something illegal.. NEVER!
Just because you are mexican.. doesn't mean you should go around defending
these mexican criminals!
ok, ill make sure to take that into consideration next time.
The article was to show that using TPINs as a basis is laughable. But if you want a 2008 article here’s the one I just posted.
As you can see the Illegals use FAKE I.D. to buy homes so basing your claim that "Look loans done with Tax Payer ID #s are low so that shows Illegals aren't a problem" is FALSE!
Olathe — Two Leawood women have been sentenced to probation for helping illegal immigrants commit $7.7 million in mortgage fraud through the use of stolen Social Security numbers.
The women were not given prison time, partly because only four of the 102 mortgages received by the undocumented workers have gone into default.
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