HUD: Five Million Fraudulent Mortgages Held by Illegals (wages, citizens, money)

[Benicar]

Originally Posted by floridasandy

just to add more fuel to the fire, how about illegals taking cash out mailing it to benefit their own country's economy and then being bailed out by the federal government for the full purchase price of that home by the taxpayers......

I am truly sickened by the mere thought.

[carolac]

Banks were forced because of the Community Reinvestment Act of 1977, enhanced in 1995, by Clinton and ACORN. ACORN actually sat on bank boards re: loans to those who couldn't afford them. How do we get rid of ACORN? They're not there to help to poor. Their pockets have been lined at the expense of the poor.

Originally Posted by JDubsMom

Tuesday, October 7, 2008

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.

http://kfyi.com/pages/local_news.html?feed=118695&article=4364653

If HUD is stating it's 5 million, I have no doubt the number is probably double.

Wow . . . just wow . . .

[d4g4m]

5 million homes were bought with phoney/stolen social security numbers.
Since SS#'s are given at birth, it means that a lot of the stolen numbers are from kids 1 to 18 years old. And since kids don't work for the first 18 years, who's to know the number has been used. Can you imagine the amount of kids, 20-25 years from now applying for a mortgage to buy their first house, being told, 'we foreclosed on your house 17 years ago that you walked away from. Application denied'. Or how about the millions of new cases of identity theft cases that will be reported in the coming years because of this mortgage fraud and the real owners of the SS#'s trying to repair their credit ratings.

[mkfarnam]

Originally Posted by d4g4m

5 million homes were bought with phoney/stolen social security numbers.
Since SS#'s are given at birth, it means that a lot of the stolen numbers are from kids 1 to 18 years old. And since kids don't work for the first 18 years, who's to know the number has been used. Can you imagine the amount of kids, 20-25 years from now applying for a mortgage to buy their first house, being told, 'we foreclosed on your house 17 years ago that you walked away from. Application denied'. Or how about the millions of new cases of identity theft cases that will be reported in the coming years because of this mortgage fraud and the real owners of the SS#'s trying to repair their credit ratings.

But they're just trying to make a better life.

[car54]

I hate to be the skunk at the picnic....but what's in it for the illegal alien?

During the housing boom (early '06), I sold one of my rental houses to a hispanic woman. I have no idea of her status, but I wouldn't be surprised if she was illegal.

Anyway, the house went for an insane $535K and the woman took out a no-money down, piggy back loan (80% first mortgage, 20% second) to buy the place. The payments on the 2 loans came to a little over $5K a month! This, for a 50's 3 bedroom brick rambler with no major upgrades!

She told me that she hoped the place would appreciate enough, and her credit would improve enough to refinance into a regular (prime) mortgage in a couple years. Well, as we all know, the market tanked shortly thereafter. The house was foreclosed on 18 months later.

This woman could have rented a far, far nicer house for $5K a month! Plus, she made many improvements to the house and landscaping while she was there....costing her more money.

I just don't see the angle....she paid a LOT of money to live there for 18 months and left with absolutely NOTHING.

[mkfarnam]

Originally Posted by car54

I hate to be the skunk at the picnic....but what's in it for the illegal alien?

During the housing boom (early '06), I sold one of my rental houses to a hispanic woman. I have no idea of her status, but I wouldn't be surprised if she was illegal.

Anyway, the house went for an insane $535K and the woman took out a no-money down, piggy back loan (80% first mortgage, 20% second) to buy the place. The payments on the 2 loans came to a little over $5K a month! This, for a 50's 3 bedroom brick rambler with no major upgrades!

She told me that she hoped the place would appreciate enough, and her credit would improve enough to refinance into a regular (prime) mortgage in a couple years. Well, as we all know, the market tanked shortly thereafter. The house was foreclosed on 18 months later.

This woman could have rented a far, far nicer house for $5K a month! Plus, she made many improvements to the house and landscaping while she was there....costing her more money.

I just don't see the angle....she paid a LOT of money to live there for 18 months and left with absolutely NOTHING.

Those loans were most likely fraudulant. The lender's probably part of it too.

[brokensky]

Originally Posted by Lakewooder

Does the IRS know about these people?

For those who have never realized it - yes, this is astounding!!!! IRS does not care!

Here is a great article on the subject.

Illegal immigrants own homes with help of bank loans - The Boston Globe

Here is an excerpt:

Although they lack legal residency, the immigrants find ways to build credit and buy homes: They take jobs, pay bills, open bank accounts, and sign up for credit cards. Many even file tax returns each year using their real names, addresses, and identification numbers issued by the Internal Revenue Service. The IRS generally does not share the information with federal immigration agents.

Nothing in federal law prohibits illegal immigrants from owning homes. And banks can legally accept passports, tax identification numbers, and consular cards from people who want to open bank accounts or get home loans, according to the Comptroller of the Currency, a bureau of the US Treasury that regulates national banks.

[Benicar]

Originally Posted by anifani821

For those who have never realized it - yes, this is astounding!!!! IRS does not care!Here is a great article on the subject.

Illegal immigrants own homes with help of bank loans - The Boston Globe

Here is an excerpt:

Although they lack legal residency, the immigrants find ways to build credit and buy homes: They take jobs, pay bills, open bank accounts, and sign up for credit cards. Many even file tax returns each year using their real names, addresses, and identification numbers issued by the Internal Revenue Service. The IRS generally does not share the information with federal immigration agents.

Nothing in federal law prohibits illegal immigrants from owning homes. And banks can legally accept passports, tax identification numbers, and consular cards from people who want to open bank accounts or get home loans, according to the Comptroller of the Currency, a bureau of the US Treasury that regulates national banks.

Yes, the IRS freely issues ITIN’s to “non-citizens,” supposedly to enable them to file tax returns. They clearly realize the majority of these tax IDs are being issued to illegal aliens, and they simply don’t care. It’s another example of the ‘greed’ mentality permeating our government. As long as they feel they can collect ‘some’ taxes from illegal aliens, they have no concern for the legitimacy of the ‘source’ of the money, contrary to legal citizens whose earnings are scrutinized.

The irony is; the latitude of the ITIN procedure has also enabled illegals to purchase homes, establish businesses, receive economic stimulus checks, and receive tax refunds from their ill-gotten gains. Rather than restricting the issuance of an ITIN only to non-citizens with proof of legal residency, it's a virtual free-for-all. As usual, illegals manage to manipulate this to suit their needs.

[mkfarnam]

( directed to the article) So I guess that 1 Columbian Illegal and 1 Irish Illegal who seem to be "somewhat" following the rule of law, Justifies the millions that don't?

[Lakewooder]

Maybe I should quit paying my taxes to the IRS - then I would be 'otherwise-law-abiding'.