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Old 10-08-2008, 04:36 AM
 
7,020 posts, read 9,894,200 times
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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 . . .
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Old 10-08-2008, 06:23 AM
 
3,859 posts, read 9,170,029 times
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Quote:
Originally Posted by JDubsMom View Post
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 . . .
Exactly-we know that 5 million is a low number. Do you know what is amazing? We went through the mortgage process last July and we both had our social security numbers confirmed and we have excellent credit. Yet this article claims banks were forced to give mortgages without confirming ss numbers? I guess ss numbers only need to be confimed when it is a US citizen Yet we are constantly told there aren't two sets of rules-one set for honest US citizens and one set for ILLEGAL aliens.
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Old 10-08-2008, 07:14 AM
 
1,304 posts, read 2,920,693 times
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word travels fast SOB.
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Old 10-08-2008, 09:52 AM
 
Location: South Bay Native
13,043 posts, read 21,154,444 times
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If 5 million of them have mortgages, how does that reflect on the estimation that we have a total of 12 million altogether? Sounds like the 12 mil estimate is waaaaaay off. What percent of citizens own vs. rent? This is insane.
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Old 10-08-2008, 09:58 AM
 
Location: Maryland
15,179 posts, read 15,807,269 times
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Quote:
Originally Posted by DontH8Me View Post
If 5 million of them have mortgages, how does that reflect on the estimation that we have a total of 12 million altogether? Sounds like the 12 mil estimate is waaaaaay off. What percent of citizens own vs. rent? This is insane.
Exactly!
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Old 10-08-2008, 10:31 AM
 
Location: Oklahoma(formerly SoCalif) Originally Mich,
13,387 posts, read 16,197,803 times
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And this is just the tip of the ice burg. Because of the Economic crisis, we're going to hear alot more fraud commited by "Illegals -via- financial institute support". Many many more Americans will become aware of how bad the Illegal Immigration problem really is, and to the point where the mere suggestion of amnesty will be an insult.
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Old 10-08-2008, 10:58 AM
 
Location: Maryland
15,179 posts, read 15,807,269 times
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Quote:
Originally Posted by mkfarnam View Post
And this is just the tip of the ice burg. Because of the Economic crisis, we're going to hear alot more fraud commited by "Illegals -via- financial institute support". Many many more Americans will become aware of how bad the Illegal Immigration problem really is, and to the point where the mere suggestion of amnesty will be an insult.
I heard that auto corporations are suffering also. No doubt, many illegals have left town (or the country) with their new cars, leaving the lenders holding the bag. It will be as hard to get a car loan as a mortgage loan.
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Old 10-08-2008, 11:04 AM
 
Location: Oklahoma(formerly SoCalif) Originally Mich,
13,387 posts, read 16,197,803 times
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Quote:
Originally Posted by Benicar View Post
I heard that auto corporations are suffering also. No doubt, many illegals have left town (or the country) with their new cars, leaving the lenders holding the bag. It will be as hard to get a car loan as a mortgage loan.
Yes. I keep track of what goes on in my home state. I heard that a plant in Flint, MI. just closed recently.
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Old 10-08-2008, 11:11 AM
 
Location: Maryland
15,179 posts, read 15,807,269 times
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Quote:
Originally Posted by mkfarnam View Post
Yes. I keep track of what goes on in my home state. I heard that a plant in Flint, MI. just closed recently.
More unemployed Americans, devalued, and foreclosed homes. I wonder how many illegals live in Flint, and how many are still employed.
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Old 10-08-2008, 11:15 AM
 
Location: State of Being
35,885 posts, read 65,242,129 times
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Quote:
Originally Posted by DontH8Me View Post
If 5 million of them have mortgages, how does that reflect on the estimation that we have a total of 12 million altogether? Sounds like the 12 mil estimate is waaaaaay off. What percent of citizens own vs. rent? This is insane.
It is way off. I suspect, from looking at census figures and Pew figures - that we have more like 20 Million illegals here.
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