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Old 05-19-2009, 04:38 AM
 
7,020 posts, read 9,912,726 times
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Quote:
Originally Posted by elansingghost View Post
That link you provided is an opinion piece by the right-wing blogger Michelle Malkin.

ILLEGAL ALIENS & THE MORTGAGE MESS - New York Post

In regards to this statement:

"In an interview about rampant illegal-alien home-loan fraud, a spokeswoman for the US General Accounting Office told me five years ago: "Considering the size of Los Angeles, New York, Chicago, Houston and other large cities throughout the United States known to be inundated with illegal aliens, I don't think the federal government is willing to expose this problem for financial reasons as well as for fear of political repercussions."

A spokeswoman told Michelle Malkin this information, but I guess there are no statistics to back it up.
And who is this "spokeswoman for the US General Accounting Office"? why no name?

I don't doubt greedy banks approved loans for illegals, but I'd like to see statistics from reliable sources, not from right-wing "columnists".

Yes it was written by Ms. Malkin but it was published by the New York Post. The use of confidential sources in order to gain and reveal information being hidden from the public is a regular practice in every media forum in the US. Certain positions within the government require security clearances because those employees are privy to various levels of confidential information on a daily basis, and sworn to secrecy.

Her source is a government employee who could lose his/her job and face prosecution for revealing information that is classified as confidential. Additionally, why would Michelle Malkin or the New York Post risk being sued for publishing an article that has not been fact checked? I guarantee you she has documentation to back up every single word that was written. If subpoenaed to testify in court on this subject, I guarantee you she can produce documentation, or reveal her source if the court ordered her to do so.

So your point is?

Last edited by JDubsMom; 05-19-2009 at 05:07 AM..
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Old 05-19-2009, 05:15 AM
 
7,020 posts, read 9,912,726 times
Reputation: 1094
Quote:
Originally Posted by elansingghost View Post
That link you provided is an opinion piece by the right-wing blogger Michelle Malkin.

ILLEGAL ALIENS & THE MORTGAGE MESS - New York Post

In regards to this statement:

"In an interview about rampant illegal-alien home-loan fraud, a spokeswoman for the US General Accounting Office told me five years ago: "Considering the size of Los Angeles, New York, Chicago, Houston and other large cities throughout the United States known to be inundated with illegal aliens, I don't think the federal government is willing to expose this problem for financial reasons as well as for fear of political repercussions."

A spokeswoman told Michelle Malkin this information, but I guess there are no statistics to back it up.
And who is this "spokeswoman for the US General Accounting Office"? why no name?

I don't doubt greedy banks approved loans for illegals, but I'd like to see statistics from reliable sources, not from right-wing "columnists".
Published by the Atlanta Journal -Constitution from HISPANIC NEWS:
Quote:
Undocumented Workers Latch on to Tax ID Numbers to Obtain Home Loans
ATLANTA (Atlanta Journal-Constitution) October 12, 2004 - While Georgia's undocumented Hispanic workers can't get a Social Security card or a driver's license, many are finding a way to finance a home using a federal tax identification number.
The groundwork for the trend was laid in 1996, when the U.S. Treasury created Individual Tax Identification Numbers to collect taxes from workers in the United States who don't qualify for Social Security numbers.
Now, local realtors, bankers and mortgage brokers say hundreds of homes have been financed in metro Atlanta for people with federal tax ID numbers. And they expect that number to continue to rise even though interest rates on such loans are often 3 to 4 percentage points higher than average home loans.

"The last two years have seen a big increase in this type of loan," said Johnny Gonzalez, a real estate agent with Private Realty Group, with offices in Buford and Gainesville. "About 25 percent of my clients are using it, and it's growing more and more. People are asking why they should rent when they can own a house."
http://www.hispanic5.com/immigrants_...tain_loans.htm

From the Chicago Tribune:

Quote:
Banks to unveil plan offering mortgage loans to illegal immigrants.

Chicago Tribune (Chicago, IL) | December 9, 2003
CHICAGO _ About 35 banks on Wednesday will unveil a coordinated plan to open the financial mainstream to immigrants in Chicago, including a controversial blueprint for offering mortgage loans to undocumented residents.
"A home might be the ultimate dream, as with any other family. The important thing is that they have access," said Michael Frias, community affairs officer for the Federal Deposit Insurance Corp. in Chicago. "There might be some criticism, but immigration issues are not our purview."
The model loan program will provide a road map ..
Banks to unveil plan offering mortgage loans to illegal immigrants. - Chicago Tribune (Chicago, IL) | Encyclopedia.com (http://www.encyclopedia.com/doc/1G1-119394407.html - broken link).
Further proof that the participation of illegal aliens in these fraudulent schemes played a major part in America's current banking/mortgage/economic collapse.

So you were saying?

Last edited by JDubsMom; 05-19-2009 at 05:31 AM..
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Old 05-19-2009, 08:04 PM
 
95 posts, read 112,131 times
Reputation: 30
Quote:
Originally Posted by JDubsMom View Post

So you were saying?
Read my post again, I said : "I don't doubt greedy banks approved loans for illegals, but I'd like to see statistics from reliable sources, not from right-wing "columnists"."

I stand by what I said, I don't trust an opinion piece by a right-wing blogger.

And yeah, we all know unregulated and greedy banks were giving loans to people without checking to see if they could actually repay the loan. You haven't posted anything new.
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Old 05-19-2009, 08:23 PM
 
47,576 posts, read 58,858,290 times
Reputation: 22174
Quote:
Originally Posted by the one View Post
this talks about hispanics, it doesnt say legal. the article i read was recent and it cited the pew research.

still looking.
I know you're trying very hard, but really if you take out the illegals and recent arrivals, I think you'd find that Americans of Spanish ancestry, those previously referred as "Spanish surnamed" Americans, whose families have been here for generations are not suddenly running out and buying homes they can't afford.

I'm sure they don't really need you to portray them as the new victim or ignorant class.
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Old 05-19-2009, 08:27 PM
 
47,576 posts, read 58,858,290 times
Reputation: 22174
Quote:
Originally Posted by elansingghost View Post
I don't doubt greedy banks approved loans for illegals, but I'd like to see statistics from reliable sources, not from right-wing "columnists".

I don't have the statistics but if I did, I think you'd be very disappointed to realize that if you removed the illegals and recent arrivals, hispanic Americans are not doing any worse than other groups, are not more likely to be victims of scams or their own greed.

As hard as it is for a couple of you to accept, English speaking, fully assimilated Americans with Spanish last names aren't the ones falling for the mortgage scams. This housing bubble and all the fraud that went with it, really was about the massive immigration of recent years and much of it illegal.
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Old 05-19-2009, 09:18 PM
 
95 posts, read 112,131 times
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Quote:
Originally Posted by malamute View Post
This housing bubble and all the fraud that went with it, really was about the massive immigration of recent years and much of it illegal.
What about the banks that approved the loans?
The rating agencies that were giving AAA ratings?
The Government that allowed tax id's to be used to obtain home loans?

Don't they deserve most of the blame?
I think it's simplistic to blame it all on the illegals, when they as a group are only part of the foreclosure demographics.
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Old 05-19-2009, 09:51 PM
 
95 posts, read 112,131 times
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Quote:
Originally Posted by malamute View Post
fully assimilated Americans with Spanish last names aren't the ones falling for the mortgage scams.
All demographics fell for mortgage scams, including whites:

"Compliance Technologies, a lending-industry consultancy, last month analyzed more than 1.9 million subprime loans originated in 2006, the height of the subprime lending frenzy, and found that roughly 56 percent went to non-Hispanic whites. Affluent borrowers, those with annual income at least 120 percent of their given area’s median income, meanwhile, took out more than 39 percent of the loans.
“I was surprised to see that non-Hispanic whites received more subprime loans than all minority groups combined,” said Maurice Jourdain-Earl, a founder and managing director of Compliance Technologies."


The New York Times > Log In
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Old 05-19-2009, 10:00 PM
 
Location: Mesa, Az
21,148 posts, read 36,685,038 times
Reputation: 3785
Quote:
Originally Posted by elansingghost View Post
All demographics fell for mortgage scams, including whites:

"Compliance Technologies, a lending-industry consultancy, last month analyzed more than 1.9 million subprime loans originated in 2006, the height of the subprime lending frenzy, and found that roughly 56 percent went to non-Hispanic whites. Affluent borrowers, those with annual income at least 120 percent of their given area’s median income, meanwhile, took out more than 39 percent of the loans.
“I was surprised to see that non-Hispanic whites received more subprime loans than all minority groups combined,” said Maurice Jourdain-Earl, a founder and managing director of Compliance Technologies."


The New York Times > Log In
Two quick notes here:

Most Americans are indeed non 'Hispanic' White and too, quite a few Spanish surnamed folks self identify as Anglo White. I have personally known a few.
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Old 05-19-2009, 10:27 PM
 
24 posts, read 65,855 times
Reputation: 16
It's amazing the abundance of ignorance on these posts. First of all...you must be a citizen or resident with a green card to buy a home with a loan. And if the "illegals" were getting them...BLAME THE BANKS...as THAT practice was ILLEGAL!!! And we all know the banks and mortgage brokers were selling loans to people who didn't know what they were getting into, or banks throwing money at people to buy homes. Here we are again...scape goating immigrants, when this lies on the banks. And illegals getting loans for homes....LOLOLOLOLOLOL! If you believe that, you believe in Santa Claus too! GROW UP!
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Old 05-19-2009, 10:48 PM
 
3,536 posts, read 5,087,689 times
Reputation: 822
Beating a dead horse...but we know the fault is not because of illegals.
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