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Old 02-09-2010, 04:22 PM
 
Location: ...at a 3AM epiphany
2,206 posts, read 2,139,160 times
Reputation: 453

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Rep. Kenny Marchant Proposes Bill to use E-Verify for Mortgage Applications | NumbersUSA - For Lower Immigration Levels

Sounds goood to me.



Quote:
Rep. Kenny Marchant

Rep. Kenny Marchant (R-Texas) has offered the Mortgage E-Verify Act that would require a mortgagor to be verified through E-Verify when applying for a modification of a home loan owned by Fannie Mae or Freddie Mac.
"As a member of the House Financial Services Committee, I am happy to introduce my bill, the Mortgage E-Verify Act, which would require, as a condition for modification of a home mortgage loan held by Fannie Mae or Freddie Mac or insured by the Federal Housing Administration (FHA), that the mortgagor be verified under the E-Verify program," Rep. Marchant said in a press release. "My bill will potentially save millions by cutting down on fraudulent claims from illegal immigrants and protect taxpayers from subsidizing the restructuring or renegotiation mortgages of illegal immigrants."
Moderator cut: shortened, copyright protection

Last edited by Yac; 02-10-2010 at 03:51 AM..
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Old 02-09-2010, 05:10 PM
 
Location: Maryland
15,179 posts, read 15,819,795 times
Reputation: 3028
This should already be a requirement. Illegals have received fraudulent mortgage loans, and have no problem abandoning homes. They have no fear of having their credit ruined, because itís not THEIR credit being ruined.
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Old 02-09-2010, 05:28 PM
 
Location: ...at a 3AM epiphany
2,206 posts, read 2,139,160 times
Reputation: 453
Quote:
Originally Posted by Benicar View Post
This should already be a requirement. Illegals have received fraudulent mortgage loans, and have no problem abandoning homes. They have no fear of having their credit ruined, because itís not THEIR credit being ruined.
And it's unfortunate that we have to keep revamping things wasting time and more money because of thier criminal acts for sure.
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Old 02-09-2010, 05:51 PM
 
Location: Pa
20,310 posts, read 18,890,891 times
Reputation: 6517
It is without a doubt a step in the right direction. Closing yet another avenue of abuse is the thing to do.
Imagine you are shopping for your dream home or just your first home. You place a fair bid only to lose out to someone else. Thats life and it happens. What should never happen is for a legal citizen or resident to lose to an illegal. An individual who has no right to be here let alone to own property.
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Old 02-09-2010, 08:48 PM
 
3,071 posts, read 7,448,268 times
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BOA will go out of business if they cant make these loans to our hispanic friends.
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Old 02-10-2010, 10:30 AM
 
Location: ...at a 3AM epiphany
2,206 posts, read 2,139,160 times
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Quote:
Originally Posted by Nativechief View Post
BOA will go out of business if they cant make these loans to our hispanic friends.
'bout dang time! They'll actually have to survive by doing things legally instead of depending upon their greedy illegal practices.
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Old 02-10-2010, 12:23 PM
 
Location: Minneapolis, MN
5,891 posts, read 12,256,309 times
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Before I can opin on this topic I am curious about something. So let's say somebody has a permanent residency card or temporary work visa that is good for 10 years. If that individual buys a house and then doesn't/isn't able to renew their status after their visa/green card expires, does that mean they automatically lose their house? In other words, can home ownership only exist while a person is legally allowed to be in the country?

Another scenario, let's say someone has a family member living in the US and currently has a visa application in process. He/she decides to buy a lot next door to family member and has plans on building a home on that lot once the visa goes through.

Can both of these legally be done in the current system? I'm assuming everything can be done with a permanent residency card, but possibly not with a temporary work visa and/or while a visa is in process.

Due to these complicated scenarios I don't know if I feel e-verify should be required for any home/property transactions...I'm kind of leaning towards not.

Last edited by Cruz Azul Guy; 02-10-2010 at 12:56 PM..
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Old 02-10-2010, 01:18 PM
 
Location: Mesa, Az
21,148 posts, read 36,633,862 times
Reputation: 3785
Quote:
Originally Posted by Slig View Post
Before I can opin on this topic I am curious about something. So let's say somebody has a permanent residency card or temporary work visa that is good for 10 years. If that individual buys a house and then doesn't/isn't able to renew their status after their visa/green card expires, does that mean they automatically lose their house? In other words, can home ownership only exist while a person is legally allowed to be in the country?

Another scenario, let's say someone has a family member living in the US and currently has a visa application in process. He/she decides to buy a lot next door to family member and has plans on building a home on that lot once the visa goes through.

Can both of these legally be done in the current system? I'm assuming everything can be done with a permanent residency card, but possibly not with a temporary work visa and/or while a visa is in process.

Due to these complicated scenarios I don't know if I feel e-verify should be required for any home/property transactions...I'm kind of leaning towards not.
The responsibility lies with the green card holder to keep his/her legal status in order. If it means a high powered lawyer @ said individual's expense.........so be it.

Basically; green card holders are 'parolees', till they earn their US citizenship--------they do not have the same rights as an American.
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Old 02-10-2010, 01:26 PM
 
Location: Minneapolis, MN
5,891 posts, read 12,256,309 times
Reputation: 2521
Quote:
Originally Posted by ArizonaBear View Post
The responsibility lies with the green card holder to keep his/her legal status in order. If it means a high powered lawyer @ said individual's expense.........so be it.

Basically; green card holders are 'parolees', till they earn their US citizenship--------they do not have the same rights as an American.
They don't have all the same rights but I'm almost positive they have the right to land/property/business ownership. They definitely have the right to work in the US and pay taxes and receive tax paid benefits just like a citizen would. Permanent residents have social security cards and would pass E-verify anyways, my question was if their status had expired or was in process for renewal.
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Old 02-10-2010, 01:46 PM
 
Location: SouthCentral Texas
3,855 posts, read 4,088,107 times
Reputation: 957
Quote:
Originally Posted by Slig View Post
Before I can opin on this topic I am curious about something. So let's say somebody has a permanent residency card or temporary work visa that is good for 10 years. If that individual buys a house and then doesn't/isn't able to renew their status after their visa/green card expires, does that mean they automatically lose their house? In other words, can home ownership only exist while a person is legally allowed to be in the country?

Another scenario, let's say someone has a family member living in the US and currently has a visa application in process. He/she decides to buy a lot next door to family member and has plans on building a home on that lot once the visa goes through.

Can both of these legally be done in the current system? I'm assuming everything can be done with a permanent residency card, but possibly not with a temporary work visa and/or while a visa is in process.

Due to these complicated scenarios I don't know if I feel e-verify should be required for any home/property transactions...I'm kind of leaning towards not.

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.

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


Rep. Kenny Marchant (R-Texas) has offered the Mortgage E-Verify Act that would require a mortgagor to be verified through E-Verify when applying for a modification of a home loan owned by Fannie Mae or Freddie Mac.

The only thing Rep. Merchant's bill would do is make federal loans through Fannie Mae and Freddie Mac unavilible to "Illegal Immigrats".



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