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Yea... blame the illegals for everything. I remember when the California wild fires broke out, the anti-immigrant crowd put the blame on illegal immigrants also. LOL..you guys are a joke!!
The anger against your illegal immigrant 'friends' is now too great.............it would be better for all parties involved that they leave the USA immediately without making a fuss.
Again: the economy may do what tighter enforcement of the law has failed to do-------------create a mass stampede for the border(s).
depends where you are. honestly, 1 is too many. when I lived in prince william county VA, I guarantee you that there were quite a few. they were giving mortgages to anyone and everyone for a while there.
Quote:
Originally Posted by blacknight04
It is not a good thing but how many of them are even approved for a mortgage in the first place?
so you are saying that an illegal getting approved for a mortgage and then walking out on the loan is a good thing? I left bank of "america" because of their policies towards illegals, and I know several people who did. they started giving out credit cards to people without social security numbers. so I went into my local branch to get a credit card. I left the SSN section blank on the application and they would not accept the application. I left them a week later.
It is a well known fact that BOA, Wells Fargo, Countrywide and many other financial institutions provided undocumented loans to illegal aliens. I personally experienced this messy situation when I sold a home in 2005.
The illegals had a representative who conveniently negated to disclose that minor detail.
The first time the closing was canceled was due to their original lender not being authorized to do business in the US, which remained undisclosed until the FOURTH closing was canceled and I called off the deal. Finally they were able to obtain a loan through Wells Fargo, by which time I had been out of my home for an entire month. Things got so heated that we had to close the deal in separate rooms because frankly, by that time I wanted to murder everyone except my broker.
After a lot of begging, pleading and financial compensation, I agreed to close because I did not want to move back into the home. It wasn't until after the closing that the fact that the buyers were illegal aliens was disclosed.
Quote:
Critics of illegal immigration find it preposterous that unauthorized immigrants can own homes, calling them risky investments for banks. Immigrants counter that many of them are more stable than people think, and they are fueling investment in cities and towns. "This place is full of people like me," said the man, 48. He spoke on condition that his name not be published because it is easily found in the Suffolk County Registry of Deeds, and he fears immigration officials would track him down. "They have houses because the banks gave them a loan."
Although they lack legal residency, the immigrants 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. Illegal immigrants own homes with help of bank loans - The Boston Globe
Yea... blame the illegals for everything. I remember when the California wild fires broke out, the anti-immigrant crowd put the blame on illegal immigrants also. LOL..you guys are a joke!!
Quote:
Originally Posted by blacknight04
It is not a good thing but how many of them are even approved for a mortgage in the first place?
A joke? Due to greed, lenders have extended credit to illegals, notwithstanding their ILLEGAL presence, lack of a valid SSN, or their propensity for fraudulent behavior. Not only have they received mortgage loans, they have also received credit cards and car loans.
What do they have to lose? It’s very easy for illegals to simply abandon their ill-gotten homes like thieves in the night. They drive their new cars into Mexico, knowing they will never be repossessed. It’s no surprise there has been a surge in new car ownership SOB. They ‘max out’ their credit cards, knowing they will NEVER pay for them. As usual, legal citizens are left holding the bag. Are we mad? You’re damn straight!
Below are a few of the multitude of articles related to illegal aliens and mortgage loans. These are not isolated incidents; it is a pervasive practice, and is definitely a salient factor in the current mortgage crisis.
Quote:
Despite heated political debate in Washington over illegal immigration in the United States, an increasing number of banks are seeing an untapped resource for growing their own revenue stream and contend that providing undocumented residents with mortgages will help revitalize local communities. It's a win-win situation, they say.
But skeptics worry about the message these home loans send to illegal immigrants: break our laws and we'll reward you with a home.
Colorado's housing foreclosures are nearing a record, driving down prices and damaging neighborhoods and one reason is mortgage fraud.
A hit-and-run death has led 7NEWS investigator John Ferrugia on a trail to what may be a ring involved in setting up illegal immigrants with fraudulent mortgages.
So, how could he and his family get mortgages to buy homes?
"There's lenders out there that will do a completely fraudulent loan to get them a house so that they can stay here," said John Vizzi
7NEWS' investigation has found that the immigrant family used phony documents, and in apparent collusion with realtors and lenders, received fraudulent loans to buy two homes in Thornton which were backed by F.H.A. loans.
Another issue used to be an absolute deal breaker when undocumented people applied for home loans: Until recently, people had to have a Social Security number to qualify for a mortgage.
Now, a handful of banks, including some major institutions, have begun offering home-mortgage loans to people who don't have Social Security accounts. Instead, borrowers can use individual taxpayer identification numbers, or ITINs, which are used to file income tax returns. These lending programs also allow borrowers to use unconventional ways to demonstrate their creditworthiness.
"For those families who have the American dream, but don't have access to documentation, the (the taxpayer ID mortgage) is a way for them to be able to buy a home, lay down roots and build wealth for their family for the future," said Janis Bowdler, housing policy analyst at the National Council of La Raza, a Hispanic civil-rights organization in Washington, D.C.
Bank Calumet opens home ownership to illegal immigrants / nwi.com (http://nwitimes.com/articles/2005/08/17/news/top_news/977989ef163de411862570600009cb57.txt - broken link)
Yea... blame the illegals for everything. I remember when the California wild fires broke out, the anti-immigrant crowd put the blame on illegal immigrants also. LOL..you guys are a joke!!
Funny you should say that. My Dad and I were walking out of the forest late last night (Deer hunting) and I thought I saw fireflies. Instead it was a line of Illegal Aliens with a couple of them smoking. Smoking in the forest with high fire danger. Nope, no fire danger there. This was in the Lake Morena area in a canyon and a fire could erase the town in minutes.
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Due to greed, lenders have extended credit to illegals, notwithstanding their ILLEGAL presence, lack of a valid SSN, or their propensity for fraudulent behavior. Not only have they received mortgage loans, they have also received credit cards and car loans. 
