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Posted: Sun Mar 15, 2009 4:11 pm Post subject: Study: Illegal Aliens, Amnesty and the Housing Crisis
From: English First
Get your free copy of "Illegal Aliens, Amnesty and the Housing Crisis"
During this decade, illegal aliens were seen as the potential salvation of the already overheated residential real estate market.
An obsure provision of the 2007 U.S. Senate amnnesty bill, S. 1639, allowed illegal aliens to qualify more swiftly for American citizenship if they owned property in the United States.
Had that amnesty bill passed, it would have induced millions of illegal aliens to enter the real estate market and willing to pay even higher inflated prices, because to do so would be to buy a chance to remain in the United States.
Illegal aliens already saw U.S. home ownership as deportation insurance and were all too willing to overpay for housing. A house would always increase in value and could quickly be sold in case of a return, voluntary or otherwise to their home country.
Mortgage lenders also saw no harm in granting mortgage loans to illegal aliens and other "subprime" borrowers because the house would always be worth even more if and when a foreclosure should become necessary.
Mortgage loans were granted to individuals without Social Security numbers and little documentation. One bank allowed up to eight people to sign a single mortgage application.
This horror story for the American economy is documented in the latest English First Foundation issue brief, Illegal Aliens, Amnesty and the Housing Crisis.
A copy of this 17-page study is available free upon request to:
English First Foundation
8001 Forbes Place, Suite 102
Springfield, VA 22151
[Copied from "English First Members' Report", Vol. 6/No.6/December 22,2008, P. 8. (in print)]
If they ran E-Verify against the toxic loans they might find some very disturbing numbers.
It seems that every state with high forclosure numbers also have high illegal populations.
It seems to be a combination of questionable loans and illegals underbidding and taking jobs from Americans and lowering the pay scales.
I don't want to bail out illegals with my tax dollars. Bill Mexico.
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