Thread: ACORN's Illegal Alien Home Loan Racket By Michelle Malkin

ACORN's Illegal Alien Home Loan Racket

By Michelle Malkin
September 18, 2009

There's one thing more shocking than the illegal alien smuggling advice that an ACORN official in San Diego gave undercover journalists James O'Keefe and Hannah Giles. It's the illegal alien home loan racket that ACORN has already been operating with the full knowledge of the U.S. government.

On Wednesday, O'Keefe and Giles published the fifth in a series of BigGovernment.com sting videos. ACORN official Juan Carlos Vera coached the pimp-and-prostitute-posing pair on how best to pull off a border-busting smuggling operation. It would be "better from Tijuana," he counseled on videotape. Vera then generously offered the investigative couple his Mexican "contacts" to bring 12 illegal alien girls into the country for prostitution.

GOP California Gov. Arnold Schwarzenegger now wants an investigation. But neither the Terminator nor any other California public official raised a peep when the very same San Diego ACORN office publicly announced a partnership with Citibank to secure home loans for illegal aliens.

In 2005, Citibank and ACORN Housing Corporation -- which received tens of millions of tax dollars under the Bush administration alone -- began recruiting Mexican illegal aliens for a lucrative program offering loans with below-market interest rates, down-payment assistance and no mortgage insurance requirements. Instead of the Social Security numbers required of law-abiding citizens, the program allows illegal alien applicants to supply loosely monitored tax identification numbers issued by the IRS.

The San Diego Union-Tribune reported that "undocumented residents" comprise a vast market representing a potential sum of "$44 billion in mortgages." Citibank enlarged its portfolio of subprime and other risky loans. ACORN enlarged its membership rolls. The program now operates in Miami; New York City; Jersey City, N.J.; Baltimore; Washington, D.C.; Chicago; Bridgeport, Conn.; and at all of ACORN Housing's 12 California offices. San Diego ACORN officials advised illegal alien recruits that their bank partners would take applicants who had little or no credit, or even "nontraditional records of credit, such as utility payments and documentation of private loan payments."

The risk the banks bear is the price they pay to keep ACORN protesters and Hispanic lobbyists from the National Council of La Raza screaming about "predatory lending" off their backs. These professional grievance-mongers have turned the 1977 Community Reinvestment Act -- which forced lenders to sacrifice underwriting standards for "diversity" -- into lucrative "business" opportunities. Or rather, politically correct blackmail.

As the Consumer Rights League noted in a 2008 report on the group's successful shakedowns of financial institutions, "an agreement with Citibank, a significant ACORN donor and partner, showed that some activists become less active when deals are in place."

In the wake of the sting videos, ACORN officials are making a great show of clamoring for "reform." ACORN chief executive Bertha Lewis blamed the debacles across the country on the "indefensible action of a handful of our employees." But the corruption is systemic. ACORN has long thrown rank-and-file operatives under the bus to cover for its management's indefensible conduct. And ACORN's highly touted advisory watchdogs include inherently conflicted foxes guarding the henhouse:

ACORN advisory council member Henry Cisneros resigned from his post as Clinton HUD Secretary after lying to FBI agents about payments to a former mistress.

ACORN advisory council member Andy Stern is president of the SEIU, the Big Labor organization plagued by embezzlement scandals and inextricably linked to ACORN's disgraced founder Wade Rathke.

And ACORN advisory council member Eric Eve of Citigroup is a champion of the ACORN/Citibank illegal alien loan program that openly undermines immigration laws and integrity in banking.

The truth is more sordid than any fictional scenarios caught on tape: ACORN is a corrupt enterprise.

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Michelle Malkin is the author of the recently released "Culture of Corruption: Obama and his Team of Tax Cheats, Crooks & Cronies" (Regnery 2009).

http://www.gopusa.com/commentary/mmalki ... 0918.shtml

I've been claiming this almost since I moved to Arizona several years ago and people told me I was crazy. "The US government would not do something that nutty and blatant."

Boy, 2010 is going to be a good year for exposing this garbage. Now that all law-abiding, hardworking citizens have the scent, they are not going to give up. Maybe this administration of "change" is going to do just that with outcomes they never predicted. Here they thought we would all walk in lockstep with Reid, Pelosi and Obama! Ha! What a bunch of fools.

Look what those two young kids did to expose ACORN. No excuse for the rest of us not doing something.

Greed and profit opportunities is why banks are where they are now. If anyone remembers a few years ago, Bank of America started giving credit cards to illegals. We taxpayers bailed them out and even the smaller banks are being investigated, taken over or just closing completely.
Kinda makes one wish they had come here illegally, worked, paid no taxes (leaving that to the holder of the identity stolen). When credit gets bad, one can always move to another state, buy a new identity, work and get clean credit.

Here at ALIPAC, for a quite some time, in fact years, we have all been saying this is not only what we suspected, but many actually knew the system and what had been going on, not one person listened, and many called us racists for even speaking what we felt, knew was the truth.

Thank goodness, someone was able to finally start the ball rolling to get this publically acknowledged, and we can only hope, stopped and the mess eventually cleaned up.

Now we need to have a public acknowledgement of what the depressed wages, from the huge mass of illegal aliens in this nation, has done to the average American worker, as well as this mortgage scandal, shutting many Americans out of homeownership.

Maybe this nation can finally clean up it's trash, and get back to being America for Americans.

Thank you for posting this article, I love the hear from Michelle Malkin, she makes such great sense, just do not get much of a chance to get over to her site.

Another excellent example of Michelle Malkin's work.

Ran across this today on another website and thought it was worthy of the homepage so searched and found it was posted here last Friday.

Added to Homepage:
http://www.alipac.us/article-4534--0-0.html

This makes me sick because there are a thousand times more illegals getting fraudulent loans than fake prostitutes!! Why doesn't Fox cover this?

There are plenty of illegal aliens in North Carolina living in their own homes. Most of them had high paying jobs in construction and got the loans with no problem.

It is appalling, considering so many American citizens cannot even buy a home.

Some believe the subprime crisis is behind us. It isn’t, if you cast your eyes on Washington and observe the toxic loans they have been insuring for the past year through the FHA. They will build up to another subprime crisis in about a year to add again to existing problem loans. This time the failure rate should be about 70% and perhaps higher.

We are about to see the result of the partnership of Citibank and others and ACORN and their program of home loans for illegal aliens. This program is four years old and has received billions in tax dollars to house people who are illegally in our country. The re-loans were made at below-market interest rates, with down-payment assistance and no mortgage insurance requirements. You as American citizens are not offered such deals; you just get to pay for them.

Please See this article for the rest of the story

www.theinternationalforecaster.com