Thread: Home loans for illegal aliens?!

http://www.jewishworldreview.com/mic...lkin082903.asp


Jewish World Review August 29, 2003 / 1 Elul, 5763
Michelle Malkin

http://www.NewsAndOpinion.com | The American dream of home ownership, complete with the white picket fence, is alive and well for those who break our laws and break down our fences to get in.

Last week, the Washington Post published a rosy front-page tale headlined, "Illegal Immigrants Buy Into Homeowning Dream." The article detailed how illegal aliens in the Washington DC area are successfully hooking up with cunning mortgage brokers and complicit lenders to secure home loans. Despite federal laws making it illegal to violate the borders, overstay visas, and recruit, harbor, and encourage illegal aliens, the Post notes that the illegal alien home loan schemes are "legal."

Here we are, nearly two years after the September 11 terrorist attacks underscored the need for consistent immigration law enforcement, and the lesson continues to be ignored in the nation's capital.

The Post's heart-warming story began:

"Gerardo Cabrera fell in love with the house immediately. There was the bay window in the living room, the fireplace in the den, and — most enchanting to a man raised amid the concrete of Mexico City — the woods in the back yard. And so the auto mechanic and his wife, a secretary, decided to pay $200,000 for their own piece of suburban Gaithersburg, a classic tale of immigrants achieving the American dream.

Except for one detail: At the time, they were in the United States illegally."

While law-abiding homebuyers must supply airtight proof of identity, legal residence, and a Social Security number to lenders, illegal alien purchasers such as Cabrera (a visa overstayer who recently received a green card) need only supply a "taxpayer identification number" (TIN) issued by the Internal Revenue Service. No criminal background check is required before applying for a TIN, which many banks now accept from illegal alien customers as a primary form of identification.

Cabrera's broker, Alma Preciado of Metropolitan Financial Services in Silver Spring, told the Post that about 10 percent of her mainly Latino clientele qualify for home loans using a TIN instead of a Social Security number. That's just the tip of the illegal alien homeowners' iceberg. The Post failed to note that Federal Housing Administration-approved loans through the U.S. Department of Housing and Urban Development do not require lenders to obtain prove of citizenship or legal permanent residence. These FHA/HUD programs, primarily targeting minorities and first-time homebuyers, are federally insured and require minimal down payments.


A 25-year veteran of the mortgage industry in California confided to me recently: "It boggles the mind to think how many illegal aliens are homeowners in this country thanks to these programs, all fully insured by our government. Because of fear of lawsuits for discrimination I can also tell you that a lender may have a borrower who speaks little or no English who claims to be either a citizen or resident alien and it will not be questioned nor any proof required. Since FHA does not require any such documentation, a lender cannot cite their regulations as a basis for the request as they can on conventional loans."

Another easy avenue to home ownership is through the use of bogus Social Security cards. Moneylenders have no access to a verification system to check Social Security numbers before approving loans. A Department of Homeland Security investigator informs me that an ongoing federal probe of FHA/HUD-backed loans found that "a staggering number were approved to persons with false Social Security numbers." The Denver metro area alone accounted for 20,000 to 40,000 of the FHA-approved loans for suspected illegal aliens. "Even if a small percentage of the loans were foreclosed, HUD could be bankrupted," the homeland security official said.

A spokeswoman for the U.S. General Accounting Office told me this week that the agency's office of special investigations plans to report on the results of the probe later this fall. But "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," says my source, "I don't think the federal government is willing to expose this problem for financial reasons as well as for fear of political repercussions."

America: Still the world's home sweet illegal alien home.

Free down payment too.

http://www.libertypost.org/cgi-bin/r...i?ArtNum=31216

Title: Bush signing measure aimed at closing minority home ownership gap (American Dream Downpayment Act, provides 200 million dollars)
Source: ABC 7
URL Source: http://www.kvia.com/Global/story.asp? S=1565940
Published: Dec 16, 2003
Author: AP
Post Date: 2003-12-16 12:22:05 by NAFV

Bush signing measure aimed at closing minority home ownership gap

White House-AP -- President Bush is signing a measure today aimed at closing the minority home ownership gap.

It's called the American Dream Downpayment Act, and it provides some 200 (m) million dollars to subsidize home-buyers with downpayment and closing costs. Those are often the biggest hurdles to home ownership.

Administration officials think that with an average subsidy of five-thousand dollars, they can help 40-thousand low-income families into a new home.

Almost three-quarters of white families in America are homeowners. However the figure for blacks and Hispanics is less than half.

Closing the gap is a key plank of Bush's "compassionate conservative" agenda -- which he's burnishing as he prepares to run for re-election.

A spokeswoman for the U.S. General Accounting Office told me this week that the agency's office of special investigations plans to report on the results of the probe later this fall. But "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," says my source, "I don't think the federal government is willing to expose this problem for financial reasons as well as for fear of political repercussions."

The deeper I probe and the more I learn....the angrier I get. There is sooomuch info being kept from the public.

Juan Hernandez was on Scarborough Country Wednesday night bragging how he was in either North or South Carolina meeting with several banking leanders who are waiting to to give mortgages to the Illegals that are waiting in the "shadows".

So these big bussinesses, bankers and the like are sitting around licking their chops waiting for the Amnesty program to pass in Congress.

Well, we could do what Mexico did in 1938. Let them buy and build and then nationalize.

I WANT A HAND OUT AND I WANT IT NOW!!!!!!

AAAAGGGGGGG!!!!

I realize this is old news but it is new to me.

Home loans for illegals....heard that before....


BUT DOWNPAYMENTS AND CLOSING COSTS!!!!!! FUNDED BY ME!!!!

Why have been playing by the rules my entire life, why have my parents, and their parents before them? Why am I raising my children to play by the rules and be responsible?

We, here in Miami, have an ad for a mortgage broker, running on TV currently...

"No Documentation, No Problem"

Se Habla Espanol.

"I don't think the federal government is willing to expose this problem for financial reasons as well as for fear of political repercussions."

Somehow, I wish we could expose this. Anybody now a major newsreporter? I bet there are a lot of Americans out there that do not realize this is happening. They probably know that illegals are buying houses, but I bet they never guessed that they were getting FHA/HUD guarenteed by the good ol' US of A.

You know that aren't even grateful! They will turn around and rub it in our faces that they are abusing us and laugh about it.

dlm1968 wrote

Why have been playing by the rules my entire life, why have my parents, and their parents before them? Why am I raising my children to play by the rules and be responsible?

Dad, if our law makers don't enforce our laws then why should I obey the law?--Hard question to answer..of course I could say that two wrongs don't make a right..but I'm beginning to wonder..

Makes ya want to go out and take advantage and then possibly have to yell about being discrminated against. Is the government setting themselves up for being sued in the future?