Thread: Illegal immigrants a factor in mortgage crisis, activist cla

Illegal immigrants a factor in mortgage crisis, activist claims
Chad Groening - OneNewsNow - 9/30/2008 4:00:00 AM\

An immigration reform activist says there's absolutely no reason that American taxpayers should bail out illegal immigranats who should not have been in country in the first place, but were among those given risky loans that have created the mortgage crisis.

In a recent column, Michelle Malkin points out that some of the hardest hit areas by the foreclosure wave -- including Phoenix, Las Vegas, and large swaths of California -- also happen to be some of the nation's largest sanctuary areas. She argues that lending institutions like Bank of America have gone out of their way to woo homebuyers who are in the country illegally.

Malkin also notes the mortgage fraud problem has been exacerbated by banks allowing illegal aliens to use Matricula Consular and taxpayer identification cards to open accounts. Rick Oltman, a spokesman for Californians for Population Stabilization, says taxpayers should not be forced to bail out individuals who are illegal aliens.

"They shouldn't have been here in the first place. It isn't a question about whether low-income people shouldn't also have a right at the 'American dream' and own a home," Oltman explains. "This is a question about people who shouldn't be here in the first place adding to this particular problem, fueling the inflation in housing and the speculative bubble, and now being caught up in all of these bad mortgages, and have helped to crash the system. No, the illegal aliens should not be bailed out."

Oltman says overzealous individuals in the government coerced banks into making bad loans -- including to illegal immigrants.
http://www.onenewsnow.com/Culture/Defau ... ?id=266442

I agree we should not bail out banks or other financial institutions for lending to illegals. When I first bought my condo I needed a SSN to get a mortgage through my bank back in 2005. Last year when I went to refinance at a lower interest rate the bank required a SSN and if you did not have one you could use the tax payer ID number.

Another interesting fact the media does not tell you is the fact many homes in foreclosure are illegals who have been deported. I see that in my condo complex. Many people came from countries with temporary visas and lots of them overstayed them and thus became illegal. They had a valid SSN and bought homes here while on the visa. Now immigration is rounding them up and deporting them on a regular basis. Those people just leave the property and tell realtives to rent it in some cases but do not give power of attorney to someone to deal with the property or don't quick deed them to another person. The property then ends up in foreclosure. I have 2 in my building and a third one will be in foreclosure soon as well. One guy was deported to Colombia and had 2 units and another Argentinean couple had 30 days to leave and ran off to Texas where immigration caught them. There is a unit in foreclosure on my floor but I am not sure about which could make it 3 with a 4th coming and this is only in a 45 unit building.

No to the Bail Out, over and over NO So now call the ayers and plead with them (the leader of the country) to understand the fundamental "Rules of Laws." And the nayers, we have to make sure they don't change with the wind. Don't we have some true flip/flop elected officials.