Thread: Immigrants may be an untapped market for mortgages

Does this reak of imminent domain? The elites are trying to do the same to US! Take away our rights to our property that we have worked and slaved for!!!! Why in the HELL is this administration not being IMPEACHED FOR TREASON!? Comments:

Remember the huge Savings & Loan debacle a few years ago?? Remember that the top dogs of those S&Ls did NOT suffer the punishment they deserved but that instead American taxpaying citizens paid for their greed and stupidity.

Well consider that all mortgages are ultimately backed by government money (that’s us folks).
So if an illegal defaults on a mortgage......... American taxpaying citizens guarantee the loan and pay the bill
If an illegal is foreclosed on........ American taxpaying citizens guarantee the loan and pay the bill

And to add insult to gross injury........all of the American taxpaying citizens have a trackable credit history that usually has a few dings on it so they may NOT qualify for a mortgage except at very high rates.

For instance: My FICO score is 720 which means I can get a mortgage but not a real good rate.

BUT if you are an illegal alien you have NO trackable credit history........or......you just get the help of the other Mexican criminal groups to fake some documents. Then the illegal qualifies for a much better loan than the American taxpaying citizen.

Just one more egregious inequality of illegals getting a better deal than American citizens in the growing list of advantages for illegals and screw the citizen.

I just have one little question......IS it time for revolt in the streets yet?? IS it time to start clearly showing our anger at our congress critters?







http://www.dallasnews.com/sharedcontent ... e1df2.html


Immigrants may be an untapped market for mortgages
Home ownerships rises among Hispanics and Asian-Americans



12:30 PM CDT on Sunday, September 3, 2006
New York Times News Service

After 12 years of increases, home ownership declined slightly last year in the United States as home prices kept many prospective buyers in the rental market. Of course, a softening market could lead to a rebound in ownership rates in the coming years, but another source of momentum could come from a different source: immigrants.

Even as immigration levels surged in the last several years, homeownership rates among Asian-Americans and Hispanics, who make up a majority of immigrants, continue to lag behind the rate of non-Hispanic white Americans, according to a recent report by Harvard University's Joint Center for Housing Studies.

The ownership rate among all American households was 69.8 percent last year. The ownership rate among all minorities was just over 50 percent, compared with about 75 percent for non-Hispanic whites.

But that is starting to change. According to the Harvard report, home ownership among both Hispanics and Asian-Americans jumped by nearly 10 percentage points from 1995 through last year, as both groups grow more affluent.

Despite that increased buying power, though, mortgage executives and advocates for minority groups said that recent immigrants found the practicalities of American mortgages and homeownership at odds with what they experienced in their countries of origin.

Nicolas P. Retsinas, the director of the Joint Center for Housing Studies at Harvard, said other nations have higher rates of ownership than the United States, but the economic factors of homeownership are vastly different.

In Mexico or Argentina, "you can own a home, but there's no market for buying and selling," he said. "In many cases in Mexico, even though you own the home, you don't have title to the land, so you can't sell it."

Other countries also have different practices when it comes to mortgages. For instance, according to Asian Americans for Equality, an advocacy group in New York, in many Asian countries – China, for instance – the minimum down payment for a mortgage is typically more than 50 percent, so underwriting methods are different.

Retsinas said that American lenders have "to find a better way to connect with these markets, because as interest rates go up, they're going to have to find a way to help people buy homes" if they are going to make money, "and the people who need homes are immigrants."

The biggest institutions in the lending industry are starting to do just that. Fannie Mae and Freddie Mac, the government-sponsored companies that help finance most mortgages in the United States, have recently begun studying the new approaches to homeownership among immigrant populations.

Fannie Mae, for example, is looking at ways to track the roughly $40 billion sent by Hispanic immigrants to relatives back home each year. By doing so, Fannie Mae hopes it can show lenders that the fiscal responsibility those payments demonstrate would extend to mortgage payments.

Harold Lewis, the senior vice president for community and multicultural lending, said Fannie Mae was also looking more closely at how Asian immigrants approach housing. He said they may pool their incomes to buy a house, perhaps because they are not aware that they can individually qualify for mortgages with a low down payment, or because they do not see the benefit of securing a mortgage with a smaller down payment.

How on earth does anybody qualify for a mortgage on a lawnmower's salary??

Fifteen lawnmowers live in one house. That's how they can afford it.

This goes for Auto Loans also. Have you noticed the new vehicles that Mexicans with low to 0 income are driving?
A good percentage of these vehicles end up in Mexico, on the repo list and loans most likely go into default and we foot the bill!

Next to me is a "condemned" 1 bd rm garage converted into a house and 6 -7 Illegal families just moved in.

Originally Posted by mkfarnam

This goes for Auto Loans also. Have you noticed the new vehicles that Mexicans with low to 0 income are driving?
A good percentage of these vehicles end up in Mexico, on the repo list and loans most likely go into default and we foot the bill!

Next to me is a "condemned" 1 bd rm garage converted into a house and 6 -7 Illegal families just moved in.

A. Report the aliens next door.
B. don't buy cars at lots with Mexican flags.
C. Don't buy from Huffines in Dallas, the signed a letter supporting illegal aliens.

It is against the law in California to sell a car to anybody who doesn't have a valid driver's license.

Originally Posted by americangirl

It is against the law in California to sell a car to anybody who doesn't have a valid driver's license.

What about private sales? Honest question, I'm curious, not making a challenge.

city-data.com

It's about housing. A number of people post at city-data dot com, which is a forum provided for those interested in what it's like in a city under consideration for moving to. The border states, like Texas, have some posts concerning the impact of illegals occupying homes and apartments.

We still are a bit naive here, especially among the adherents to Christian religious ethics, which teaches folks to take people at their word. Which is sweet, and it would be wonderful to get back to that, to have other people agree to the system. But too many don't, so we have this gap. Between how the government will rely on you to be honest and honor your word, and those who see it as a means to take advantage of stupid people.

If you don't agree to this ethos, never raised with it, then who can stop you from abusing it.