Thread: Offering First Mortgage Financing for Undocumented

LAT Money Centers Offering First Mortgage Financing for Undocumented Workers
Haley Settle | 11.03.06
The first nationwide mortgage financing program for undocumented workers in the United States was introduced by LAT Money Centers this week at the 2006 Hispanic Marketing Convention & Expo hosted by the National Association of Hispanic Real Estate Professionals (NAHREP) in Las Vegas.

With an estimated 7.2 million undocumented workers in the United States, this lending program will likely significantly increase the percent of non-U.S. citizens who own homes.

“Recent industry research has shown that Hispanic homeowners are less likely to default on their home loans than other borrowing groups,” said LAT Money Centers COO Samuel Angueira. “The Hispanic community takes pride in homeownership, and that results in fewer missed payments, less defaults, and a higher return for investors.”

The mortgage financing program will be made available to 14,000 NAHREP members in at least 48 states. In lieu of social security numbers, LAT Money Centers will use individual taxpayer identification numbers (ITIN) and Matricula Consular IDs when offering loans to undocumented workers who want to purchase a home.
“NAHREP’s 2004 study estimated that the market potential for these loans is conservatively $44 billion in new mortgages,” said Timothy Sandos, NAHREP president and CEO. “A number of ITIN loan pilot programs have confirmed since then that these type of loans perform as well or better than conforming loans. We applaud LAT Money Centers for being the first lender to make this kind of program available nationwide.”

LAT Money Centers, a Hispanic-owned financial services company, provides a variety of financial and education services to the Hispanic and Latino communities. For more information, visit www.latmoneycenters.com.

http://www.dsnews.com/view_story.cfm?id=585

“Recent industry research has shown that Hispanic homeowners are less likely to default on their home loans than other borrowing groups,” said LAT Money Centers COO Samuel Angueira. “The Hispanic community takes pride in homeownership, and that results in fewer missed payments, less defaults, and a higher return for investors.”

Of course it's easy to pay for a new home when 15 people are living in it.
Oh arn't the nieghbors going to love these guy's moving in 10 cars parked out front and in the lawn.
I have seen this first hand it is not pretty.

This is a violation of existing Federal Law




TITLE 8 > CHAPTER 12 > SUBCHAPTER II > Part VIII > § 1324 Prev | Next

§ 1324. Bringing in and harboring certain aliens



(a) Criminal penalties
(1)
(A) Any person who—
(i) knowing that a person is an alien, brings to or attempts to bring to the United States in any manner whatsoever such person at a place other than a designated port of entry or place other than as designated by the Commissioner, regardless of whether such alien has received prior official authorization to come to, enter, or reside in the United States and regardless of any future official action which may be taken with respect to such alien;
(ii) knowing or in reckless disregard of the fact that an alien has come to, entered, or remains in the United States in violation of law, transports, or moves or attempts to transport or move such alien within the United States by means of transportation or otherwise, in furtherance of such violation of law;
(iii) knowing or in reckless disregard of the fact that an alien has come to, entered, or remains in the United States in violation of law, conceals, harbors, or shields from detection, or attempts to conceal, harbor, or shield from detection, such alien in any place, including any building or any means of transportation;
(iv) encourages or induces an alien to come to, enter, or reside in the United States, knowing or in reckless disregard of the fact that such coming to, entry, or residence is or will be in violation of law; or
(v)
(I) engages in any conspiracy to commit any of the preceding acts, or
(II) aids or abets the commission of any of the preceding acts,
shall be punished as provided in subparagraph (B).
(B) A person who violates subparagraph (A) shall, for each alien in respect to whom such a violation occurs—
(i) in the case of a violation of subparagraph (A)(i) or (v)(I) or in the case of a violation of subparagraph (A)(ii), (iii), or (iv) in which the offense was done for the purpose of commercial advantage or private financial gain, be fined under title 18, imprisoned not more than 10 years, or both; (ii) in the case of a violation of subparagraph (A)(ii), (iii), (iv), or (v)(II), be fined under title 18, imprisoned not more than 5 years, or both;
(iii) in the case of a violation of subparagraph (A)(i), (ii), (iii), (iv), or (v) during and in relation to which the person causes serious bodily injury (as defined in section 1365 of title 1 to, or places in jeopardy the life of, any person, be fined under title 18, imprisoned not more than 20 years, or both; and
(iv) in the case of a violation of subparagraph (A)(i), (ii), (iii), (iv), or (v) resulting in the death of any person, be punished by death or imprisoned for any term of years or for life, fined under title 18, or both.
(2) Any person who, knowing or in reckless disregard of the fact that an alien has not received prior official authorization to come to, enter, or reside in the United States, brings to or attempts to bring to the United States in any manner whatsoever, such alien, regardless of any official action which may later be taken with respect to such alien shall, for each alien in respect to whom a violation of this paragraph occurs—
(A) be fined in accordance with title 18 or imprisoned not more than one year, or both; or
(B) in the case of—
(i) an offense committed with the intent or with reason to believe that the alien unlawfully brought into the United States will commit an offense against the United States or any State punishable by imprisonment for more than 1 year,
(ii) an offense done for the purpose of commercial advantage or private financial gain, or
(iii) an offense in which the alien is not upon arrival immediately brought and presented to an appropriate immigration officer at a designated port of entry,
be fined under title 18 and shall be imprisoned, in the case of a first or second violation of subparagraph (B)(iii), not more than 10 years, in the case of a first or second violation of subparagraph (B)(i) or (B)(ii), not less than 3 nor more than 10 years, and for any other violation, not less than 5 nor more than 15 years.
(3)
(A) Any person who, during any 12-month period, knowingly hires for employment at least 10 individuals with actual knowledge that the individuals are aliens described in subparagraph (B) shall be fined under title 18 or imprisoned for not more than 5 years, or both.
(B) An alien described in this subparagraph is an alien who—
(i) is an unauthorized alien (as defined in section 1324a (h)(3) of this title), and
(ii) has been brought into the United States in violation of this subsection.
(4) In the case of a person who has brought aliens into the United States in violation of this subsection, the sentence otherwise provided for may be increased by up to 10 years if—
(A) the offense was part of an ongoing commercial organization or enterprise;
(B) aliens were transported in groups of 10 or more; and
(C)
(i) aliens were transported in a manner that endangered their lives; or
(ii) the aliens presented a life-threatening health risk to people in the United States.
(b) Seizure and forfeiture
(1) In general
Any conveyance, including any vessel, vehicle, or aircraft, that has been or is being used in the commission of a violation of subsection (a) of this section, the gross proceeds of such violation, and any property traceable to such conveyance or proceeds, shall be seized and subject to forfeiture.
(2) Applicable procedures
Seizures and forfeitures under this subsection shall be governed by the provisions of chapter 46 of title 18 relating to civil forfeitures, including section 981(d) of such title, except that such duties as are imposed upon the Secretary of the Treasury under the customs laws described in that section shall be performed by such officers, agents, and other persons as may be designated for that purpose by the Attorney General.
(3) Prima facie evidence in determinations of violations
In determining whether a violation of subsection (a) of this section has occurred, any of the following shall be prima facie evidence that an alien involved in the alleged violation had not received prior official authorization to come to, enter, or reside in the United States or that such alien had come to, entered, or remained in the United States in violation of law:
(A) Records of any judicial or administrative proceeding in which that alien’s status was an issue and in which it was determined that the alien had not received prior official authorization to come to, enter, or reside in the United States or that such alien had come to, entered, or remained in the United States in violation of law.
(B) Official records of the Service or of the Department of State showing that the alien had not received prior official authorization to come to, enter, or reside in the United States or that such alien had come to, entered, or remained in the United States in violation of law.
(C) Testimony, by an immigration officer having personal knowledge of the facts concerning that alien’s status, that the alien had not received prior official authorization to come to, enter, or reside in the United States or that such alien had come to, entered, or remained in the United States in violation of law.
(c) Authority to arrest
No officer or person shall have authority to make any arrests for a violation of any provision of this section except officers and employees of the Service designated by the Attorney General, either individually or as a member of a class, and all other officers whose duty it is to enforce criminal laws.
(d) Admissibility of videotaped witness testimony
Notwithstanding any provision of the Federal Rules of Evidence, the videotaped (or otherwise audiovisually preserved) deposition of a witness to a violation of subsection (a) of this section who has been deported or otherwise expelled from the United States, or is otherwise unable to testify, may be admitted into evidence in an action brought for that violation if the witness was available for cross examination and the deposition otherwise complies with the Federal Rules of Evidence.
(e) Outreach program
The Secretary of Homeland Security, in consultation with the Attorney General and the Secretary of State, as appropriate, shall develop and implement an outreach program to educate the public in the United States and abroad about the penalties for bringing in and harboring aliens in violation of this section.

http://www.law.cornell.edu/uscode/uscod ... -000-.html

Let's all send them a copy of the Federal Law along with a CC to the Federal prosecutors office.....This is a blatant disregard of the law by Hispanic Money Centers and it's time this arrogance stopped. I would like to get an answer from the Feds on how they can get away with this!!!!

LAT MONEY CENTERS

Headquarters
801 E Border Street, Suite G
Arlington, Texas 76010
USA

866-761-7584
817-701-2262 fax

info@latmoneycenters.com

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Lat Home Finance
801 E Border Street, Suite F
Arlington, Texas 76010
USA

877-276-0777
817-276-0999 fax

loan@latmoneycenters.com

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Lat Insurance Group
801 E Border Street, Suite G
Arlington, Texas 76010
USA

817-701-2253
817-701-2263 fax

insurance@latmoneycenters.com

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Lat Real Estate Group
801 E Border Street, Suite G
Arlington, Texas 76010
USA

817-701-2256
817-701-2264 fax

realestate@latmoneycenters.com

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--------------------------------------------------------------------------------

Lat Wholesale Capital
801 E Border Street, Suite E
Arlington, Texas 76010
USA

877-ITIN-LOAN (877-484-6562)
817-701-2265 fax

wholesale@latmoneycenters.com

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Conlas3b.com
801 E Border Street, Suite D
Arlington, Texas 76010
USA

866-483-4450
817-860-3301 fax

arzolart@conlas3b.com

I e-mailed my Federal Reps on this the moment it was on our site.

Crime pays! LAT Money Center Introduces Nationwide Program That Offers Mortgage Financing to…illegal aliens. Crime does pay! Money laundering and harboring - and encouraging illegals to remain in the U.S. to the rest of us

Posted by D.A. King at 7:29 pm

Money Center Introduces Nationwide Program That Offers Mortgage Financing to Illegal Aliens

To understand why illegal immigration is an approved act of organized crime… just follow the money back to the bankers.

Nevermind that it is a felony to encourage an illegal alien to remain in the United States. And that penalties are increased for doing so for commercial profit.

Never mind that the ITIN is to be used for tax purposes only and that the IRS says it is not valid ID.

Nevermind that running known illegally obtained wages/funds through a bank account is money laundering.

Forget that the matricula consular is almost as easy to get as the daily newspaper.

If you have any doubts about who is dictating which laws will be enforced and wonder why our borders are not secured…keep reading.

Then call your Congressional House Reps and your U.S. Senators and ask why this is not “an issue”.

I will.

I will also ask which crimes we, as mere Americans can commit and go un-punished if we make/donate enough money.

PRESS RELEASE

LAT Money Center Introduces Nationwide Program That Offers Mortgage Financing to Undocumented Workers

[quote:2xv0yl9v]LAS VEGAS & ARLINGTON, Texas–(BUSINESS WIRE)–LAT Money Centers, a Hispanic-owned financial services company, has introduced the industry’s first nationwide financing program for undocumented workers that want to buy homes. This lending program will offer loans to potential homeowners using Individual Taxpayer Identification Numbers (ITIN) and Matricula Consular IDs in lieu of social security numbers. The company announced the new initiative at the 2006 Hispanic Marketing Convention & Expo hosted by the National Association of Hispanic Real Estate Professionals this week in Las Vegas.

The program will be made available to 14,000 NAHREP members in more than 48 states across the nation. “Recent industry research has shown that Hispanic homeowners are less likely to default on their home loan than other borrowing groups,” said LAT Money Centers COO Samuel Angueira. “The Hispanic community takes pride in home ownership and that results in fewer missed payments, less defaults, and a higher return for investors.”

“NAHREP’s 2004 study estimated that the market potential for these loans is conservatively $44 billion in new mortgages,” said Timothy Sandos, NAHREP President and CEO. “A number of ITIN loan pilot programs have confirmed since then that these type of loans perform as well or better than conforming loans. We applaud LAT Money Centers for being the first lender to make this kind of program available nationwide.”

LAT Money Centers is a Hispanic owned Financial Services Company that provides a variety of financial services and education to the Hispanic and Latino communities. The company is a subsidiary of Latino Bancshares, Inc., a Nevada Corporation based in Arlington, TX. Latino Bancshares, Inc. and its subsidiaries are active in Mortgage and Investment Banking, Insurance, and Real Estate.

If you would like more information concerning the Lat Family of Companies or its ITIN Lending product, please contact Hector Arroyo at the numbers listed below.

LAT Money Centers
Hector Arroyo, 817-276-0888
Cell: 682-433-6259
Fax: 817-276-0999
hector@latmoneycenters.com
www.latmoneycenters.com [/quote:2xv0yl9v]
http://www.thedustininmansociety.com/blog/?p=374

“Recent industry research has shown that Hispanic homeowners are less likely to default on their home loans than other borrowing groups,” said LAT Money Centers COO Samuel Angueira. “The Hispanic community takes pride in homeownership, and that results in fewer missed payments, less defaults, and a higher return for investors.”

How in the world are they going to pay their home loans once deported? This is a win-win for the banking industry. Once the illegal goes into default, after deportation, the bank will just refinance the home to someone else. Of course this can be a risky proposition, because if the housing market goes bust - the home loaners are stuck with a bunch of unmoveable properties.

Has anyone sent this article to Lou Dobbs?

I sent emails to all of them with a copy of the Federal Law. Also the statement they made about these people have a better payment rate than all other groups is ridiculous. These people default on payments far more than any other groups as they are not citizens and cannot be chased down for the money. The fact that they move in the middle of the night in my area of town is indicative of non-payment. The fact that many of them have numerous previous addresses is also indicative of non-payment. And yes these banks will win either way as they give these people inflated mortgages and then default on the properties which they sell off and remortage again to another illegal alien.

I hope we have enough awake people because we are starting to run out of time... In additon to the "jobs" illegals do IMO If illegals do in fact become a sizable portion of the assets of our economy to include home ownership which is the backbone of it. The federal government will use this as a reason to squash any talk or action about reversing this invasion when push comes to shove. They will ultimately say this is a matter of national security.

Welcome to the Lat Family of Companies!

Whether a client needs to purchase a home, mortgage or refinance, provide insurance on his/her assets, Lat Money Centers can offer assistance.The company was formed with the specific goal to educate the Latino community on financial matter and offer products to the community that are not “predatory” in nature.

We believe that every taxpayer has the right to home ownership, regardless of their documentation status. We strive to provide our clients the opportunity to share in the American Dream.

Lat Companies are operated by Latinos who are focused on providing financial opportunities to an under-served community. Everyone has the right to receive quality financial services. “No one can use what they do not understand”

We shall be a dedicated organization that educates our community.

Lat Money Centers is a Hispanic owned Financial Services Company that provides a variety of financial services and education to the Hispanic and Latino communities. The company is the dba of Latino Bancshares, Inc. a Nevada Corporation based in Arlington, TX. The Company and its subsidiaries are active in Mortgage Banking, Insurance, and Real Estate. Affiliates of the company are Lat Wholesale Capital, Lat Insurance Group, Lat Home Finance and Lat Real Estate Group, and ConLas3B.com, a For Sale By Owner website. Lat Wholesale Capital is a wholesale aggregator of qualified ITIN loans through a network of affiliates across the United States.

We assist other mortgage and real estate brokers in obtaining financing and insurance for qualified customers who may not qualify without a valid Social Security Card.We pride ourselves on our speed to closing for our business partners. Our commitment to quality control makes us a valued partner to investors on the secondary market.

Lower default rates among Hispanics gives investors an edge over other investment alternatives. Its LAT-TIN loan program is the first truly nationwide ITIN program in the U.S. Organizations and Companies interested in becoming affiliates should request more information from the company at info@latmoneycenters.com or contact Samuel Angueira or Jerry Dillon at 1-877-484-6562 or 1-877- ITIN LOAN.

http://www.latmoneycenters.com/About.aspx

I just e-mailed it to Lou Dobbs and am sending it to BOTH my Senators and EVERY Congressman in my state.

Y'all should, too!