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  1. #1
    Senior Member FedUpinFarmersBranch's Avatar
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    Role illegal aliens played in the mortgage crisis,continues

    The role illegal aliens played in the mortgage crisis (and continue to play)
    February 7, 8:29 PM
    Dave Gibson
    2 comments


    Mexican Matricula ID...accepted by George Bush and unscrupulous lenders everywhere (except Mexico)


    After writing several articles about this country’s mortgage meltdown and the little-talked about role which illegal aliens have played in this crisis, a woman who I will call “Maryâ€
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  2. #2
    Senior Member AirborneSapper7's Avatar
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    amazing .. forwarding to everyone I know
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  3. #3
    Senior Member swatchick's Avatar
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    This does not surprise me at all. Don't forget their own people know how to get around things and don't care if they can really afford it or not. I seen lots of it in Florida. They also preyed on legal immigrants who have never had or learned about credit. I seen it in the Russian community. They used to advertise all the time how you could borrow $750,000 towards a home with zero or little down and pay under $1,000 a month. In fact many eastern Europeans thought I was stupid paying close to a $1,000 month for a $120,000 mortgage. It did include property taxes. I explained to them that it was that for a year and once that was up it would over $2,000 a month and then even higher the next year. Many of them told me I was stupid until they saw their friends loose everything.
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  4. #4
    Administrator Jean's Avatar
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    Knew that Mexico does not accept the Matricula Consular cards in their country so they must have been created by our government to help legitimize illegals in our country.

    Seems the banks and many elected officials think more of illegals than our own citizens to allow such actions because now the taxpayers have to bail this mess out.

    And to those who's identity has been ruined, there ought to be a huge lawsuit somehow, this is so wrong wrong wrong.
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  5. #5
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    Illegals and the housing crisis

    I have blogged for over a year about how the ILLEGALS were a MAJOR reason that the housing market crashed. The Federal Government has a lot of little secrets regarding this matter. And they all walked away...... Executive Summary:

    During this decade, illegal aliens were seen as the potential salvation of the already overheated residential real estate market. Illegal aliens saw home ownership as deportation insurance and were all too willing to overpay for housing. A house would always increase in value and could quickly be sold in case of a return, voluntary or otherwise, to their home country.

    Mortgage lenders saw no harm in granting mortgage loans to illegal aliens and other "subprime" borrowers because the house would always be worth even more if and when a foreclosure should become necessary.

    Some mortgage lenders even partnered, voluntarily or otherwise, with ACORN (Associations for Community Reform Now) to increase their portfolio of subprime loans.

    Mortgage loans were granted to individuals without Social Security numbers and little documentation. One bank allowed up to eight people to sign a single mortgage application.

    Mortgage institutions knew that any mortgage to an illegal alien could be easily detected because an IRS-issued Individual Taxpayer Identification Numbers (ITIN) was used instead of a U.S. Social Security number. These lenders chose to forget that the IRS made no guarantees about the identities of these ITIN holders.

    These risky loans to illegal aliens were not guaranteed by Fannie Mae and Freddie Mac, and now have dragged down large financial institutions like Citibank. Illegal Aliens, Amnesty and the Housing Crisis
    Did the 2007 failure of the amnesty bill cause the mortgage crisis?


    Before your answer the question, consider this: "By early 2005 pretty much everybody who wanted to refinance [their mortgage] did. And pretty much everybody who wanted a house had one."1 Banks were running out of customers. So were homebuilders. Aggressive outreach to what became the sub prime market kept things going for a while. "As home values skyrocketed earlier this decade, ‘banks gave money to anybody with a pulse,’ said UCLA economist Ryan Ratcliff."2

    Adjustable Rate Mortgages jumped from 8% of all mortgages in 2001 to 35% of the market in 2006.3 Soon, there were even NINJA (No Income, No Job or Assets) loans for home purchasers.4

    More than a few people gamed the system. Accordingly, FBI mortgage fraud cases jumped from 5,623 in 2002 to 46,717 in 2007.5 One scam alone cost now-bankrupt Lehman Bros. and another lender $142 million.6 A 2006 report by the Mortgage Asset Research Institute found that 60% of borrowers had overstated their income by 50%.7

    Mortgage lenders didn’t seem to mind, convinced that housing prices, already at historic highs, would never fall, meaning they could "always repossess and sell the house if necessary."8

    One thing lenders failed to bank on was the housing glut that manifested in 2005-6. A lot of people were building houses, convinced that home construction was the same license to print money it had been in the past.


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