Thread: Senate May Try to Revive Financial-Rescue Legislation

Some Democrats want a provision that would allow bankruptcy judges to alter the terms of a home mortgage for individuals in bankruptcy, even reducing the principal balance. That would be a deal-killer for many Republicans

As it should be (a deal breaker)! Such a ridiculous plan should be a deal breaker for anyone with integrity and a sense of fairness. Reducing the principal balance is beyond ludicrous! My family and I made a lot of sacrifices to pay our mortgage off early. Where is the fairness in reducing the principal balances for those folks whom are attempting to live beyond their means?

Senate votes tomorrow !! TAKE ACTION!!

http://www.alipac.us/ftopic-133745-days ... sc-75.html

No Mortgage Bailout for Illegal Aliens
Banks know exactly who they are

I sent emails tonight to my two Senators and Congressman and the Presidential Candidates of the two "major" political parties and will follow up in the morning with calls for what it is worth.

http://capwiz.com/ef/issues/alert/?aler ... ake+Action




Legislative Alerts and Updates • Current Legislation • Key Votes • Capitol Hill Basics


Action Alert



No Mortgage Bailout for Illegal Aliens
Banks know exactly who they are


Dear Friend,

Tomorrow (Wednesday, Oct 1) the Senate plans to vote on the mortgage bailout bill. The House is expected to follow suit on Thursday (Oct. 2).

Unless we take action now, illegal aliens will recieve mortgage bailouts.

Here are the facts, condensed to just seven short points:

(1) The Pew Hispanic Center estimated that 10.3 million undocumented immigrants were living in the United States as of March 2004. And a study that year for the San Diego-based National Association of Hispanic Real Estate Professionals concluded that nearly 216,000 undocumented immigrants could become homeowners if they had better access to the home-buying process.

(2) Mortgage applications used to require a Social Security number, something illegal aliens could not legally obtain. The Internal Revenue Service began issuing Individual Taxpayer Identification Numbers (ITINs) so that illegal aliens could file federal tax returns. Some banks then decided to accept ITINs for mortgage applications, so that illegal aliens could obtain home loans,.

(3) The Federal Deposit Insurance Corporation (FDIC) went so far as to encourage banks to allow mortgage applicants to use IRS-issued Individual Taxpayer Identification Numbers instead of Social Security numbers as a means of reaching out to the Latino population and avoiding charges of discriminatory lending practices. "The law does not require banks to check immigration status," FDIC. spokesman David Barr said.

(4) Soon, "customers with little more than a tax identification number and a pay stub were able to secure 100 percent financing on mortgages. The lack of a driver's license -- let alone a green card -- was hardly an obstacle to getting loans."

(5) Some of these bad loans soon went bad. Nationally, 375,000 high-interest-rate loans were made to Hispanics in 2005, and nearly 73,000 of them are likely to go into foreclosure, said Aracely Panameo, director of Latino affairs for the Center for Responsible Lending. (The data does not separate loans to Hispanic illegal aliens.)

(6) Congress could punish mortgage lenders to illegals by refusing to bail out any loan given to someone who applied using only Individual Taxpayer Identification Numbers.
These risky loans to illegal aliens were not guaranteed by Fannie Mae and Freddie Mac, and now drag down institutions such as Citibank.

(7) Any mortgage relief granted to illegal alien ITIN mortgage applicants is likely to result in quick sales of their U.S. holdings followed by a hasty trip back to Mexico rather than neighborhood stabilization promised by mortgage relief proponents.

Here is what you need to do.

Please contact your two Senators and your Congressman as soon as possible.. Ask them to oppose any mortgage relief for illegal aliens. Should they say no one knows who the illegals are, tell them that illegal aliens obtained mortgages without a Social Security number, so we know exactly who they are.