Thread: Home loans for illegal aliens

A close friend of mine works for a mortgage company. She deals with many lenders, but claims that only BANCO POPULAR funds loans for people without state issued ID's and without Social Security cards. It's pretty much set up to where you can walk in and receive a home loan without knowing how to speak English, without having any money, and without having any identification or job history.

How do they do it without putting money down unless they have excellent credit? She told me that they have this little deal called "mattress money". This is money (as much as $25,000) that will magically appear in an applicant's bank account, so they can verify funds. After the loan is approved, the money is mysteriously removed from the bank account. Once the deal goes through, it no longer matters if the person has any money.

It's a lot easier to get a reasonable home loan without a bad credit score. Banks like BANCO POPULAR make it even easier, as they require no credit history, ID, or Social Security cards.

Huh?

Who puts the money in the account? A drug dealer?

I heard on the news today, they are offered home loans at 1% interest rate than AMERICANS ARE!!!

This has to stop....American's are being ripped inside and out! And you know these illegals are laughing at us!

I did not catch the story, but there is a US Government program out that uses our taxes to give home loans to illegals.

You're both right. I've seen both. Some have the cash stashed away because they don't want American banks (and therefore IRS) to know about their money.

And lending firms are letting illegals have loans that those same firms wouldn't give to an American under similar circumstances.

We're getting screwed from all fronts. It's time to screw back.
(Pardon the crudity, but I'm peeved)

I guess the obvious question would be, "Who is funding Banco Popular?" It stands to reason that a quite high percentage of those loans would be defaulted on. For example, I and the rest of my neighborhood watch succeeded in running off my drug-dealing illegal alien next door neighbors, causing them to simply abandon the house (doors wide open) and leave it in foreclosure.

I suppose it could be reasoned that these banks are just becoming rental agencies, but in the case of the house next door there was a great deal of repair that had to be done before it was relisted, and the bank has now been sitting on it with no mortgage payments incoming for months. It seems a tough way to stay in business. My point is that someone with an agenda whose motive is not profit is likely to be behind these mortgages for illegals.

Originally Posted by moosetracks

Huh?

Who puts the money in the account? A drug dealer?

I heard on the news today, they are offered home loans at 1% interest rate than AMERICANS ARE!!!

This has to stop....American's are being ripped inside and out! And you know these illegals are laughing at us!

It is my suspicion that the money comes from groups who pile their money together to help each other out. Let's pretend that ALIPAC has 1,000 members and each member donates $25.00 to a "home loans for ALIPACERS" fund. The 25 grand can travel from account to account until each one of us has a new home. Also, if our pretend ALIPAC leader offered a guaranteed certain number of "qualified" applicants per month, we could probably find extremely low APR's also.

The problem is that this is rather unethical and probably illegal in several areas. No one is going to blow the whistle because they're too busy making money or cutting deals (or trying to keep their jobs).

I HOPE THEY REALIZE THAT WE WILL REPOSSESS EVERYTHING THEY BOUGHT.

Originally Posted by KickEmOut

And lending firms are letting illegals have loans that those same firms wouldn't give to an American under similar circumstances.

That seems to be what is going on in many areas -not just with loans. Supporters of illegal immigration are banning together to help each other out by offering all kinds of special deals that the general population cannot touch.

That's not how the U.S. should operate.