Thread: WAMU gives IA $615,000 mortgage he makes $9.00 an hr

Washington Mutual Gives $615,000 Mortgage To Immigrant Making $9 An Hour Who Can't Read Or Write English

Soledad Aviles, an immigrant from Mexico with a 6th grade education who can't read or write English and makes $9 an hour, was approved for a mortgage of $615, 000 by Washington Mutual. It should be noted off the bat that Washington Mutual is one of many banks that accept the Matricula Consular ID card as proof of identity and which is easily forgable. I assume Aviles is not an illegal alien (but who knows considering the source of this story and the fact that they like to omit those little tidbits all of the time).

The LA Times <http://www.latimes. com/news/ local/orange/ la-me-housing8oc t08,1,3018393. story?coll= la-editions- orange&ctrack= 1&cset=true>

gives us his sad story below as he is forced to then rent out his house to illegal aliens to make the payments and sleep on a couch.
Washington Mutual should be brought up on charges along with all of the people who touched this mortgage and put it through. All those living at the residence who are illegal, including Aviles and his wife if found to be so, should be deported and the house should be seized and sold off at auction with all proceeds going towards the border fence, interior enforcement and the prosecution of businesses who hire and make loans to illegal aliens. The government also in no way should allow any bailout money for these sub-prime mortgages to go to companies that have actively courted illegal aliens, like Washington Mutual, Wells Fargo and Bank of America. Money that - need I remind you - is actually your money as a US citizen, since it comes straight out of your taxes.
What this story doesn't note is that many of these so called "Spanish speaking" people they are referring to are actually illegal aliens.
But guess what, they intend to win out in the end as another shark in the water that feeds off of illegal aliens, lawyers, are suing for millions and million on their behalf.
Soledad Aviles dreamed for years of owning a home, with a plot of land where he could grow corn and chiles as he did in his native Mexico. So he felt blessed last year when he learned he could buy a three-bedroom, single-story stucco house on West La Verne Avenue in Santa Ana.
Referred to a local loan broker by a trusted friend, he borrowed the entire purchase price of $615,000 from Washington Mutual at a high interest rate typical of sub-prime loans. The monthly payment, as he says he understood it, would be $3,600 -- steep for a glass cutter who made $9 an hour -- but Aviles counted on his wife and three of his six daughters, who also worked low-paying jobs, to contribute.
"We took out our pencils, figured out our take-home pay and figured out that if we all pitched in, it would work," said Aviles, 54, a stoop-shouldered, soft-spoken man with a sixth-grade education from Mexico.
Relying on the broker's word, he signed loan documents written in English, a language he neither speaks nor reads, Aviles said. He was shocked to learn afterward that the monthly payment would not be $3,600, but $4,800 -- a price that forced him to rent out bedrooms, the garage and an enclosed porch while he and his wife slept on the couch. He fed his family with food from friends and corn he grew.
...
"We think this is just the tip of the iceberg, in terms of the breadth and depth," said Steve Harding, Santa Ana's deputy city manager. Apart from the language barrier, he said, many first-generation immigrants might have been especially vulnerable to sub-prime lending because they avoided checking accounts and credit cards, which prevented them from qualifying for regular loans.
Let me just break here and point out that the only types who avoid checking accounts and credit cards are illegal aliens and those being paid under the table who avoid taxes. Legal immigrants don't have this issue because they have proper legal documents.
The state Department of Real Estate, nonprofits and the Mexican consulate also have reported a rise in mortgage complaints, many of them from homeowners saying they signed documents they didn't understand.
The nonprofits they mention are most certainly those in favor of illegal immigration and the ones who were pushing for these loans to be granted to illegal aliens in the first place. As for the Mexican Consulate... what the hell are they doing sticking their nose in our banking business now?
... Kerstin Arusha, a directing attorney at the nonprofit Law Foundation of Silicon Valley, said that Spanish speakers, along with the elderly, "seem to be hardest hit by both sub-prime lending and predatory lending. There are many borrowers out there that were misled about the terms of the loan."
The Law Foundation is suing a broker, real estate agent and lender in federal court on behalf of nine Santa Clara County families, many of whom speak only Spanish
...
in Orange County, the district attorney's office has not reported an increase in prosecutions for fraudulent lending. Elizabeth Henderson, a prosecutor in the county's fraud unit, said many such crimes go unreported in immigrant communities because of a distrust of law enforcement and confusion over what had occurred.
A distrust of law enforcement? As we know every law abiding legal immigrant mistrusts law enforcement don't they?
[Aviles is] sitting in his Santa Ana home, waiting for the bank to kick him out or for his kidney to kill him... Aviles took out two loans, one for $492,000 at 8.5% interest and another for $123,000 at 11.1% interest. But he and his family struggled to meet the payments, even after the house was crammed with renters.
Tipped by: Immigration Watchdog <http://www.immigrat ionwatchdog. com/?p=4850> where one commenter, Eddie B., makes this well made point.

WHERE DO YOU START HERE? THE FACT THAT HE IS AN INVADER? THE FACT THAT HE CAN'T READ ENGLISH AND IS TAKING OUT A LOAN FOR $600,000 AND MAKES $9.00 AN HOUR ($18,000 A YEAR...)? THE FACT THAT HE IS NOW RUNNING A FLOP HOUSE FOR INVADERS AND BREAKING FIRE MARSHAL CODES, HEALTH CODES, LOCAL COMMUNITY CODES? I MEAN, WHERE DO YOU START?

EVERIFY MUST PASS AND THEY WILL SELF DEPORT! CALL YOUR SENATOR AND CONGRESSMAN AND GET EVERIFY NATIONALLY NOW! PART OF THE CONDITIONS OF BAIL OUT!

LINK?

The Article:

When dream homes become nightmares - Alleged predatory lending often leads to higher payments and foreclosure. Language barriers are an issue in heavily Latino areas.
By Christopher Goffard and Jennifer Delson
October 08, 2007 in print edition B-4

Soledad Aviles dreamed for years of owning a home, with a plot of land where he could grow corn and chiles as he did in his native Mexico. So he felt blessed last year when he learned he could buy a three-bedroom, single-story stucco house on West La Verne Avenue in Santa Ana.

Referred to a local loan broker by a trusted friend, he borrowed the entire purchase price of $615,000 from Washington Mutual at a high interest rate typical of sub-prime loans. The monthly payment, as he says he understood it, would be $3,600 – steep for a glass cutter who made $9 an hour – but Aviles counted on his wife and three of his six daughters, who also worked low-paying jobs, to contribute.

“We took out our pencils, figured out our take-home pay and figured out that if we all pitched in, it would work,â€

This is ridiculous!I worked 25Years and i cant get a loan because i have to little collateral,(mod edit).
My prayers are getting longer every day.
LOCK UP OFFICIALS FROM WAMU AND DEPORT ALL THE CRIMINALS!

Here is the general rule for responsible lending: The loan commitments of an individual/couple should never exceed two times the annual income.

This guy couldn't even afford to pay the utilities for that house.

Wouldn't you hate to live next to a flop house like this and what was he thinking when he let other people live in his house with his daughters.

Dixie

Originally Posted by Rebelrouser

This is ridiculous!I worked 25Years and i cant get a loan because i have to little collateral,(mod edit).
My prayers are getting longer every day.
LOCK UP OFFICIALS FROM WAMU AND DEPORT ALL THE CRIMINALS!

You have many strikes against you.

You're probably native born...strike 1
You're probably a citizen...strike 2
You're probably law abiding who has good, established credit and a decent job...strike 3
You're probably not a minority...strike 4
You're probably not a Latino minority...strike 5
Your're probably not a recent immigrant, legal or not...strike 6
You're probaly have an education and speak English...strike 7
You're probably aren't aided and abetted by ethno-centric racial groups like La Raza...strike 8

sorry MW i just get fired up once in a while.

I have been hearing that LA RAZA will be getting some sort of money hand out in this bail out situation, are we looking into this??

Originally Posted by caasduit

I have been hearing that LA RAZA will be getting some sort of money hand out in this bail out situation, are we looking into this??

ACORN, and probably La Raza will get 20% of any paybacks that come back to the U.S. Treasury as a result of this bailout.

I don't care if you know English or not.....these papers are a legalize nightmare even for those who do speak English......and I'm sure whoever his mortgage broker was....they spoke to them in Spanish and either, lied or mis-led them just as many English speakers lied or mis-led the English speakers. You only hope to be able to TRUST the person who's having you sign on the bottom line. Obviously, they weren't, because they probably got a bonus for everyone they signed on....by hook or by crook.

I remember when we got upset about handing out credit cards like candy with just 500 bucks in the bank and nothing else and they were screaming racism and denying hispanics the "American dream".......but when you have people, from another country, with minimul education and no clue how this credit thing works.......the only thing we were denying them was this mess........but no.....had to be racism. Now they make it sound like this tactic was done especially to hurt the Mexican illegals......HELLO.......got suckered in myself with the wonders of credit and suffered most of my adult life getting through it ......except finally being debt free. It's an easy trap to fall into and I dove in head first. I understood the words they were saying......but I really didn't GET it either. Even though my parents DRILLED it into me.....don't spend what you don't have.

I remember when they got their first credit card in the mail. Never applied for it....just came. They didn't want anything to do with it, but were told this was the way you developed a "credit history". My dad said I own everything except the house so my credit is good because I don't owe anything. No.....sir, that's not how it works. They held onto the card and then about at the year mark, they got a notice saying they were going to be charged for not using it. Freaked them out......this makes no sense. So they devolped the rule ok, we use it but only if we already have the full amount to send in immediatly. Mom would shake signing the slip and immediatly run home and make out a check to pay the full amount. I bet they got the payment before they got the notification from the store. It's always been a massive mess of changing rules and standards. Interest is deductable, now it's not....fee's for this and fee's that and before long you don't know what's going on and you're neck deep in debt, getting calls at home and work demanding full payment. I seriously was expecting a mafia thug to come knocking on my door. I wouldn't wish that agony on my worst enemy......call me racist if you want but I know what a mess it can be.