HUD: Five Million Fraudulent Mortgages Held by Illegals
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KFYI (Phoenix, Arizona), October 7, 2008
Some five million fraudulent home mortgages are in the hands of illegal aliens, according to the U.S. Department of Housing and Urban Development.
{snip}
The problem began years ago when banks were forced to give mortgages without confirming social security numbers or borrower identification. {snip}
One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt.
(Posted on October 8, 2008)
Comments
“One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt.”
Candlelight vigil, with slogans against the evil white man, to be held later.
Posted by at 6:06 PM on October 8
I wonder greatly, how many young, middle aged and older Americans, were denied sub prime home loans, because they did not fall into a certain racial category.(where white in other words)If after reading this article, there still remain people who refuse to believe in governmental conspiracies, then they must be consigned to the, “just plain butt dumb class”.
Posted by Bobby at 6:07 PM on October 8
This is absurd on its face. Even if we assume there are 20 million illegals in the country, it’s impossible that one out of four of them have fraudulent mortgages, much less any kind of mortgage.
I’d like to see that HUD source.
Silent Bureaucrat
Posted by silent bureaucrat at 7:11 PM on October 8
But we have been told just this week that loans to Hispanics and Blacks were not the problem with HUD, Fannie and Freddie Mac so how can this be…
Our Politicians cannot be lying about forcing banks to make these loans or are Liberals lying or do not know what happened ?
Posted by Oldman at 7:58 PM on October 8
The bright side?
We now know positively where 5 million illegals live.
“Lock ‘em up, Danno…”
Posted by at 8:03 PM on October 8
This is a deliberate attempt by the Marxist Democrat Party to bankrupt the American people so Marxism can take root. Its starting now and it may be too late to reverse. The only thing to stop it would be a partician of the United States and the creation of a new soverign nation. I want prayers back in schools.
Posted by the Soviet Republic of New Jersey at 8:14 PM on October 8
Hey Absurd Silent Bureaucrat
Enclosed please find a publication STILL on the HUD website that still tells illegals how to circumvent credit restrictions. This is still available to any illegal as long as bureauc-rats continue to service them.
Silent Bureaucrats sticking their head in the sand and refusing to believe is part of the reason we are in this mess.
http://www.huduser.org/Publications/PDF/hisp_homeown1.pdf
Included are the instructions for avoiding paperwork, straw purchasing, plus this quaint little paragraph of talking points from something called the Equal Credit Act on bundling Mortgages and sending them off to Freddy Mac and Fanny Mae:
“For example, Hispanic households are expected to benefit from the following flexibilities:
Do not require two years of employment history for mortgage approval;
Ignore frequent job changes as long as the borrower can document that his or her income is stable (for example, with paystubs, an employer-completed form, or W-2 forms);
Allow rent paid by family members to be included in the borrower’s income;
Allow a borrower to be approved for a mortgage without a formal credit history with credit reporting agencies;
Allow the use of non-traditional credit reports or a credit history compiled by the lender, as long as it includes a minimum number of credit references;
Provide some flexibility to borrowers with low credit scores; and
Do not require U.S. citizenship for mortgage approval.”
Posted by Gun Runner at 8:16 PM on October 8
I guess illegal invaders are “entitled” to “reparations” too.
Posted by RHG at 9:46 PM on October 8
“This is absurd on its face. Even if we assume there are 20 million illegals in the country, it’s impossible that one out of four of them have fraudulent mortgages, much less any kind of mortgage….I’d like to see that HUD source.” Silent Bureaucrat
Who says there are only 20 million of them?
Posted by at 10:00 PM on October 8
Silent Bureaucrat, you would be surprised, both at how very, very many illegal invaders there are in the United States, and how high a proportion of them got(and then defaulted on) subprime home owner loans. HUD certainly wouldn’t admit to any more than they were absolutely forced to.
Posted by at 11:04 PM on October 8
Google 75,515,104
What you will find is data from the US Census Bureau.
There were 75,515,104 home mortgages in existence in the United States in 2007. If 5 million of those were illegal aliens, then 1 of 15 mortgages (6.66 percent) were assigned fraudulently to illegal aliens.
My understanding is that about 2.2 percent of mortgages default.
Posted by Kenn at 11:06 PM on October 8
Who was it that forced banks to give mortgages without confirming social security numbers or borrower identification? This person or group is largely responsible for the current financial mess. They need to be hunted down and bought to justice.
Posted by Joe G at 11:30 PM on October 8
” …Even if we assume there are 20 million illegals in the country, it’s impossible that one out of four of them have fraudulent mortgages, much less any kind of mortgage…” Silent Bureaucrat
—-
This is where the problem lies. No one knows exactly how many illegal aliens are in this country. I have read there are as many as 45 million. If you accept the fact that the 14th Amendment originally excluded children from illegal aliens as citizens, then there are over 80 million illegal aliens in our country.
When you account for Affirmative Action lending, all of a sudden 5 million fraudulent mortgages only equates to 11 percent, and is not unreasonable to believe. Not to mention the illegals ran a racket, where the same illegals would buy multiple homes and rent them out to multiple families of illegals. Just as these fine immigrants apply for welfare under multiple names, and draw up to 5 checks per month under 5 different aliases.
The moral to this story is, when you bring a corrupt 3rd World people into your country, expect your country to become 3rd World.
Posted by Rande at 11:32 PM on October 8
Silent Bureaucrat… The HUD numbers sound about right to me. There are 8 houses on the block where I live and they were all purchased by recent immigrants with no English & rapidly reproducing and few working. 5 - 10 cars to each house! This is the truth here San Diego, CA. The numbers may be underestimate of illegals with the loans because I saw several at Robert Allen siminars in 2005. The first sign of mortgage problem was 21st Cnetury in LA and the entire co was a fraud. The corp docs were not confirmed as registered or valid, the lenders lent any amount to anyone that breathed and the corruption was so systemic no one will ever be able to resolve the mess. This was the direct result of government required loans to those with no citizenship or income or ability to pay. The cultural transference of corruption will be devestating to an already colonized USA. Can no one in Washington see what they have deliberately neglected?????? V
Posted by at 3:25 AM on October 9
Fraudulent home loans? How about fraudulently owned and operated buses. Another bus full of our elders was crashed by a black. About 10 people killed.
http://www.sacbee.com/101/story/1299900.html
Posted by Fanny80Mae24 at 3:36 AM on October 9
“The moral to this story is, when you bring a corrupt 3rd World people into your country, expect your country to become 3rd World.”
Sooooooo True!
Can thank the big corporations for this debacle. The rich are now in Dubai counting there fortunes.
Posted by at 3:44 AM on October 9
Do a google on “Illegal alien mortgages” there are pages of hits, after the first few pages which all seem to go to various publications of Michelle Malkin’s column on it, you’ll find realtor news pages telling realtors how to target the illegal alien market for houses. There have been many sob-story articles about illegal aliens being foreclosed on, in the LA Times, NYTimes, Washington Post, etc., the info is out there, the MSM simply doesn’t compile the information into one place.
Posted by at 9:56 AM on October 9
This is a deliberate attempt by the Marxist Democrat Party to bankrupt the American people so Marxism can take root. Its starting now and it may be too late to reverse. The only thing to stop it would be a partician of the United States and the creation of a new soverign nation. I want prayers back in schools.
Its way too late for the education system. They went after it first. Now there is a generation of indoctrinated youth ready to accept Marxism.
Posted by Kellie at 10:24 AM on October 9
The Chinese will offer to buy all the surplus repo residential property in the country for cash. The catch will, however, be the admission of one Chinese family for every surplus residential unit bought.
Posted by underdog at 12:31 PM on October 9
>>>Some five million fraudulent home mortgages are in the hands of illegal aliens, according to the U.S. Department of Housing and Urban Development
But then again, these are GOVERNMENT figures… the true total probably being substantially higher! Makes one wonder how much of the mortgage lender/credit mess deserves to be laid on illegal immigrants, nor can we forget the Blacks… many with marginal income earning ability being granted mortgages by the banks.
Posted by Fed Up at 1:11 PM on October 9
A fraudulent mortgage is also called “bank fraud”, which is a federal crime. Federal sentencing guidelines for fraud are on a sliding scale, depending on the amount of money involved. A home mortgage is obviously a non-trivial amount of money, so the sentences would be quite large.
Will the feds prosecute these cases?
Don’t hold your breath.
Posted by Michael C. Scott at 2:42 PM on October 9
Here are the roots of the mortgage crisis.
Roots of financial crisis traced to Democrats
The Mercury ^ | 10/9/08 | Ralph Reiland
The roots of today’s mortgage-based financial crisis can be traced back to the Community Reinvestment Act (CRA), which Jimmy Carter signed in 1977.
Seeking to address complaints from anti-poverty activists and housing advocates about banks allegedly discriminating against minority borrowers and “redlining” inner-city neighborhoods, the CRA decreed that banks had “an affirmative obligation” to meet the credit needs of victims of discrimination in borrowing. To add a government stick to the process, the CRA decreed that federal banking regulators would consider how well banks were doing in meeting the goal of more multiculturalism in loaning.
Posted by at 3:34 PM on October 9
I surmise the goal is to let them keep the houses, free, and let someone else pay. Perhaps the bailout is let Whites provide free housing. If they foreclosed, what would they do with all those houses?
The plan all along was free housing for mexicans…why not, they’re just implementing Article 25 (UNUDHR)…
Posted by spy v. spy at 3:48 PM on October 9
Please google “Burning down the House” on youtube.
There are two videos. One is proMcCain and it calls out the Community Reinvestment Act.
The other video of the same name but the “Bush-Rove” version shows that the current administration went right along with this expansion of mortgages scam to people who could not afford to pay.
This is a non-partisan issue. Both parties are to blame, among several individuals and you should not be so dishonest as to try to hide that fact.
Posted by at 7:31 PM on October 9
On of the reasons the country is in such an economic mess is because the government told the banks, and Fannie Mae etc. that they want them to give loans to blacks and other minorities for the diversification cause, and to bust up solid white neighborhoods.Now, as we see, they can’t payback the loans(never could probably)so , once again whitey has to pull everybody out of the mess created by our lousy government for the racist and unjust cause of “diversification”
Posted by Tom at 10:02 PM on October 9
One of the reasons the country is in such an economic mess is because the government told the banks, and Fannie Mae etc. that they want them to give loans to blacks and other minorities for the diversification cause, and to bust up solid white neighborhoods.Now, as we see, they can’t payback the loans(never could probably)so , once again whitey has to pull everybody out of the mess created by our lousy government for the racist and unjust cause of “diversification”
Posted by Tom at 10:05 PM on October 9
The future is not very pretty.
The good old 50’s and 60’s lifestyles we enjoyed are gone.
The replacement lifestyle is full of crime, disease, violence and pain.
It is too late to bring things back to the way they were without a lot of bloodshed.
Posted by SeeTheFuture at 12:51 AM on October 10
“Silent Bureaucrat” appears to have his/her head stuffed into a physically impossible place. The more accurate estimate of number of illegals being between 30 and 35 MILLION! Hell, Texas alone probably has five million illegals we end up supporting with our taxes. Arguably, the “official” headcount (census) of illegals is way light. After all, fearing deportation, the census takers were hardly about to get cooperation from the illegal Mexicans being interviewed.
Posted by Fed Up at 8:04 AM on October 10
This is a deliberate attempt by the Marxist Democrat Party to bankrupt the American people so Marxism can take root. Its starting now and it may be too late to reverse. The only thing to stop it would be a partician of the United States and the creation of a new soverign nation. I want prayers back in schools.
Posted by the Soviet Republic of New Jersey at 8:14 PM on October 8
Marxism took root under the eyes of the American people and it happened without a bang….read “A Whiter Shade of Pale” by Judge Janice Rogers Brown who was vilified by some members of Congress and labeled an out of the mainstream extreme right-winger because she spilled the beans in 2000. It only now comes to the surface for the world to see that’s all. Turning America into a cess-pool to bring it on par with the rest of the world is the name of the game….
Posted by Lisette at 9:11 AM on October 10
One thing that strikes me here about this issue is how the government is going to qualify future minority homeowners. Will creditworthiness no longer be considered as a qualifier for a loan?
Bankruptcy? Eviction? Repossession? Delinquency? No problemo, you too can qualify for a home or a brand new car.
Posted by at 10:43 AM on October 10
“Fed Up” can insult me all he wants.
Look, the numbers don’t add up. I know there are lots of illegals, I know that many have mortgages, and I know that many are fraudulent. I also know that it’s a huge problem and has had a big influence in the subprime drama.
I should know- I sold my previous house at the top of the market at a slight discount to an all-American family who seemed like a lot better match for my neighbors than the other extended-family buyers, who arrived by the vanload and communicated through their Spanish-speaking agent/loan broker/insurance salesamen and wanted to offer above asking with big cash credits that somehow were to be concealed from the actual lenders.
I also live in (Northern) California, I’m also sick of Mexicans, and I also see the danger of importing third-world values to U.S. institutions. Ask me about my experience in college, where Vietnamese cheated openly in my high-pressure highly-competitive engineering major without attracting any official attention. Ask me about my present job, where Middle-Eastern sharpies have made my agency their own. Ask me about my childhood neighborhood where no one knows or trusts each other now because it’s diverse.
Despite all this, five million is still just too big a number, and I’m still waiting for the HUD link.
Silent Bureaucrat
Posted by Silent Bureaucrat at 3:20 AM on October 12
How ironic it is that it was diversity that finally brought an end to the the super power status of a nation whose motto is, “Diversity is our strength.”
And have the diversitoids now learned their lesson and desire to straighten up and fly right? Absolutely not. They won’t admit to the failure of diversity and change course even if it is in the process of destroying them at this very minute, which it could well be with a politically correct military whose diversity policies are moving towards a calamitous event.
Posted by trace at 3:39 AM on October 12
As a mortgage underwriter, we had to underwrite many “hispanic” surnames, and what they did was have one person with a SS number, legal or not apply, under stated income. They were usually landscaping or restaurant workers etc…(this was California) and they would claim the income of all the people going in on the house, or who was living there.
The mortgage programs were written to accommodate these people because of all the CRA and Affirmative Action stuff like HMDA reports. (HMDA keeps tabs on lenders through the information checked on the application, white, black, hispanic etc) As underwriters we had the right to question the “facts” on the application, but many of us were told to “let it thru” or else.
In working at a process serving company recently, most of the foreclosures being served were hispanic surnames. Granted, there are representatives from all “ethnic” backgrounds, but hispanic is probably almost half.
Posted by dinochick at 10:02 PM on October 16