What do you think of Mortgage Loans Being Issued To Illegal aliens?

Question

http://www.thedenverchannel.com/news/10418387/detail.html

Answer 1

Although This Article Focuses On Fraud

The Truth Is That
Currently It Is A Violation Of Federal Laws
For A Lending Institution (Bank)
To Issue A Home Mortgage To An ILLEGAL ALIEN
(No Social Security Number)

Congress and the Department of Justice are simply Ignoring this

http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=34329

The American dream of home ownership,
complete with the white picket fence,
is alive and well for those who break our laws
and break down our fences to get in.

While law-abiding homebuyers
must supply airtight proof of identity,
legal residence
and a Social Security number to lenders,
illegal alien purchasers such as Cabrera
(a visa overstayer who recently received a green card)
need only supply a "taxpayer identification number"
issued by the Internal Revenue Service.
No criminal background check is required
before applying for a TIN,
which many banks now accept from illegal alien customers
as a primary form of identification.

Cabrera's broker,
Alma Preciado of Metropolitan Financial Services
in Silver Spring,
told the Post that about 10 percent
of her mainly Latino clientele
qualify for home loans using a TIN
instead of a Social Security number.

That's just the tip of the illegal-alien homeowners' iceberg.
The Post failed to note
that Federal Housing Administration-approved loans
through the U.S. Department of Housing and Urban Development
do not require lenders to obtain proof of citizenship
or legal permanent residence.
These FHA-HUD programs,
primarily targeting minorities and first-time homebuyers,
are federally insured and require minimal down payments.

A 25-year veteran of the mortgage industry in California
confided to me recently:
"It boggles the mind to think how many illegal aliens
are homeowners in this country thanks to these programs,
all fully insured by our government.

Because of fear of lawsuits for discrimination,
I can also tell you that a lender may have a borrower
who speaks little or no English
who claims to be either a citizen or resident alien
and it will not be questioned, nor any proof required.

Since FHA does not require any such documentation,
a lender cannot cite their regulations
as a basis for the request as they can on conventional loans."

Another easy avenue to home ownership
is through the use of bogus Social Security cards.
Moneylenders have no access to a verification system
to check Social Security numbers before approving loans.

A Department of Homeland Security investigator informs me
that an ongoing federal probe of FHA-HUD-backed loans
found that "a staggering number
were approved to persons with false Social Security numbers."

The Denver metro area alone accounted for
20,000 to 40,000 of the FHA-approved loans
for suspected illegal aliens.
"Even if a small percentage of the loans were foreclosed,
HUD could be bankrupted," the Homeland Security official said.

A spokeswoman for the U.S. General Accounting Office
told me this week
that the agency's office of special investigations
plans to report on the results of the probe later this fall.

But "considering the size of Los Angeles,
New York, Chicago, Houston and other large cities
throughout the United States
known to be inundated with illegal aliens,"
says my source,
"I don't think the federal government is willing
to expose this problem for financial reasons
as well as for fear of political repercussions."

political repercussions

Those ^ Two Words
Are Political Correct Speak For

CITIZENS GETTING REALLY PISSED OFF


The local tax-ID program has kept a low profile –
no Citibank or ACORN-issued news releases –
because of the anti-immigrant backlash
that the overall program has drawn.
Citibank has processed 72 tax-ID loans nationally
since October 2004, half in California...

..."We're seriously looking at getting these banks
charged with aiding and abetting someone who's a criminal,"
said William Gheen,
president of the national group
Americans for Legal Immigration.
"Illegal aliens are criminals."

Gheen says the program encourages illegal immigration. And Americans, he argues, are losing loans to undocumented immigrants.

“It's highly offensive to our legal citizens
who have to jump through hoops with their credit files
to get home loans
and they're giving loans to people
who have no credit whatsoever,”
Gheen said.


Illegal aliens are connecting with mortgage brokers and lenders
to obtain homes and home loans.
Even though it is illegal to trespass our borders,
overstay visas,
and encourage and harbor illegal aliens,
the federal government is actually assisting
in the violation of USC 8 1324.

http://www.usdoj.gov/usao/eousa/foia_reading_room/usam/title9/crm01907.htm

Citizen homebuyers can't obtain mortgages
without proof of identity,
legal residence
and a Social Security number.

Yet illegal aliens
are allowed to supply a taxpayer identification number
which the IRS freely provides to anyone who asks -
without doing a criminal background check.
Indeed, many banks accept a TIN
as the primary form of identification from illegal alien customers.








Please Notice The Extent Of The Rhetorical Brainwashing
That Certain Mindless Followers Of The Leftists
Are Subject To

Example In The Answer Below Mine

Answer 2

Mortgage is the American dream. Americans pay taxes. Illegal aliens should not be acquiring loans of any type in the US. I have no problem with them staying in the US I do however,have a problem with them staying illegal and footing the bill. Upon completion of mortgage application, they should be as the other writer suggested, reported and deported. Any down payment they had for a mortgage loan should be seized as illegally earned money and anyone employing illegals should be fined heavily and jailed if done excessively.

Answer 3

I think it is totally insane that someone can come to this country illegal and receive one of the most important benefit that an American born individual have. Hell, even some American citizens can't get mortgage loans. This is an injustice to ALL legal Americans and we should contact our Representatives and voice our opinion strongly and loudly at this in-saneness that is going on in this country.

Answer 4

A person has to have a job and pay taxes to get a mortgage, so what could be the problem?

Answer 5

I think it amounts to banking fraud...but remember that these are the same people loaning money at 39%(overdue credit cards), and no one's really batted an eye...

Answer 6

Americans will sell their souls to the almighty dollar

... whether it gives illegals illegal rights we deserve, where we are tax paying citizens ... they are conquering from within ... and this will be our destruction.

Answer 7

It happens (I've seen it personally) because they have practically enough cash to make a HUGE downpayment on the house.

Answer 8

Who owns the business.Are they the wealthy Mexicans living in Mexico.

Mendi, was not your hair a different color?

Answer 9

All illegals need to be deported end of story.
http://media.americancomedynetwork.com/FILES/MexTourism.swf

Answer 10

I think it's nothing new Zoe, it's been happening for years.

Answer 11

http://www.freerepublic.com/focus/fr/972485/posts

I think it's another one of those special privileges that illegals get while citizens are being denied.They have no right to buy homes and property if they are illegal. In Mexico even legal immigrants have restrictions on buying property.