Warner Todd Huston
Calling the old media: Five million illegals have illegal mortgages in U.S.A.!
By Warner Todd Huston
A single report by KFYI radio of Phoenix, Arizona highlights a shocking claim made by the Department of Housing and Urban Development (HUD). HUD says that five million illegal aliens hold illegal mortgages. This is just one more example of the lax lending laws put into place by Democrats like Barney Frank that have contributed to this economic crisis. One would think this would be big news. But, so far we have only this one report to cover it.
There have been earlier stories of home flipping schemes that made liberal use of illegal aliens as straw buyers and the FBI has followed numerous cases to prosecution and conviction. But the Old Media have not done much with this story.
KFYI reports that these fraudulent straw purchases of mortgages by illegal aliens has affected every state in the union.
In 1965 a Democrat Controlled Congress under President Lyndon Johnson passed the concept of "chain" immigration into law. A later commission named the Hesburgh Commission convened during Ronald Reagan's first term, found that this concept statistically allowed each single immigrant to bring into this country 84 of his family members. Of course, all these people have to live somewhere making such fraudulent mortgages quite attractive.
What illegal struggling to survive is going to pass up a free house that he can move into without having to present any identification, proof of employment, financial history or even a down payment?
It isn't impossible for a foreigner to get a mortgage in the U.S., of course. There is a way but it requires a lot of proof and paperwork.
Notice: the link to the story above is a Google cached page link because KFYI has pulled down their report.
© Warner Todd Huston
A single report by KFYI radio of Phoenix, Arizona highlights a shocking claim made by the Department of Housing and Urban Development (HUD). HUD says that five million illegal aliens hold illegal mortgages. This is just one more example of the lax lending laws put into place by Democrats like Barney Frank that have contributed to this economic crisis. One would think this would be big news. But, so far we have only this one report to cover it.
There have been earlier stories of home flipping schemes that made liberal use of illegal aliens as straw buyers and the FBI has followed numerous cases to prosecution and conviction. But the Old Media have not done much with this story.KFYI reports that these fraudulent straw purchases of mortgages by illegal aliens has affected every state in the union.
-
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.
Some five million fraudulent home mortgages are in the hands of illegal aliens, according to the U.S. Department of Housing and Urban Development.
It's not known how many of those have contributed to the subprime housing mortgage meltdown, but it has affected every state, including Arizona.
The problem began years ago when banks were forced to give mortgages without confirming social security numbers or borrower identification. As a result, illegal immigrants were able to obtain home mortgages which they could not afford.
In 1965 a Democrat Controlled Congress under President Lyndon Johnson passed the concept of "chain" immigration into law. A later commission named the Hesburgh Commission convened during Ronald Reagan's first term, found that this concept statistically allowed each single immigrant to bring into this country 84 of his family members. Of course, all these people have to live somewhere making such fraudulent mortgages quite attractive.
What illegal struggling to survive is going to pass up a free house that he can move into without having to present any identification, proof of employment, financial history or even a down payment?
It isn't impossible for a foreigner to get a mortgage in the U.S., of course. There is a way but it requires a lot of proof and paperwork.
-
"Known as ITIN mortgages because applicants must have an individual taxpayer identification number, the fixed-rate loans are designed for immigrants who can prove they are creditworthy and pay taxes even though they don't have legal permanent residency in the U.S.... The mortgages represent a fraction of the $2.8 trillion mortgage market. "
Notice: the link to the story above is a Google cached page link because KFYI has pulled down their report.
© Warner Todd Huston
The views expressed by RenewAmerica columnists are their own and do not necessarily reflect the position of RenewAmerica or its affiliates.
(See RenewAmerica's publishing standards.)
