- August 25, 2011 at 6:36 am #54547
Are they able to pay those loans?
What happens to the home when they are deported?August 25, 2011 at 7:20 am #236655
Yes they do! Banks discovered an untapped source a few years ago (Illegal Immigrants). They took a gamble loaning them mortgages, and came out winners!
See, many illegal immigrants buy homes they can afford, and homes to raise their families in…..and not because they want the bigger house on the block, or to “keep up with the Jone’s” like a lot of Americans do. Loans to illegals were sturdy up until the immigration crackdown in 2007…..so all we did was deport people that were paying on their loans and added more to the mortgage crisis.
Home Loans to Illegal Immigrants Sturdy
Illegal immigrants don’t default on mortgages?
If illegals can pay their mortgages, why can’t we?August 25, 2011 at 8:05 am #236656
Yes they do although it should not be allowed. They are a big risk when it comes to foreclosures. When they can’t pay they pack up the other 20 members and vacate.August 25, 2011 at 8:47 am #236657
Yes they do, usually with a multitude of other family members. But I know they also have had foreclosures too. The home I sold several years ago went into foreclosure not too long after Mexicans bought it. None of them spoke English. None of them had good high paying jobs, yet the government gave them loans they could not afford.August 25, 2011 at 9:39 am #236658
Yes, they do. I don’t know the legality (or can’t validate) of the people who were living three doors down from me, but in their situation, they had an agreement with an American where they were joint owners (I spoke to the American). When the housing bubble collapsed, according to the business partner, they packed up their belongings in the middle of the night and headed to their native country (not sure if it was their native country, but that was the impression I was given – somewhere in South America). So the business partner ended up getting royally screwed. He ended up selling the house for a big loss because he couldn’t afford the payments by himself. Sucks big time, plus it brought my home value down as well. That is how it has personally affected my life.August 25, 2011 at 10:15 am #236659
yep, and they work very hard to keep those homes to.
But right now, everybody is losing their home. Immigration status has nothing to do with that.August 25, 2011 at 10:42 am #236660
Both first answers are correct-they do, but as “Ice-em” says illegals are not good mortgage risk, and may be good part responsible for the real estate market dissaster. I have seen it myself, several houses in my vicinity got bought by illegals/Latinos, but they could not keep up with payments and houses were repossessed by banks, and put back on market…only in worse shape than they were before..( Think illegals are more comfortable living in illegally converted garages, makes them feel more AT HOME..)August 25, 2011 at 10:50 am #236661
Tony’s answer is 100% correct.
And throws in the links.August 25, 2011 at 10:58 am #236662
Yes, they are why the banks failed.
Democrats Scramble To Cover-up HUD Loans To Illegal Immigrants–Why!
By Xelan Bonn October 9, 2008
It is a sad day for America and all Americans. The massive arm of corporate and government censorship came down today in aid of keeping Americans blind to their corrupt government and the criminal complicity of the Democratic Party and its leadership.
The stories about HUD having to deal with millions of bad loans that were issued to illegal immigrants is an indisputable fact. It is also a fact that HUD is outrage that the facts were brought out and that HUD does not differentiate between those in the US legally and those in the country illegally.
HUD’s position is that it does not track the legal status of those who receive loans through their programs. This is extremely disturbing. First, this official statement by HUD now helps prove that HUD’s administrators are guilty of criminal negligence. One has to ask why HUD would self-indict itself and why news agencies would suddenly pull their news stories on the powerful reality?
Let’s backup. HUD says it does not track the legal immigration status of those who receive their funding assistance. Yet several federal laws require them to do so.
Federal law requires that the HUD NOT issue loans to persons who are in the country illegally. Federal law makes it a felony for any loan officer or broker or agent or other to assist, aid, and abet illegal immigrants in any way, especially helping them secure homes.
When HUD and banks and others assisted millions of illegal aliens to secure federal funding on such a large scale, they fell under federal RICO laws and are now subject to federal prosecution for racketeering, among so many other criminal violations that it is just mind boggling.
Therefore, when HUD denies the federal loans that were made did not involve the screening of loan applicants as to their legal status, HUD and all its employees, agents, consultants, banks, title insurance companies, and others involved with the sale and lending of real estate under HUD programs to illegal immigrants are then admitting their guilt as to RICO and other law violations. These and other crimes committed by HUD, banks, and others are subject to prosecution and should result in serious jail time for thousands of employees, all due to what appears to be pre-mediated criminal conspiracy or criminal negligence—something the federal courts will need to decide.
One has to ask of these government and banking and real estate professionals just how could they ignore an arm’s full of federal laws each time they aided and abetted illegal immigrants to buy or finance homes on deals that did or did not involve federal dollars or federal mortgage insurance–unless it was deliberate crime?
The equally dark question is, why did Democratic leaders Howard Dean, Nancy Pelosi, and Harry Reid all make quiet little emergency scrambles behind the scenes over the last couple of days? Where they scrambling to quash the HUD story from leaking out or spreading? Was it damage control to keep the public from finding out about Presidential candidate Barack Obama’s and the Democratic Party’s direct involvement with this criminal issue?
And could the press corps be tricked into cooperating with the Democrats unless they were siding with them? Why was the original HUD story pulled off radio and the key news outlets on the Net? Why did HUD make such a outrageous self-incriminating statement in an effort to desperately quash the story knowing full well that such admissions can be used against them in a court of law?
What we have here ladies and gentlemen is a very sad day for America, democracy, and right of the people to know. It is a black day on America when our national press corps helps cover up the single, largest reason for the entire economic melt-down that is destroying the wealth of this nation and its people. As far as this reporter is concerned, any journalist not filing an investigative story on this issue should get out of the profession or they should by charged with conspiracy after the fact—it’s a pure abomination of the the free press and the First Amendment when our press corps complies with corporate or government decries.
The American people have been swindled in the single largest crime of the century and the criminals, aided by the press, are about to get away with it.
###August 25, 2011 at 11:31 am #236663
They do and are a good risk like a poster on here said.
Those houses get added to our list of foreclosures and brings down our property values. A nother good reason to pass Immigration Reform.
Illegal Immigrants Turn Out To Be Good Mortgage Risks
Amid the housing loan debacle, one segment of the mortgage market is solid: illegal immigrants.
As it turns out, home loans that don’t require legal status are among the safest risks that banks can take. According to The Wall Street Journal, ITIN mortgages – which immigrants can get with only a taxpayer ID number – have a delinquency rate of about 0.5 percent, roughly half that of prime mortgages and far below the 9.3 percent rate of subprime loans.August 25, 2011 at 12:13 pm #236664
Yes, and there is nothing wrong with that in principle—- a lot of US real estate is bought by foreign investors, so what’s the difference. Foreign investment is in large part responsible for keeping things afloat _now_ (coming from the mouths of real estate people here in the Silicon Valley). Mexican citizens who live in Mexico can purchase homes here, too. Nothing illegal about it.
The problem was giving loans to people with lack of income verification, both legal and illegal. And yes, being illegal is a bigger risk because they can walk away with impunity. My fiancee’s illegal uncle and aunt lost their home (don’t know what they were thinking.. .being seduced by the bubble like a lot of people),.August 25, 2011 at 12:22 pm #236665
Yes. Unfortunately lots of banks give out loans to illegals just so the banks can make money (that is what the banks are hoping for anyway).
Not all of the illegals are able to pay these loans. Had two houses on my street that belonged to illegals that went to foreclosure since illegals couldn’t pay.
Banks have to take a loss when the illegals get deported. If they didn’t lend to them in the first place that would not have happened now would it???August 25, 2011 at 12:43 pm #236666
They do pay their loand but people like Lou Dobbs love to make false statements on stuff like that.
On Dobbs, radio host claimed HUD said “about 5 million illegal alien home mortgage loans … have gone bad,” but HUD reportedly says stat is bogus
SUMMARY: On Lou Dobbs Tonight, Roger Hedgecock claimed that the Department of Housing and Urban Development “was talking about 5 million illegal alien home mortgage loans that have gone bad.” But Hedgecock did not cite a source for the purported HUD statistic. In fact, an article published more than an hour before Lou Dobbs Tonight aired reported that HUD “says there is no basis to news reports that more than 5 million bad mortgages are held by illegal immigrants” and that “a HUD spokesman said his agency has no data showing the number of illegal immigrants holding foreclosed or bad mortgages.”
EDIT: Kize’s source is a very Conservative website, not credible.August 25, 2011 at 1:35 pm #236667
I would say very rarely as they want to keep a low profile so they would not want to risk a mortgage. Also they usually send the money back home so they could not afford a home. As they plan on being here temporarily they tend to rent. If they were to buy a home it would have to be in an Americans name.August 25, 2011 at 2:28 pm #236668
Yes they do. They can use the ITIN Loans and they very successfully buy homes. Can they pay those loans? The Feds won’t open the mortgage failure information on those loans, and there is not way a proscutor can have a look and put the jerks who started this economic collapse in the pokey.
Look for ITIN Loans in a search engine.
But also, the illegal aliens are using fake I.D. to buy homes and they have been getting away with it. Look also at the Schumer – Graham immigration bill and you will see the Law Enforcement tools that would have stopped it. But you will also see tools that ..could.. have been in place several years ago. Further, if we put those law enforcement tools in place, we won’t need amnesty, nor the ITIN Loans.
And by the way… when the bubble loans came due on those homes, they did leave town. Once again.. the books on those ITIN Loans are not open to the public, and I don’t think they ever will be, but the bank information is, and it is bad.
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