http://news.yahoo.com/s/nm/20081209/bs_nm/us_usa_freddie
notice how they tip toe around the subject.
“pushed into new, risky markets” —- what new markets?
“borrowers who would have trouble qualifying for a mortgage if their financial position were adequately disclosed” —– How would a citizen with an above board income avoid discloure?
“made without verification of income, assets or employment” —- who does that?
To clarify – I do not blame the immigrants in this case, I blame the banks that gave out the loans.
And yes, many of the banks WERE giving out loans to illegals if they had a tax return with an ITIN and a bank account which bank of america was providing.
But what this article does do it hint at a scapegoat … get the American people to blame the immigrants and not the fat cats that are really the ones to blame.
Powered by Yahoo Answers
Sorry, comments are closed.
Comment by
PicodeGallo
1 Jun 2009
Powered by Yahoo Answers
I think its just people living beyond their means in general. This is what they needed to happen to start the economic collapse, to start nationalizing private companies, and killing capitalism.
Comment by
Always Buy 6 & 8
2 Jun 2009
Powered by Yahoo Answers
I think it points the finger more at minorities, not illegals. Illegal immigrants would find it difficult to obtain a mortgage with a fradulent social security number.
Comment by
Dropshortandduck
4 Jun 2009
Powered by Yahoo Answers
Yep I agree.
Comment by
Chronos
7 Jun 2009
Powered by Yahoo Answers
It’s you.
Comment by
ProUSA2
10 Jun 2009
Powered by Yahoo Answers
The illegal criminal aliens ARE partially to blame.
The “fat cats” don’t force anyone to take out mortgages the know they can’t afford or have no intention of paying.
BTW
Illegal criminal aliens are NOT immigrants. As a matter of fact, they are NOWHERE in the immigration process whatsoever. They SPIT on our immigration laws, our country, and its citizens. They are merely criminals subject to deportation at any time. Period.
Comment by
Joel W
13 Jun 2009
Powered by Yahoo Answers
You hear the illegal alien supporters excusing the the illegal aliens, but yes!!! They were called the ITIN Loans, and all you had to have was a matricula card issued by the Mexican Console. Incrediably.. our government set it up so that it could happen.
MICHELLE MALKIN
ILLEGAL ALIENS & THE MORTGAGE MESS
Despite Illegal Status, Buyers Get Home Loans
By Anna Gorman
August 09, 2005 in print edition A-1
Each week, Pedro Morlet knocks on doors in the Bay Area, looking for illegal immigrants.
==================================
Basically, they hit the ballon payments, and those folks just pulled out. Governor Napolinio of Arizona supported those loans too.
Comment by
Mad Kat
13 Jun 2009
Powered by Yahoo Answers
the blame should be put on both, the illegals who slither here and expect to be treated as citizens and take out the loans, and the banks stupid enough to lend to these people. I hope every bank who made a loan to an illegal goes under. They deserve it.
Comment by
GreasyTony
16 Jun 2009
Powered by Yahoo Answers
NO! because “borrowers who would have trouble qualifying for a mortgage” does not mean illegal immigrants. We have millions and millions of Americans in that position, and a lot of them when given the chance like to live above their means just to try and “Keep up with the Jone’s”. Illegal immigrants buy houses they can afford and houses to raise their families in.
Illegal immigrants have been found to be a good mortgage risk, and their loans had been holding sturdy……well, up until 2007 when the new immigration laws went into effect and when the immigration raids were at full force. We are getting rid of people that were paying their loans on time! Congress is to blame by causing these loans to be defaulted.
Illegal Immigrants Turn Out To Be Good Mortgage Risks
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.
For loans more than 90 days in arrears, ITIN mortgages have a delinquency rate of about 0.5%, according to independent estimates.
Home Loans to Illegal Immigrants Sturdy
Comment by
slew
17 Jun 2009
Powered by Yahoo Answers
There were other at risk group other than illegal immigrants, but yes, they were part of it.
I saw how the mortgage system worked last year. Banks subcontract these loans to fly by night companies. I get calls daily from mortgage companies I have never heard of . People can’t create companies out of thin air, especially mortgage companies, with out having a lot of money, but the government lets these front companies exist . Banks use these companies so they can divert the blame. Some of these mortgage companies go after illegal immigrants. They prey on their lack of understanding of how our system works. They smooth the path for them by using faults in our system and even falsify information to help them get houses. Yes, these mortgage companies are the worse, but the illegal immigrants need to take some of the blame as well. Ignorance is not an excuse in this case. They are in a foreign land and should be extra careful about doing things. They need to understand our system, and they should of none there was a high risk for them since they aren’t legally here to start off with. Most of the ilelgal immigrants are from countries where land is stolen easily, and they should not have been so trusting a too good to be true situation. It was their own greed that lead them to be so Naive.