Why are Americans stuck with paying for illegal aliens' bad mortgages?
How much are the millionaire bankers and overpaid Congress pitching in from their pocketbooks?
Is it time to make your voice heard when you vote?
Illegal aliens are not the only ones with bad mortgages. Many Americans sought to have the American dream of owning a home until they lost their jobs to "cheaper" wages. Other Americans hoped to buy homes to fix up and resell at a profit, except the economy took a dive as our jobs went to other countries. And yet other Americans were foolish and took out loans they couldn't afford which ended in bankruptcy.
It's no coincidence that the areas hardest hit by the foreclosure wave - Loudoun County, Va., California's Inland Empire, Stockton and San Joaquin Valley, and Las Vegas and Phoenix - also happen to be some of the nation's largest illegal alien sanctuaries.
The Chicagoland area has become known as "little Mexico" because the government does nothing to stop them. They have been encouraged and protected by the Governor, Senators, City Mayor.
HUD: Five Million Fraudulent Mortgages Held by Illegals
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.
OIG is also seeing a trend with organized groups in some parts of the country recruiting illegal aliens to purchase FHA-insured homes. Illegal aliens are not qualified to purchase FHA-insured homes due to their immigration status. As a result, this group is often preyed upon by unscrupulous mortgage professionals who assist illegal aliens in obtaining fraudulent and stolen social security numbers, tax documents, and employment documents. All too frequently these borrowers soon realize that they are unable to bear the periodic costs associated with homeownership and default on their loan. In turn, these ever increasing defaults degrade entire communities where the organized groups target their efforts. As a result of FHA’s continued pattern of de-regulation or inconsistent enforcement of established regulations, Single Family loans remain vulnerable to fraud.
- claudiacakeLv 71 decade agoFavorite Answer
For that matter, why are we stuck with paying for their health care (Medicaid), their groceries (food stamps), their credit card debt (did you know you can get a credit card from Bank of America without even having a social security number?), and their childrens' education (taught in THEIR language, btw)?
One legislator who REALLY needs to hear the voters voices: Dianne Feinstein (D-CA), who said (of the bail-out bill and spoken into the mic on the Floor) "I received 95000 calls regarding this bill. 85000 were against it. 10000 were for it. I am voting for it".
The responsibility of the legislators is REPRESENT us and vote according to our wishes, not to "know better" than us and save us from ourselves.
They haven't done such a bang-up job of "saving" us, now have they?
Edit: carzo, you are partially right. The fact is we are finding out that the lending agencies were strongarmed into making those loans in order to continue to receive "incentives" and to avoid scrutiny from the government banking regulators. THAT is how illegals got loans in the US. And, yes, it is the fault of the lenders, with some very strong arm twisting from our elected and appointed officials.
- 1 decade ago
i would like to know how an illegal alien gets a mortgage in your country. In most of the world you have to be known to your bank or building society provide identification, references, bank statements payslips and they check you out first.This process DID NOT change in the sub prime mess. What did change was the AMOUNT of money that they were prepared to lend to people with less than attractive credit histories, no employment etc the lender is responsible for this as is the lawyer that acts for you. If mortgages are being given to persons that do not check out or they have not bothered to perform all of the requisite checks then my dear the problem is with the lender.
- TandyBuggzLv 41 decade ago
I'm Canadian and I know that we are headed in that direction!! There was a newspaper article in our local paper. It showed a picture of a guy who just immigrated from overseas, and was in Canada for less than 10 months!!
The picture was of him standing in front of his New 2008 Sedan, and a newly built house! All this from a bank loan, mortgage and he's only been a citizen for eight friggen months!!
Meanwhile people have lived and worked in Canada all their lives and still cannot get a loan or mortgage!! or we have to save over 10 to 15 thousand to even get a menial loan!! Some have it some don't and its everywhere!!
I hear you and I have been following your election!! I see it and I know for a fact that the Canadians are headed in the same direction as you!! We are going to end up paying for immigrants bad debts!!
The U.S. election will not only effect you, it will effect every one else around them!! I don't have a say, being Canadian and all, and I do hope for the best.
- Jack XLv 61 decade ago
Amazing how long it took you guys to spin wall street greed and corruption into an attack on the lowest man on the totem pole.
Yes, you're right. The poor people caused the bailout. They did so by repackaging mortgages repeatedly and slicing them up in order to hide bad assets, then selling those bad assets as if they were the highest rated secured financial instruments you can get. Poor people like playing games like musical chairs, mostly because they can't afford a TV.
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- butterflynblackLv 41 decade ago
Is this another racist comment.? Or are you just dumb? These mortgages were not for illiegal aliens. How many illegal aliens were just at the AIG big bash party that cost the taxpayers a half million dollars? None!!! I am not for illegal aliens, but I am for the truth. Stop putting prejudice ahead of the facts.
- Tom SLv 71 decade ago
It's not just illegal aliens mortgages that American taxpayers are paying for. It's all bad sub-prime and ARM mortgages, bad decision making by banks, excessive executive compensation, the lobbyist payoffs to congress and senate, and spa treatment for AIG executives that we are paying for?
- primeLv 43 years ago
The U.S. ought to charge a 50% tax on all cord transfers made by non voters who can not coach they have a criminal genuine to artwork in this us of a (green card) the government keeps feeding us this canines and pony coach approximately how they're demanding at artwork attempting to come again up with an immigration reform invoice so as that they dont definitely ought to DO something approximately it....we don't desire immigration reform, the regulations are already there what we desire is immigration enforcement!!!!! The republicans desire them right here so as that they are able to make extensive salary off of their hard artwork....The democrats desire them right here as leverage over hispanic voters and to apply them as a "sufferer" form balloting base the way they use different minorities. OPEN your eyes the government is a HUUUGE business corporation of illegals!!!!! next time you force by a street shape group go searching!!! And in the previous you latinos start up calling me a racist think of approximately this....in case you took all that zeal and solidarity you latterly confirmed on your protests and utilized that to fixing your guy or woman us of a somewhat of attempting to alter ours you ought to accomplish lots which you wouldnt ought to come again right here!!!!!! What relatively gets me is how we are criticized for desirous to do What the mexican government does to their illegals. it relatively is a criminal to be in mexico illegally and that they enforce the hell out thier southern border making use of the protection stress. a modern episode of "heroes" even reported it....2 hondurans are sneaking into mexico and that they are instructed in the event that they're caught they are going to be shot.
- IJToomerLv 51 decade ago
Wow - I didn't realize that "illegal aliens" were the only ones with bad mortgages. There must be more IA's in the country then I ever realized.
- Anonymous1 decade ago
We've been paying all kinds of stuff for illegal aliens, not just their mortgages. We've been paying their healthcare and whatever else. It's because they can get away with it. What choice to we have but pay what the government tells us to? This election I hope we get someone in there who cares about the actual Americans instead of the ones who can't even go through the legal process to become Americans.
- Anonymous1 decade ago
*sighs* Because clearly no person born in america could have bad credit! Give me a break, it's from highly paid American citizens making bad choices giving morgages to everyone, whether they could afford it or not.