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Immigration
See other Immigration Articles

Title: HUD: Five Million Fraudulent Mortgages Held by Illegals
Source: KFYI
URL Source: http://kfyi.com/pages/local_news.html?feed=118695&article=4364653
Published: Oct 9, 2008
Author: Staff
Post Date: 2008-10-09 13:34:59 by Horse
Keywords: None
Views: 434
Comments: 8

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.

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.

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#5. To: Horse (#0)

Some five million fraudulent home mortgages are in the hands of illegal aliens

I wonder if anyone really believes this kind of nonsense? I googled the above, and all of the hits are only repeats of the same silly message. BUT... there is some good info out there, and it is pretty obvious that the problems start with the law changes made by the Congress, at the behest of the banks.

Reality Times, by Peter G. Miller

-- In the past year some 6 million new and existing homes were sold, and millions of properties were refinanced. Mortgage fraud, whether by flipping or otherwise, is a statistical rarity. We have more-than-adequate laws in place to deal with such problems. Illegal flipping leaves reams of evidence, the penalties are severe, and the protective systems evolved by the lending industry work enormously well -- and therein lies a potent problem.

kfyi.com/pages/local_news.html?feed=118695&article...

richard9151  posted on  2008-10-09   15:15:22 ET  Reply   Untrace   Trace   Private Reply  


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