View Full Version : Mortages for illegal Aliens
AC4BB
07-20-2008, 07:05 AM
What has happened to the United States, When we have laws on the books to to not allow Illegals from coming in .Yet, we have banks that will willingly loan and make Mortages to them.? The illegals that can get the "ITIN" nNumbers and s till be illegal for "Tax purposes" can go right out and get a home loan.!!!
http://www.diggersrealm.com/mt/archives/001610.html
What has happened to the United States, When we have laws on the books to to not allow Illegals from coming in .Yet, we have banks that will willingly loan and make Mortages to them.? The illegals that can get the "ITIN" nNumbers and s till be illegal for "Tax purposes" can go right out and get a home loan.!!!
http://www.diggersrealm.com/mt/archives/001610.html
Some of the banks have not lost enough money yet and want to look PC correct at any price.
K3ACE
07-20-2008, 11:03 AM
Last year (I believe) Bank of America was issueing credit cards to illegals. There was a huge outcry over that one...to the point where people were cancling their accounts with them.
What has happened to the United States, When we have laws on the books to to not allow Illegals from coming in .Yet, we have banks that will willingly loan and make Mortages to them.? The illegals that can get the "ITIN" nNumbers and s till be illegal for "Tax purposes" can go right out and get a home loan.!!!
How is a bank, which is required to use taxpayer identification numbers, tell if the IRS granted that number to someone here unlawfully vs someone here lawfully? I'll allow as how it might be unwise to loan to someone who could be gone without notice -- but hey! I have been working in EMC engineering since 1983, and my periods of employment have been from as short as 6 months to as long as 60. There's an itinerant for you!
Cortland
KA5S
PS: If he keeps up mortgage and tax payments, the bank doesn't care if an illegal bought a house; we just send the rent checks fo Mexico.
w2amr
07-20-2008, 05:58 PM
Go talk to Dubya, he is in charge. :rolleyes:
Some of the banks have not lost enough money yet and want to look PC correct at any price.
It's not about being PC.
It's about money. That's all it is, about money.
The market for illegal aliens buying homes is growing. Why would banks sit by and ignore it?
K4GUN
07-20-2008, 07:11 PM
If banks are dumb enough to lend money to illegal immigrants to buy a house, they will soon discover what the automotive lending industry already knew. The default rate is astronomical. There was a time when a person could get a car loan if they could only fog a mirror and produce a piece of paper with a 9 digit number. Lots of people made lots of money off of them. Interest rates were very high and dealers marked them up as much as legally possible.
Illegal aliens put up with this. They figured it gave them legitamacy and to a degree, it did. They may not have had a green card, but they had a FICO score with all three credit bureuas. Many would keep the car for a year and then trade out to a new vehicle. By then, they had pretty good credit and got much better loans as a result.
Most however, defaulted within the first year. Repossessions were common. There was very little incentive for the alien to do anything to save his credit either. They knew that if they got repossessed, they could just buy another fake Social Security card and start over.
Banks no longer take tax ID cards. They also verify Social Security numbers. They no longer take hand written notes from "employers" with estimates of income. Those who got loans before and are trying to trade them in are unable to do so, even if they made every payment on time. Its a very different situation today than it was 5 years ago.
KD6NIG
07-20-2008, 07:17 PM
If banks are dumb enough to lend money to illegal immigrants to buy a house, they will soon discover what the automotive lending industry already knew. The default rate is astronomical. There was a time when a person could get a car loan if they could only fog a mirror and produce a piece of paper with a 9 digit number. Lots of people made lots of money off of them. Interest rates were very high and dealers marked them up as much as legally possible.
Illegal aliens put up with this. They figured it gave them legitamacy and to a degree, it did. They may not have had a green card, but they had a FICO score with all three credit bureuas. Many would keep the car for a year and then trade out to a new vehicle. By then, they had pretty good credit and got much better loans as a result.
Most however, defaulted within the first year. Repossessions were common. There was very little incentive for the alien to do anything to save his credit either. They knew that if they got repossessed, they could just buy another fake Social Security card and start over.
Banks no longer take tax ID cards. They also verify Social Security numbers. They no longer take hand written notes from "employers" with estimates of income. Those who got loans before and are trying to trade them in are unable to do so, even if they made every payment on time. Its a very different situation today than it was 5 years ago.
Its probably why those loans they give to them are 30% or something like that. I'm sure if they are loaning money to illegals for houses they are probably at some astronomical rate.
Its just like going to a check cashing place and not having verifiable ID to cash a check. They will do it, but they are going to take 17% or something astronomical. Course, the average joe wouldn't think about setting foot in such a place, but with verifiable ID they probably only take 5%.
The bank will do it to its advantage if they can. This shouldn't be a surprise though that they are doing this, heck, they were perfectly willing to finance people making $1000 a month into a $300K loan. They were betting that they couldn't get refinanced, that the house value would go up, and they would lose the house after 5 years. Then they get the house back, can sell it for more, AND made the 5 years worth of payments as a profit also. What happened? The market turned :)
Its just like those ads on TV. "WE FINANCE ANYONE!" What they don't tell you is that, sure, they will sell you a $5000 car, for $2500 down, $400 a month @ 30% for 5 years :)
G0GQK
07-20-2008, 09:55 PM
Are American banks still lending money to people who may not be able to pay off the loan ? The chaos the US banks have caused already with sub prime loans has rocked bank, and insurance companies in Britain, how much more chaos do they want ? The mortgage market has almost died in Britain, the banks don't even lend each other money any more because nobody is revealing how much they have been involved in the US money market.
At the moment it is almost impossible to get a loan from a bank or building society in Britain, and all this has been created by the US sub prime loan scandal. When do they start their brains working ?
G0GQK
k8wpj
07-20-2008, 10:29 PM
Last year (I believe) Bank of America was issueing credit cards to illegals. There was a huge outcry over that one...to the point where people were cancling their accounts with them.
Yup, between angie and I we closed 5 accounts with BofA over that...
They saw nothing worng with the practice. and nobody at the local branch could explain why the bank felt the need to make those loans, or would deny they were being done....
The stock answer we got was something about privacy....
It's not about being PC.
It's about money. That's all it is, about money.
The market for illegal aliens buying homes is growing. Why would banks sit by and ignore it?
It is EXACTLY about being politically correct, or legally correct.
Mortgage banks aren't allowed to discriminate based on race, religion, gender, country of origin, etc.... Basically if the barrower qualifies we have to loan them the money. And yes, with our screwed up use of the social security system in lieu of a proper biometric ID system, it's very easy for an illegal to qualify for a mortgage.
How do you tell someone is illegal by looking at them?
How do you tell if someone is illegal by checking their bank balances?
How do you tell someone is illegal by checking their credit rating?
The answer is you can't.
So, the original poster of this thread needs to spread his vitriol elsewhere, specifically congress for making it so easy to get a mortgage even the family dog could qualify.
Think I'm kidding?
k8wpj
07-21-2008, 12:05 AM
It's not about being PC.
It's about money. That's all it is, about money.
The market for illegal aliens buying homes is growing. Why would banks sit by and ignore it?
because they aren't in the country legally for starters...
wonder how many homes being foreclosed on in today's market, were lived in by persons in this country illegally. how many homes were abandoned because the owner fled to avoid deportation, or the mere threat of deportation?
These are all homes that 'should' have been sold to legal citizens of this country, natural born and the newly immigrated.
As a result, the mortgage industry deserves what it gets in negative PR over this whole mess...
W3RSL
07-21-2008, 01:32 AM
because they aren't in the country legally for starters...
wonder how many homes being foreclosed on in today's market, were lived in by persons in this country illegally. how many homes were abandoned because the owner fled to avoid deportation, or the mere threat of deportation?
These are all homes that 'should' have been sold to legal citizens of this country, natural born and the newly immigrated.
As a result, the mortgage industry deserves what it gets in negative PR over this whole mess...
When the demoncrats get their wish and usher in Obama Bin Ladin in January, chances are Americans who OWN their homes will be required to vacate them so that the illegal underprivileged muslims and mexicans will have a home of their own! :eek: