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Are to help illegals keep homes they should not be allowed to purchase in the first place? Do you agree with Tom Tancredo on this issue? I do and illegals should lose everything! Bailout Could Help Illegal Immigrants Mon, 09/29/2008 - 11:17 — Judicial Watch Blog massive government bailout of the nation’s financial system could help thousands of illegal immigrants who obtained home loans from banks that were encouraged to offer them by the federal agency in charge of preserving and promoting public confidence in the system. The controversial $700 billion bailout will offer foreclosure relief for those at risk of losing their homes and that includes thousands of illegal immigrants who got mortgages from U.S. financial institutions thanks to a push from Federal Deposit Insurance Corporation (FDIC), which began encouraging banks to offer services to illegal immigrants a few years ago. Headquartered in Washington D.C., The FDIC insures more than $3 trillion of deposits in U.S. banks and is managed by a five-person board of directors appointed by the President of the United States and confirmed by the Senate. In the last few years the agency succeeded in getting several large lending institutions to offer a variety of banking services to illegal aliens, including home loans. Now U.S. banks routinely offer services to people without Social Security numbers by accepting the Mexican identification called matricula consular to open accounts. Some states—like Illinois and Wisconsin—even used millions of dollars in public funds to provide low-interest home loans for illegal immigrants with no credit history or documentation in the U.S. The loan default rate among illegal immigrants is high because they are inherently unreliable, are prone to fraud and may be forced by circumstances to return to their home nation at any point, according to a congressman representing a state that operated a large mortgage fraud ring featuring hundreds of unqualified borrowers that used fake identities to get money. The veteran Colorado Representative, Tom Tancredo, wants to assure that the bailout, set to pass this week, doesn’t offer incentives for illegal aliens. In a letter to his colleagues in Congress, Tancredo asked that safeguards be included on the bailout plan to verify the legal residency and identity of potential homebuyers. This will prevent illegal immigrants from obtaining federally backed home loans and assure that U.S. taxpayers are not absorbing their debts or bad loans made by banks to illegal aliens. Could it be a coincidence that the area’s hardest hit by home foreclosures happen to be illegal immigrant sanctuaries like Las Vegas, large parts of southern and northern California and the famous Arizona sanctuary of Phoenix? source - alipac
Im sorry, but I have to say, what the Freak Tony????? You are telling us that a majority of the loans that illegals defaulted on are due to the fact that effective workplace raids make them afraid and they just up and leave without regards to their finances( mortgages)... OK.... Your really reaching for sympathy today... What you are really saying that it is the governments fault that car thieves are afraid to drive around in stolen cars... Well no Shite... I am not going to sit here and debate the fact that government let us down by giving illegals the right to own prop by making lending requirements that much easier... I am just going to question the sanity of people with questionable status... So there it is 50/50 blame all the way around. I blame 50 % on the banks that folded under gov pressure to provide equal housing opportunities for all, and 50% on the idiot that said "I am breaking the law( being here illegally) but I am going to stick all my money into a house that I am not sure how long I will be able to stay":....How much sense does that make to you.. That's like installing a pool in a rental property.... Use your head.....
Yes, some illegal aliens will benefit from the bailout, especially in southern Ellijay and FL. It's a shame that the states and feds allow lending institutions to loan money to illegal aliens. Freddie Mac and Fannie Mae should only give loans to American citizens or legal immigrants! Please answer this question, if you have a chance: Should the federal govt make it illegal for businesses to give loans to illegal aliens? What about the govt giving loans to resident aliens? Why or why not? is a fact that many illegal aliens got loans and bought homes! Here is proof: Illegal Loans by Michelle Malkin on National Review Online September 24, 2008 7 - Just Another Government Program. ALIENS and THE MORTGAGE MESS By MICHELLE MALKIN September 24, 2008 --
Once again, Kat, you speak in half truths to further your cause about how everything is the fault of illegal immigrants (particularly Mexicans). First and foremost, many more banks do NOT offer services to people without Social Security numbers and only a Matricula than before. The few remaining (i.e. - Bank of America) seem to be able to take care of themselves. The others - such as WaMu - have many more AMERICAN clients that default on their loans than do illegal immigrants. Second, notice how your article states "thousands" of illegal immigrants will receive relief from foreclosure? How about the multitudes of Americans that will benefit from it... IF both parties can ever come to an agreement? Lastly, why should anyone who is paying taxes on their property not be able to benefit from such services? If they were allowed the mortgage to begin with (most often secured by using their ITIN), then the fault SHOULD fall on the banks. So, if you really want to kill the problem of illegal immigration, why not go after the big dogs (businesses) instead of chasing around the little fishies? EDIT: Kat, you write that they should not be allowed homes and that I provide lame excuses. I remind YOU... if they should not be allowed to own homes, then why aren't you raising more of a fuss against the businesses that enable them to do so instead of the immigrants themselves? What are the immigrants doing? Holding a gun to the mortgage loan officer's head and demanding they be approved for a loan? If you want to fix the problem, go to the source. In other words... s*** or get off the pot.
You already asked this question last night in your other account "I'm going to start another riot". We all know you are the same person! A BLOG IS YOUR SOURCE?????? please provide something more reliable. The majority of the loans that have gone into foreclosure are a result of the immigration laws and inhumne brutal raids. Illegal immigrants were paying their loans on time, but now all that has changed. Why? because a lot of people thought it was good for the country to get rid of them......NOT! Illegals are just as likely, and sometimes less likely to default on loans then US Citizens. There's the pride in home ownership that comes with that to. the downturn of the mortgage market, a type of home loan has remained surprisingly sturdy: one extended to illegal immigrants. Now, the question is whether these loans will continue to hold up. A number of factors -- including a possible government crackdown on illegal workers and a slowdown in job prospects for undocumented laborers -- threaten the ability of these borrowers to keep paying. And there are signs of a slowdown as some lenders have raised the interest rates they charge because of the recent mayhem in the credit markets "Our default level is almost zero," says Scott Hastings, director of marketing for Citizens Home Loan Inc., a Charlotte, N.C.-based lender that is active in 33 states. The bank has been originating ITIN mortgages for almost two years, and the loans now make up about 20% of the institution's mortgage business. "It's an absolutely promising market. These Hispanic families will pay their mortgage before anything else." common misperception that illegal immigrants will be more likely to default on their loans than a documented resident. But the company has found that there is no higher rate of default in this loan portfolio than any other market the company serves.
I have not researched this topic in detail but illegal immigrants cannot own homes, take out loans from U.S banks, have driver’s licenses, vote, or have a say in internal U.S. affairs because they are in this country illegally. It is that simple. You have to understand there are special interest groups, corrupted government officials, and law-breaking big businessmen who simply do not care about this country.
I agree. For years they pushed the idea that everybody has a right to own a home and now we realize that not everybody is ready to own. I cant believe that there is a chance the government is going to support illegals like this. Don't listen to greasy's diluted leftest agenda, all of his copy?past links are trash and not worth clicking.
You cant possibly be serious! listen I don't agree with the bail out but that's because i don't think the government should buy private institutions... I do wonder why you don't think illegals should by property, i mean all things consider its their money and they are spending it in the US which is a good thing. its like saying you don't want foreigners owning property in the US which is ludicrous! we shouldn't have to bail anyone if anyone was to stupid to pick a loan he/she couldn't afford, pay the consequences.
Truth... Truth... WE CAN'T HANDLE THE TRUTH! If we really knew what the government has F'd up behind our backs and without our consent, we may want to leave this earth out of fear of the real consequences! Furthermore... illegal immigrants shouldn oth ave been able to get property any danm way!!! we are in this situation because our economy can not support all of these damn illigal immigrants!!!!!!!!
Sure it's to help illegals, if it wasn't for the illegals we wouldn't be in this mess now. i read united states citizens bombarded congress and told them to vote no on the bail out, they listened and voted no. now bush and his flunkies are left in shock.