Calling the Old Media: Five Million Illegals Have Illegal Mortgages in U.S.A.!
Posted on October 10, 2008
-By Warner Todd Huston
A single report by KFYI radio of Phoenix, Arizona highlights a shocking claim made by the Department of Housing and Urban Development (HUD). HUD says that five million illegal aliens hold illegal mortgages. This is just one more example of the lax lending laws put into place by Democrats like Barney Frank that have contributed to this economic crisis. One would think this would be big news. But, so far we have only this one report to cover it.
There have been earlier stories of home flipping schemes that made liberal use of illegal aliens as straw buyers and the FBI has followed numerous cases to prosecution and conviction. But the Old Media have not done much with this story.
KFYI reports that these fraudulent straw purchases of mortgages by illegal aliens has affected every state in the union.
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.
Lax immigration laws have also helped make this crime easy to perpetrate.
In 1965 a Democrat Controlled Congress under President Lyndon Johnson passed the concept of “chain” immigration into law. A later commission named the Hesburgh Commission convened during Ronald Reagan’s first term, found that this concept statistically allowed each single immigrant to bring into this country 84 of his family members. Of course, all these people have to live somewhere making such fraudulent mortgages quite attractive.
What illegal struggling to survive is going to pass up a free house that he can move into without having to present any identification, proof of employment, financial history or even a down payment?
It isn’t impossible for a foreigner to get a mortgage in the U.S., of course. There is a way but it requires a lot of proof and paperwork.
“Known as ITIN mortgages because applicants must have an individual taxpayer identification number, the fixed-rate loans are designed for immigrants who can prove they are creditworthy and pay taxes even though they don’t have legal permanent residency in the U.S…. The mortgages represent a fraction of the $2.8 trillion mortgage market. ”
This story should be in every paper and on every TV news cast. Yet it isn’t. I’ll leave the guessing as to why with you, gentle reader.
Notice: the link to the story above is a Google cached page link because KFYI has pulled down their report.
** UPDATE**
I found why KFYI pulled the original piece. It turns out that they mistook the opinion of a HUD official as an official HUD announcement. KFYI stands by the essence of their original report, but had to clarify that their source was talking on his own and not as an official of HUD.
A retired agent from Immigration and Customs Enforcement says that five million illegal immigrants nationwide may hold home mortgages.
Earlier this week, we posted a story that said figures from the Department of Housing and Urban Development showed that home mortgages were held by 5 million illegal immigrants and that this may have contributed, in part, to the housing crisis that has led to the recent failure in the financial markets.
Our source for that story, a retired agent from Immigration and Customs Enforcement, stands by those numbers.
A person from Housing and Urban Development contacted KFYI to tell us the number was inaccurate, that there were only 2.3 million mortgages held by immigrants, so there was no way that 5 million illegals could have mortgages.
When asked what HUD says the correct number is, the person (who identified himself only as ‘Brian’ and who refused to give his last name), either would not or could not say how many illegal immigrants hold mortgages. He also said there was “no way” HUD would grant an interview on the subject.
» Filed Under ACORN, Border Control/Homeland Security, Economy, Elections, Illegal Aliens/Immigration, Liberal Media/Bias, Multiculturalism/PC, News, Socialism
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3 Responses to “Calling the Old Media: Five Million Illegals Have Illegal Mortgages in U.S.A.!”
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There have been several large State cases of ‘flipping rings’ using illegals in Florida. The local bank I deal with is suing a mortgage broker for same … illegals being used as straw purchasers.
Granting mortgages to illegal aliens shows how our Congress has grossly failed in up-holding their pledge to protect our sovernghty and our borders by their derelict of duty. The multitude of “illegal-alien problems” are totally Congress’s responsibility.
With only a 9% job-rating by American citizens who give an “acceptable” grade in congress’ performance, we must NOT vote for ANY INCUMBENT’s re-election!
At last, someone has the courage to report the truth. Thanks to government enforced quotes requiring lenders to write loans for unqualified immigrants, legal or not, lies at the very heart of this dilemma. And yet political correctness demands that the truth be buried and blame shifted elsewhere.
We can no longer ignore the elephant in the middle of the room. And yet the media and HUD have done just that.