Undocumented Immigrants Buying Homes With Fake IDs- Taxpayer Loans Going To Those With Phony SS No.

Denver Channel ^ | February 23, 2005 | staff

[ETERNAL WARMING]

Ditto in Vegas.

[AD from SpringBay]

So there's nothing wrong with Social Security and people can finance homes with false Social Security numbers. But the system is solvent. I wonder if any of these recipients receive Social Security checks? Wait a minute, I take that back. I don't really want to know...

[AdamSelene235]

Fannie Mae's immigrant initiative, The Welcome Initiative, A New Home in a New Country (Iniciativa De Bienvenida, Un Nuevo Hogar en un Nuevo Pais), is our comprehensive bilingual marketing initiative to help our lenders address the needs of immigrant borrowers nationwide. Fannie Mae lenders can receive tools and materials for reaching out to consumers, and for building linkages with community partners.

The Welcome Initiative works to break down the barriers faced by immigrant consumers in the homeownership process by addressing key areas:

residency status

income, including the treatment of boarder income

employment

nontraditional credit

The goal of the Initiative is to establish strategic alliances with lenders and community partners to help immigrants, in various stages of residency, understand their eligibility to qualify for Fannie Mae mortgage products in order to purchase a home. Through its lender partners, Fannie Mae offers underwriting flexibilities that allow eligible immigrant borrowers to apply for a home loan even if they are only in the process of obtaining permanent residency, or do not have a complete U.S. income and credit history. Alternative sources of qualifying income such as boarder income and part-time employment are also considered.

[MamaTexan]

Criminals breaking the law?

I'm SHOCKED!

(not)

[mlc9852]

If I didn't know better, I would think this was a big spoof.

[maestro]

...With phony documents, terrorists or drug dealers can launder money, set up sleeper cells, or support smuggling operations in residential communities anywhere in the state. 7NEWS' has found that there is no government agency that has responsibility to verify the identities of anyone buying real estate. "The Department of Homeland Security doesn't have the authority. They are not doing it," said Bryan Cunningham, a former CIA officer and national security council lawyer who is now a corporate consultant on homeland security issues. "HUD, the FHA, and the other lenders and mortgage refinancers at the federal level haven't been told to do it in law and they don't have the money to do it. And certainly, the FBI and other law enforcement agencies can't possibly be in the business of doing this themselves," Cunningham said.

...This has NOTHING to due with the 'INS',......move on!

[kellynla]

Ditto in CA too!
Is this a great country or what! LOL

We've got non-English speaking RE agents(I don't know how they passed the RE exam) selling real estate to who knows who...the owners don't speak a word of English either.

[Huntress]

HUD could catch this type of fraud simply by running a credit report on each borrower.

[moehoward]

Most of us have known about this for years.

[ETERNAL WARMING]

Most of us have known about this for years.

I know. Many here seem naive...they think it's only jobs Americans won't do. LOL They don't seem to realize how entrenched the illegal system is.

[deepFR]

Hmmmmm. Would "Undocumented Immigrants" be anything like:
ILLEGAL ALIENS?

[AdamSelene235]

HUD could catch this type of fraud simply by running a credit report on each borrower.

HUD is a money laundering operation, they haven't submitted an audited financial statement in years.

[truthkeeper]

This dirty little secret has been going on all over So California for years. You would think it would p.o. everyone on this forum, but any minute now the usual suspects will come along to tell us why it's just ducky for our economy.

[blackdog]

Yet a couple in North Carolina lied on their mortgage application about income. The two claimed $43,000 a year joint income while the real figure was around $36,000. The feds prosecuted them for false statements on the federal applications and they were sentenced to 24 months in federal prison.

It sucks being an American in Amerexico.............Be it drivers licenses, auto insurance, public schools, state universities, healthcare, prescription drugs, and home purchasing, illegals have far more opportunity for enjoying our fine things than we do. The laws we must adhere to they can ignore with impunity.

[FarRightTexan]

Mexican illegal immigrants?

No way, man. This must be a mistake.

(Sarcasm off)

[FastCoyote]

"Ditto in Vegas."

I do some real estate in Vegas, so I can tell you ditto is exactly right, observed it personally. One reason I'm on an anti illegal rant.

[The Toll]

This kind of thing drives me to a blind maniacle rage. To think of the things I went through to by my house and then these people don't even need an ID before the guv throws our money at them. Meanwhile we never seem to have enough money around for anything ie. better roads, public schools,prisons for after public school. How about a few more Bradleys and a few fewer Humvees for the troops. That would be a nice start.

[Republicus2001]

everyday when these people begin their workday these illegal aliens commit another felony - either stealing someone else's SS No. or using a fake one - either way they are COMMITTING CRIMES - everyday everyyear 24/7 - that is why they are ILLEGALS. There are those that say we shouldn't call them illegals - I say call them what they are - they are selfishly butting in line before others and everyday committing felonies - they are CRIMINAL ALIENS

[B4Ranch]

Sen Hatch's puppy is growing quite well. It's a shame that a investigative reporter is trying to kill it. /sarc