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

Denver Channel ^ | February 23, 2005 | staff

[FreeManWhoCan]

Does anyone know what a person with horrible credit (horrible!) who has 15K to put down for a home, can do? This person has been trying for years to get a home and he's hitting 35 now. Any suggestions would be appreciated. This person lives in Miami. If a knowledgeable freeper wants to freepmail me thats ok.

[B4Ranch]

>>I do some real estate in Vegas, so I can tell you ditto is exactly right, observed it personally.<<

Would you tell us your story....without names of course. (unless they have been prosecuted and sentenced.)

[azhenfud]

"Once 7NEWS began asking questions ICE arrested Claudia Hernandez and other associates for being in the country illegally."

GO! 7NEWS!!!

We need more like YOU!!!

ICE, the illegals' are in your court!

[Clemenza]

When I was living in Brooklyn, the Chinese would pay $400-$600K for dumpy row houses in blue collar neighborhoods. They would ALWAYS pay in cash.

[Clemenza]

ABOLISH FANNIE MAE AND FREDDIE MAC! There is NO reason for the government to subsidize homebuying! Of course, I am preaching to the choir.

[kellynla]

Well non-English speaking foreigners(Asians & Hispanics) are paying 500K and up in CA and multiple families are living in them.

[Rakkasan1]

they're just buying the homes no one else wants/sarcasm

[skeeter]

I've suspected this for some time. In fact I think illegals are responsible, in large part, for propping up real estate market here in CA.

I guess the banks think its a win win for them - they get the interest as long as the illegals make their mortgage payment, and the house lock stock & barrel if & when the feds deport the home owners.

[truthkeeper]

I agree with you.

[WilliamofCarmichael]

Michelle Malkin in an Aug., 2003 (I believe is the date) column stated that her government sources told her that as many as 20,000 to 40,000 ILLEGAL immigrants are home owners in the Denver area.

If that is true and a lot of those people got spooked by the growing objection to ILLEGAL immigration and bailed out, what would it do to the market (and prices) in that area? Would other home owners suddenly become supporters of "family-oriented, hard-working, tax-paying border crossers?"

[RockinRight]

I agree. I am in the mortgage business, and, yes I do some loans that Fannie and Freddie buy. However, without them, there are plenty of lenders that are funded by private investors (non-conforming loans) and they do not always have higher rates as is often assumed. In fact, if FNMA and FHLMC dropped out of the picture, the FREE MARKET would fill the void (and probably do better anyway).

[FastCoyote]

You want my story. Just doing real estate, bumped into a potential client who was a union construction worker and I later found out 8 year illegal. He would have qualified just fine for the loan, my loan person had no problem and told me it was done all the time. His girlfriend/wife was only recently "immigrated", working at Jack in the Box, couldn't speak any english.

[festus]

working at Jack in the Box, couldn't speak any english.

Lemme guess they had her manning the drive thru order taking position ..... ;-)

[Pa' fuera]

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

There's a lot of complicity on different levels - the banks and HUD are looking the other way, accountants are falsifying tax returns, agents (who might be illegals themselves) are likely overseeing and directing the whole scam. I've heard of illegals who have developed a good credit history actually renting out their SSN (and therefore their credit history) so that someone else can use it to buy a home.