"Illegal couple applied for home loan using stolen SSNs
September 5th, 2008 @ 2:37pm by KTAR Newsroom
Arizona Department of Public Safety detectives arrested a couple applying for a $159,000 home loan using stolen social security numbers and false immigration documents.
Jose Ozuna Alvarez and Ana Laura Balerrama are both believed to be illegal immigrants. Investigators said they got jobs, bought as many as three new vehicles and obtained multiple credit cards using stolen social security numbers - one belonging to a nine-year-old child.
Immigration and Customs Enforcement is holding the pair for deportation."
Holding FOR DEPORTATION???? What about the crimes they've committed. Deporting them before the revolving doors on our borders are effectively secured is the same as letting them go to repeat offend. An American citizen in this situation certainly wouldn't stand a chance of getting away with these crimes. And, had they not gotten caught, either of our candidates would have eventually rewarded them with amnesty. When and how are we, as Americans, going to put an end to the insanity and TAKE BACK OUR COUNTRY? NOT just from illegal aliens, but from the TREASONOUS POLITICIANS INTENT ON DESTROYING US FROM WITHIN?
“Exclusive: How Many Subprime Mortgages Were Awarded to Illegal Aliens?”
I’m guessing it’s a pretty small number. There were many loans made to unqualified people that are US citizens. That’s the problem..
Friday, September 2, 2005
Latinos’ economic power increasing’We’ve been working with the community for a little more than seven years, and now I think we are reaping what we have sown.’ Patricia Amann Branch manager, Bank of Bartlett
The economic impact of the burgeoning Latino population in Memphis may be as difficult to measure as it is obvious to see.
According to the Census Bureau, Memphis is now identified as an emerging Latino community. It is also a “non-traditional gateway” — a trend whereby Hispanics are beginning to move into new areas from the more traditional gateways like Texas and California. In fact, the largest rates of population growth are now being found throughout the Southeast and Midwest.
According to the Selig Center for Economic Growth, Tennessee ranks in the top ten in Hispanic buying power for emerging states. Latino workers were estimated to have earned $570.8 million in wages and salaries in the Memphis area in 2000, generating approximately $12.3 million in local and state sales taxes.
The Selig Center estimates that Latinos spent almost $360 million in the Memphis economy in 2000 — a number that has almost certainly increased.
A pair of studies authored by professors David Ciscel, Barbara Ellen Smith and Marcela Mendoza from the Center for Research on Women at the University of Memphis asserts that the large number of Latino immigrants being incorporated into the local labor market is “a development of historical significance.”
The studies suggests that no single industry has been impacted more by the influx of Latino immigrants than Memphis’ ubiquitous logistics industries, where “spot” or “day” labor has become the driving force of the regional economic growth in the sector.
The flexibility, reliability and affordability offered by new immigrants are the most desirable characteristics employers seek in the hiring process. New immigrants — particularly those who are undocumented, “socially transitory, legally vulnerable, and overwhelmingly motivated to work” — are predisposed to respond to the fickle labor demands of employers.
“In the Memphis logistics sector, employers increasingly use Latino immigrants to create new, flexible terms of employment,” the study states. “Lacking fringe benefits such as health insurance and pensions, as well as more customary benefits such as sick leave and paid vacations, Latinos may be hired briefly, cheaply, and flexibly.”
According to U.S. Census figures, there are more than 40 million Latinos in the U.S. right now, of which approximately 11 million are undocumented. The exact number of undocumented immigrants in the U.S. is impossible to measure.
In general, the growth rate of the Hispanic population in the U.S. dwarfs the growth rate of the non-Hispanic population. The Census estimates that from 1990-2008, the U.S. Hispanic population will increase by almost 140%, more than five times the growth rate for non-Hispanics.
Meanwhile, Hispanic purchasing power has followed the population growth, surging to $700 billion in 2004, according to the U.S. Bureau of Economic Analysis. The growth of spendable income among Hispanics has been almost triple the national rate during the past ten years, and some are predicting that Hispanic purchasing power could reach as much as $1 trillion by 2010.
On a local level, officials have suggested that Memphis may have between 125,000-250,000 Hispanics living here now. The Census says there are about 35,000, but that only represents the fraction who actually filled out and returned the Census survey.
The Bank of Bartlett has become a leader in reaching out to the Hispanic community here. Bob Byrd, chairman and CEO of the Bank of Bartlett, says by the estimates he has seen, roughly 85% of the Spanish-speaking population in America is unbanked.
But that is something he hopes to change — in Memphis, at least.
“That 85% of $700 billion means about $600 billion could come into marketplace when liquidity is an issue,” Byrd says. “The U.S. does not have the means to deport 11 million people, and even if it could, the impact on the construction industries would be devastating, and the costs of goods and services would go up.
“Banking regulators and the IRS have taken the position - wisely, in my opinion - that their role is to collect taxes and not to get into politics.”
The banking products and services that the Bank of Bartlett can offer is determined by provisions in the Patriot Act and banking regulations. The lending products took more time to develop in order to make the legal criteria.
“You can’t just flip a switch and do it,” Byrd says. “We have gone through the legal processes to reach out to as many people as we can and we have been blessed by the regulators to offer those services.”
Bank of Bartlett also has about 20 people who speak Spanish and have some familiarity with the Latino culture, but Byrd says the bank is “still just scratching the surface.” The bank has built about 4,500 deposit accounts and has issued a growing number of loans to Hispanics that fit the very prescribed underwriting criteria.
Patricia Amann is a branch manager in Raleigh and the bank’s alternative mortgage manager. Originally from Peru, Amann came to the U.S. in 1996 when she was 25. She started as teller at the Bank of Bartlett in 2001.
http://memphis.bizjournals.com/memphis/stories/2005/09/05/focus1.html
Jan 23,2006
WHEDA home loans for illegal aliens program shut down
Supporters of illegal immigration will be saddened to learn that a bill signed into law last year will prevent the Wisconsin Housing and Economic Development Authority (WHEDA) from giving home loans to illegal aliens.
The article with the news is from the Business Journal of Milwaukee and the author is Jennifer Batog, but it doesn’t appear to be at their site. In any case, it’s located at MSNBC under the misleading title “Detractors kill immigrant loan program”. Those in question aren’t “immigrants”, they’re “illegal aliens”. And, if MSNBC were in favor of this I doubt whether they would have used such negative words and in a negative sense.
“It’s going to have a devastating effect,” said Maria Monreal-Cameron, president and chief executive officer of the Hispanic Chamber of Commerce of Wisconsin.
The Immigrant Lending Program was a partnership among WHEDA, Mortgage Guaranty Insurance Corp. [contact them] and 25 banks statewide. Participating banks included Associated Bank, Green Bay; Guaranty Bank, Brown Deer; and Mitchell Bank, Milwaukee.
Some lawmakers, including state Sen. Glenn Grothman (R-West Bend), felt the effort rewarded illegal immigrants and sent a message that Wisconsin didn’t take immigration laws seriously.
...Ending the loan program was regrettable, [WHEDA executive director Antonio Riley] said, but he added signs are emerging that the private sector may begin offering fixed-rate loans to undocumented people at conventional rates. The program also increased lenders’ knowledge and understanding of how to underwrite and process loans for people without Social Security numbers, he said.
...MGIC insured mortgages obtained through the housing authority’s program. The agency was one of the lenders participating in MGIC’s “Building a Life in America” program, which insures mortgage loans for those without Social Security numbers, said Geoff Cooper of MGIC.
...[Mitchell Bank] will continue to offer mortgages to people without Social Security numbers...
...The loan program’s supporters could reintroduce the program in future legislation, Wieckert said.
Previously: Home loans
Bingo!
This is one of my biggest beefs with the “shamnesty”.
American citizens and legal residents are PROSECUTED for the felonies of stolen id, fake ss#’s, etc.
Our govt. wants to give them a get out of jail pass and citizenship, not PROSECUTION.
This is a violation of the EQUAL PROTECTION CLAUSE OF THE CONSTITUTION.
The govt. can not allow one special group to be free of prosecution for crimes, while prosecuting everyone else.
I’m willing to bet it was a large number.
Nice to know some journalists listen to The Savage Nation.
The question was asked months ago.
Posted on Saturday, September 01, 2007 8:22:34 PM by CutePuppy
Investors played a big role in pumping up home prices during the housing boom. Now, they account for an outsize proportion of loan defaults, mortgage bankers and builders say.
A survey by the Mortgage Bankers Association found that mortgages on properties that aren't occupied by the owner -- mostly investment homes -- account for between 21% and 32% of the defaults on prime-quality home loans in Arizona, California, Florida and Nevada, states where overdue payments are mounting fast.
Home Loans to Illegal Immigrants Sturdy But Show Some Cracks
The Washington Times ^ | 10-6-07 | Miriam Jordan
Posted on Wednesday, October 17, 2007 12:30:51 PM by JZelle
Despite the downturn of the mortgage market, a type of home loan has remained surprisingly sturdy: one extended to illegal immigrants.
Home Loans for Illegal Immigrants [no Social Security number? No legal residency? No Problem!]
ABC30.com ^ | November 19, 2005
Posted on Sunday, November 20, 2005 8:23:27 AM by John Jorsett
For many, it's the American dream: owning a home. With the recent spike in housing costs, it's become more difficult for many Valley families to qualify for a home loan. But some local banks are giving out loans, and they don't even require a social security number.
More articles of this type are available via Google Search: immigrants home loans.
ping
for the AFIRE ping list
Of course they received them. One home in our old neighborhood had several families in the one house, in violation of single family county ordinances.
I think we should demand Mexico pony up some of any bailout money to cover their citizens.
A lot of folks apparently don’t know that there were “no documentation” mortgages given out! My wife worked for a band for several years in the mortgage department. They did loans for the secondary market (kept none “in house”).
The bank actually hired a fellow specifically because of his Hispanic ethnicity and his Spanish skills to gain inroads to the rapidly growing Hispanic market in the Little Rock area.
One type of loan this fellow really pushed - the no documentation mortgage - no need for ID, nor of any verification of income. I couldn’t believe there was such a thing. Yes, the interest rate was WAY higher than a conforming loan, but the loans were out there, and being used.
I have no idea who is illegal and who is not, some have told me they are illegal, but I’m in the construction business here in Los Angeles and almost all of my work was for Hispanics. Most of them had wads of cash from Equity Loans and made all payments in cash. They insisted on hiring Hispanic illegal alien construction workers.
The few that did have a bank account, would have somebody else write the check, sometimes they handed me the checkbook to write myself a check, sometimes it was their 8 year old kid.
Almost all of my jobs were for adding small, 10 x 10, bedrooms to existing homes so that they could then rent them to more illegals. A small house with 7 or 9 bedrooms is common. Many of my jobs were because the city caught them building without permits.
The Contractors for these jobs made enough money to build a second home down in Mexico, homes that are nicer than most homes up here.
Lots of ‘em. No doc loans were the key.