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MICHELE MALKIN: ILLEGAL ALIENS & THE MORTGAGE MESS (open borders, sanctuary cities fraud)
NY POST ^ | 9/24/08 | Michele Malkin

Posted on 09/24/2008 2:44:34 AM PDT by Liz

As panicked politicians prepare to fork over $1 trillion to rescue Wall Street......one villain has slipped notice: illegal immigration, crime-enabling banks and open-borders Bush policies.......cities hardest hit by the foreclosure wave happen to be some of the nation's largest illegal alien sanctuaries. Half of the mortgages to Hispanics are subprime. A quarter of all those subprime loans are in default and foreclosure. The National Council of La Raza and its Development Fund received millions in federal funds to "counsel" on obtaining mortgages with little to no money down; the group almost succeeded in attaching a $10M earmark for itself in one of the housing bills passed this spring. The quasi-governmental Wisconsin Housing and Economic Development Authority guaranteed home loans to illegal immigrants. Spanish ads proclaimed: 'Income tax forms are not required, nor are immigration papers.' "

.....the FBI cites a house-flipping rings using illegal aliens as straw buyers involving a Nevada First Residential Mortgage Company branch manager directing loan officers, processors to originate 233 fraudulent FHA loans valued at over $25M. The defrauders made and submitted false employment and income documentation for illegal immigrants from Mexico....."Fifty-eight loans with a total value of $6.2M have gone into default, with a loss to the HUD of over $1.9M."

It's the tip of the iceberg. Thanks to lax Bush policies allowing illegals to use "matricula consular cards" and taxpayer-ID numbers to open bank accounts, mortgage fraud has grown........the GAO told me five years ago: "Considering the large cities inundated with illegal aliens, the federal government isn't willing to expose this problem for financial reasons as well as for fear of political repercussions." The chickens are coming home to roost. Law-abiding taxpayers are going to pay for it.

(Excerpt) Read more at nypost.com ...


TOPICS: Extended News; Foreign Affairs; Government
KEYWORDS: aliens; borders; culture; diversity; illegalaliens; illegals; immigrantlist; language; laraza; malkin; mortgage; wellsfargo
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The chickens are coming home to roost. Law-abiding taxpayers are going to pay for it.

Illegals have a frickin dream----but US taxpayers are extorted to pay for it.

The National Council of La Raza and its Development Fund have received millions in federal funds to "counsel" their constituents on obtaining mortgages with little to no money down; the group almost succeeded in attaching a $10 million earmark for itself in one of the housing bills passed this spring.

Three words-----indict and prosecute.

1 posted on 09/24/2008 2:44:35 AM PDT by Liz
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To: Liz

Yep


2 posted on 09/24/2008 2:48:09 AM PDT by Nathan Zachary
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To: Liz
Half of the mortgages to Hispanics are subprime. A quarter of all those subprime loans are in default and foreclosure.


3 posted on 09/24/2008 2:58:43 AM PDT by SkyPilot
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To: Liz

if the subprime loans were not made to illegals, they’d be offered to some other high risk group. That’s how I understand the problem...the extra money had to go somewhere.

however illegals are a much much higher risk than anything else I can think of.


4 posted on 09/24/2008 3:00:46 AM PDT by ari-freedom (We never hide from history. We make history!)
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To: SkyPilot

are we talking hispanics or illegals? because they are 2 different things...


5 posted on 09/24/2008 3:01:36 AM PDT by ari-freedom (We never hide from history. We make history!)
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To: Liz

Absolutely, the sooner the better! I wondered just how much illegals contributed to this crisis. I saw Linda Chavez on FOX the other day. I used to like her, now I can’t stand to look at her!


6 posted on 09/24/2008 3:03:42 AM PDT by singfreedom
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To: Liz

Just wow. Like she said, it’s the tip of the iceberg.


7 posted on 09/24/2008 3:04:25 AM PDT by Cyropaedia ("Virtue cannot separate itself from reality without becoming a principal of evil...".)
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To: Liz

The US Congress, so much more equal than all others.

This BAILOUT -- without a single citizen voting-- gives $20-100,000 from EVERY homeowner
to the very bankers, schemers, Congressba&tards who invited the hoardes of
social security number-stealing crimillegal aliens in, in the first place.

Dodd and the rest must be arrested and prosecuted.

8 posted on 09/24/2008 3:14:11 AM PDT by Diogenesis (Igitur qui desiderat pacem, praeparet bellum)
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To: ari-freedom
Here's what they did in my area:

Family member buys house and gets teaser loan.

Family member sells house to another family member for $50k more. That family member gets teaser loan.

That family member sells house to yet another family member for even more again getting a teaser loan.

They repeat this multiple times.

The last family member defaults on the loan and goes back to Mexico.

The other family members walk away with a couple hundred thousand dollars of the banks money through all the repeated selling between family members.

No one is accountable.

Now repeat this on a broad scale and you can get an idea of what was going on...

9 posted on 09/24/2008 3:15:08 AM PDT by DB
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To: DB

that is brilliantly evil


10 posted on 09/24/2008 3:17:57 AM PDT by ari-freedom (We never hide from history. We make history!)
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To: Liz

I can’t stand walking into a BOA branch. They have stacks of loan brochures in Spanish still to this day! And American bank tellers have gotten more scarce over the last couple of years.

I do my banking online mostly.


11 posted on 09/24/2008 3:19:17 AM PDT by ovrtaxt ( One useless man is a shame, two is a law firm, and three or more is a Congress. --John Adams)
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To: ari-freedom

And the idiotic banks were clueless they were being rolled.


12 posted on 09/24/2008 3:22:10 AM PDT by DB
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To: DB

What an outrage.


13 posted on 09/24/2008 3:23:14 AM PDT by tropical
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To: ovrtaxt

No FReeper/conservative should use Bank of America.


14 posted on 09/24/2008 3:25:33 AM PDT by rrrod
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To: Liz

Amen.....giving ILLEGALS loans which they had no way to pay back was an ILLEGAL ACT!!! What happened to LAWS!!!


15 posted on 09/24/2008 3:28:41 AM PDT by Ann Archy (Abortion.....The Human Sacrifice to the god of Convenience.)
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To: Ann Archy

Read #9. Free money...


16 posted on 09/24/2008 3:29:40 AM PDT by DB
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To: DB; Tennessee Nana; AuntB; raybbr
REALTIME REPORT Here's what they did in my area: Family member buys house and gets teaser loan. Family member sells house to another family member for $50k more. That family member gets teaser loan. That family member sells house to yet another family member for even more again getting a teaser loan. They repeat this multiple times.

The last family member defaults on the loan and goes back to Mexico. The other family members walk away with a couple hundred thousand dollars of the banks money through all the repeated selling between family members. No one is accountable. Now repeat this on a broad scale and you can get an idea of what was going on...

Multiply this scam by millions of invaders squatting on US oil. Would not be surprised if the Mexican govt was in on the scam----and profited along with the invaders (see below).

17 posted on 09/24/2008 3:32:38 AM PDT by Liz (Taxpayer: one who works for the govt but doesn't have to take a civil service test. R. Reagan.)
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To: DB

YOU ARE KIDDING?????????? REPEAT that on EVERY THREAD....PLEASE!!!!


18 posted on 09/24/2008 3:33:44 AM PDT by Ann Archy (Abortion.....The Human Sacrifice to the god of Convenience.)
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To: DB
"And the idiotic banks were clueless they were being rolled."

Freddie and Fannie knew exactly what they wee doing...they are part of the Dem "family" after all.

19 posted on 09/24/2008 3:35:04 AM PDT by Earthdweller (Socialism makes you feel better about oppressing people.....)
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To: All
MEXICO INFILTRATES--UNDERMINES US POLITICAL, FINANCIAL SYSTEM:

McC's Hispanic Outreah man, Juan Hernandez----is a dual US/Mexico citizen--who headed the Mexican government's "Ministry of Mexicans Living in the US."

Hernandez told Cong Tancredo that "The Ministry" exists to increase the flow of Mexicans to the US TO SERVE Mexico’s needs including: $50 billion annual remittances to Mexico (30% of Mexico's GDP); employment for Mexico's exploding population, to alleviate Mexican social instability, and to provide job training for Mexicans THAT THEY WILL BRING BACK TO MEXICO.

Hernandez told Cong Tancredo: ‘’By Mexico populating the US with millions of Hispanics tied economically, politically and linguistically to Mexico, our government is able to exert enormous influence and pressure on US policy and its dealings with Mexico.’’

Get ready for a massive transfer of US wealth to greedy federales in the Mexican hellhole. Third World federales are salivating at the thought.

The sap-happy whining about "hopeless people" looking for a "better life" here is nonsense. Hernandez and other Third World gov't agents have infiltrated the US political system for ONE REASON: to effect a massive transfer of US wealth.

=========================================

History shows the Huns, the Vandals, and the Barbarians used force to takeover a country to loot its wealth. Third World parasites like Hernandez use the US political system to divide and conqueur. They seek to conquer without firing a shot.

We can look forward to lettuce pickers stripping down to camouflage and shoulder holsters, roaming our streets, shooting to kill anyone who dares to speakout.

The invaders violated our borders for a "better life" (sarc) and while flipping hamburgers, they cleaned out the US Treasury, looted SS, UI, Disability, EITC, Workmen's Comp, welfare; they shut down numerous hospitals, sued everything in sight, and made big bucks selling drugs to American youth.

Now they'll retire in luxury at beachfront condos with multiple US govt checks rolling in.

More reasons to declare these agents of corrupt Third World governments invading our country "enemies of state."

20 posted on 09/24/2008 3:35:28 AM PDT by Liz (Taxpayer: one who works for the govt but doesn't have to take a civil service test. R. Reagan.)
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