[philman_36]

Mortgage lenders flooded Mr. Baca's San Bernardino, Calif., district with loans that often didn't require down payments, solid credit ratings or documentation of employment. Now, many of the Hispanics who became homeowners find themselves mired in the national housing mess. Nearly 9,200 families in his district have lost their homes to foreclosure.

FYI

[philman_36]

I see you were here already. Sorry.

[Liz]

Illegals got mortgages WITHOUT proof of citzienship or employment. They establish several phony identities with forged documents and stolen SS nos. All they had to do to get a mortgage was sign one of their phony names.....and be able to breathe.

They flip the house to relatives at higher and higher prices, duping banks in the serial mortgage process. The illegals then default and abscond back to their corrupt homelands to retire in luxury.

US taxpayers are now forced to subsidize billions in bailouts b/c of this illegal scum.

AND GET THIS There have also been reports of Mexican newspapers encouraging illegal mortgage activities. Newspaper ads herald: "Free Houses in the USA."

Another serial mortgage scams entailed getting several mortgages on one house under different names......then defaulting.