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.
The criminals and shills again threw nasty insults my way. Over 2,000 hacking attacks were launched from corporate web sites. I tried and tried to warn everybody. Nobody listened. Even the FBI were ordered to 'back off.' Orders came direct from the top in D.C. The criminals are in charge now. They are flush with $ Trillions in bailout money.
I know what is coming next. Check my freeper page for an audio file near the top about martial law and yada yada.
Actually, it’s a little worse than you imagine.
Worse the than the illegals who were hoping to ‘live the American dream’ by owning a home in the school district where their children attended (without bothering with the whole immigration/naturalization stuff...), there were hispanic mortgage brokers and real estate agents who worked the illegal and Spanish only speaking communities. Those agents were far more frequently guilty of violating not only the Codes of Ethics of their respective industry associations with also of just outright fraud against lenders, other real estate agents and the spanish speaking buyers/borrowers.
Not to make it sound too much like these illegals and other undereducated spanish speakers were victims, but they were by far not the biggest source of the fraud. They were made to be victims as often as they were made puppets to help somebody who knew the system figure out how to make extraordinary profits from transactions which had no material benefit to any party.
Here is the most likely scenario: An illegal has no SSN and no way to document their income, so they are an ideal candidate for a Sub-Sub Prime loan (or predatory loans as Congress calls them now). These loans are high risk and high fee loans for loan brokers. The borrow may be paying two to five points above the average rate AND the loan could be a balloon payment loan or some other complex financial instrument which these borrowers had no possible way of understanding. The key is that the commission to the loan broker on this type of loan is twice as good if not five times as good.
I’ve seen (and reported to authorities) hispanic brokers selling loans to hispanic customers which they had literally just added extra commission onto because they knew the client didn’t know the difference. When I see a Closing statement come across me which has a 5% loan origination fee, I know somebody is committing fraud. And those agents just raped and pillaged their own people because their people were illiterate financially (and literally in some cases) and too dumb to know better.
You have to be a special kind of evil to commit a crime spree against people who you claim to be representing (eg; Madoff screwed over Jews). I also saw it in the Filipino community in Las Vegas and to a lesser extent within the black community (at least they speak English so they aren’t trapped only being able to go to brokers and agents who were also black).
And if Fannie Mae and Freddie Mac were backing all the other loans on the market, these subprime loans would never have gotten off the ground because lenders like Countrywide would have already reached their risk limits and they would have pulled in the oars.
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.