MICHELE MALKIN: ILLEGAL ALIENS & THE MORTGAGE MESS..

[dinkydow]

....(open borders, sanctuary cities fraud.)


NY POST
9/24/08
Michele Malkin



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.

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Here's what the wetbacks did in my area:

Family member buys house and gets a 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 held accountable because they all went back to mexico and are living like gods on our money.

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

[medic1]

SICKENING!!!! And these same crooks will most likely get more of our money with the DAMN BAILOUT !!!

[akakjack425]

i'll tell you what i think is sickning , hard working american tax payers footing the bill again.

[4thIDvet]

Good scam, wish I knew about it sooner. $$$$$ Just kiddin Dink could not resist that one.
The average American has no idea of how all this bailout mess is going to impact them.
Simple. Look in your wallet at the green paper you are carrying. If you have 2 bucks in there send one too the Guberment. Cause they need it to lower the national debt.
In the end someone is going to pay for these crooked S.O.B.s crimes. That someone is you and me. Do I blame the illegals alone, hell no. Those crooked bastards in the banks didn't care where your hard earned money was going. They got there commisions and bought there old lady a new Humvee.
No problem. Uncle sugar will just print more worthless green paper and bail everyone out. The more they print, the bigger the wallet you need to carry this worthless stuff called the American dollar.
Daytona trip yesterday. Gas $54.60, simple basic stuff for the household $104.00. Bottom line "INFLATION".
Are these bastards bankers any different from the drug dealers on the street. Well yes. We have a choice to buy there illegal drug products or not.
With the baron bank criminals we had no choice.
The bankers, who just set this country into the depression it is in, will go on to be C.E.O.s of major corporations. The drug dealers to jail. It should be the other way around.
Homeland Security Bin Laden is sitting in his cave watching these crimes taking place by the few "Baron Banker Bastard Crooks" and laughing his ass off.
Why the hell should he commit a terrorist act on our homeland. The Baron Banker Bastards are doing a better job than he could ever think of doing to destroy our country.