Illegal Immigrants Good Mortgage Risk

[LilOlLady]

Illegal Immigrants Good Mortgage Risk
December 25, 2007

Some banks allow illegal immigrants to obtain a home mortgage even if they don't have a Social Security number. While the borrower's citizenship status may be undocumented, their ability to pay is thoroughly checked out. Surprisingly, illegal immigrants are often a good risk.
SCOTT HORSLEY: Manuel(ph) has spent more than a decade hanging dry wall in the high-rise hotels and casinos of Las Vegas. Now, he finally has four walls to call his own. A year-and-a-half-ago, Manuel barrowed $213,000 to buy a house in Las Vegas for himself, his wife, and their two children.
Illegal Immigrants Good Mortgage Risk : NPR

Could the reason be that Manuel Illegal Alien kept the job that paid his mortgage with the job he took from Joe Citizen and unemployed dry wall hanger Joe Citizen could not?

 

[LilOlLady]

Unemployment and Illegal Immigration
Then looking at the details behind the Department of Labor’s June jobs report it can be concluded that there were a total of 17.2 million Americans without a job, that gigantic sum including those identified as “unemployed” by the government as well as those considered to be “marginally attached” to the workforce.

If labor and immigration laws were enforced — and amnesty not granted as the Washington establishment would prefer — that would create up to 14.4 million job openings, satisfying a good many of the 17.2 million jobless legal residents of this nation. That would result in an unemployed population as low as 2.8 million Americans, which works out to be an unemployment rate of 1.8 percent, an absurdly-low number far below what many economists consider full-employment (four to five percent

Unemployment and Illegal Immigration

 

[LilOlLady]

How Illegal Immigration Destroyed America's Economy
Vanity | 9-30-11 | Dangus
September 30, 2011 by dangus

In the late 1990's, a terrible bargain was struck: Banks would agree to federal "anti-discrimination" policies, but in return, they could trade the risks of making bad loans, bundling good loans and bad loans into CDOs, or "collateral debt obligations."

Meanwhile, states and the government created an artificially tight housing market by using unreasonably zoning and environmental regulations to all but ban private development of housing across countless metropolitan areas. So illegal aliens weren't getting mortgages on reasonable, $80,000 homes, but were bidding up the prices on $600,000 homes!

To fix the economy, we need a presidential candidate who recognizes that illegal immigration is a chief cause of the economic downturn, and is resolved to remove the regulations that require banks to loan to "language minorities" who are illegal immigrants and prevent employers from relying on illegal immigration as a cheap alternative to increasing productivity.
The last thing we need is to elect the governor who is the single biggest to effective border control in America, believes that massive illegal immigration is good for the economy, and who would give illegal immigrants $100,000 in tuition benefits when they can't even legally drive in Texas.


How Illegal Immigration Destroyed America's Economy

 

[LilOlLady]

To fix the economy, we need a presidential candidate who recognizes that illegal immigration is a chief cause of the economic downturn, and is resolved to remove the regulations that require banks to loan to "language minorities" who are illegal immigrants and prevent employers from relying on illegal immigration as a cheap alternative to increasing productivity.

The last thing we need is to elect the governor who is the single biggest to effective border control in America, believes that massive illegal immigration is good for the economy, and who would give illegal immigrants $100,000 in tuition benefits when they can't even legally drive in Texas.

How Illegal Immigration Destroyed America's Economy

 

[bitterlyclingin]

What happens to the mortgage payment when the illegal is detained by ICE or for some reason absconds. One of the highlights of the Countrywide Portfolio that BAC inherited, and probably one of the very reasons BAC's stock trades in the vicinity of six dollah today is the story of the Polish Waitress making roughly thirty thou a year being given a three hundred thou mortgage by Countrywide at which point shortly afterwards the Polish Waitress suddenly found herself on a plane bound for Krakow or Warsaw with neither the mortgage principal nor principal nor interest payment ever to be seen again. Any loan officer providing mortgage monies to someone in this country illegally needs some brains screwed into his head. "What part of the word illegal don't they understand?"