Just In: Illegal Aliens to Get Interest-Free Home Loans Under New Democrat-Backed Bill

MAGA Macho Man

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Apr 19, 2022
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How is credit worthiness determined for those without SS numbers to buy cars/houses? Why are Americans tied to credit bureau reporting if illegals are not? This is an open declaration of war on American citizens.


 
Since you don't qualify unless you have a job, one would think that those who are concerned would do something about the jobs situation.

Since they will not, those working deserve a decent place to live just the same as everyone.
 
How is credit worthiness determined for those without SS numbers to buy cars/houses? Why are Americans tied to credit bureau reporting if illegals are not? This is an open declaration of war on American citizens.


The more shit you post, the more desperate you appear, shit head.
 
How is credit worthiness determined for those without SS numbers to buy cars/houses? Why are Americans tied to credit bureau reporting if illegals are not? This is an open declaration of war on American citizens.



We all stopped reading when we saw the MyPillow Adverts.
 
How is credit worthiness determined for those without SS numbers to buy cars/houses? Why are Americans tied to credit bureau reporting if illegals are not? This is an open declaration of war on American citizens.



Gotta wonder how much longer
Cali citizens will be duped.
 
Fake news!


With his posts, I understand this knee jerk reaction, believe me, but this time the blind squirrel has found a nut. Kind of...


Assemblymember Joaquin Arambula (D-Fresno) introduced Assembly Bill 1840 last month to expand the eligibility requirement for a state loan program to clarify that loans for first-time buyers are available to undocumented immigrants.

The California Dream for All Shared Appreciation Loans program that launched last March by the California Housing Finance Agency offered qualified first-time home buyers with a loan worth up to 20% of the purchase price of a house or condominium. The loans don’t accrue interest or require monthly payments. Instead, when the mortgage is refinanced or the house is sold again, the borrower pays back the original amount of the loan plus 20% of the increase in the home’s value.

The original program was established in an effort to help low- and middle-income individuals buy a home, but the program doesn’t address eligibility based on immigration status, Arambula said.



So, it's a loan for only 20% of the purchase price and, if the home is ever sold, the loan is supposed to be paid back in full, plus 20% of the increase in value. Now what they've done, or are trying to do, is expand the rules of the program to allow "undocumented" immigrants to take advantage of the deal.

Now, I was a first time buyer in California and I did not have the benefit of such a program and my first reaction, without the inclusion of "undocumented" immigrants is... well shit...

My reaction to the possibility of the program being expanded to include eligibility for "undocumented" immigrants is... WTF? Why? Why not wait until they're immigration status is clarified?

Were I still a taxpayer in the state, I'd be pissed. I'm not, so I suppose they can do whatever they want as a state. Just don't look to the Federal government to bail you out if things go sideways...
 
With his posts, I understand this knee jerk reaction, believe me, but this time the blind squirrel has found a nut. Kind of...


Assemblymember Joaquin Arambula (D-Fresno) introduced Assembly Bill 1840 last month to expand the eligibility requirement for a state loan program to clarify that loans for first-time buyers are available to undocumented immigrants.

The California Dream for All Shared Appreciation Loans program that launched last March by the California Housing Finance Agency offered qualified first-time home buyers with a loan worth up to 20% of the purchase price of a house or condominium. The loans don’t accrue interest or require monthly payments. Instead, when the mortgage is refinanced or the house is sold again, the borrower pays back the original amount of the loan plus 20% of the increase in the home’s value.

The original program was established in an effort to help low- and middle-income individuals buy a home, but the program doesn’t address eligibility based on immigration status, Arambula said.



So, it's a loan for only 20% of the purchase price and, if the home is ever sold, the loan is supposed to be paid back in full, plus 20% of the increase in value. Now what they've done, or are trying to do, is expand the rules of the program to allow "undocumented" immigrants to take advantage of the deal.

Now, I was a first time buyer in California and I did not have the benefit of such a program and my first reaction, without the inclusion of "undocumented" immigrants is... well shit...

My reaction to the possibility of the program being expanded to include eligibility for "undocumented" immigrants is... WTF? Why? Why not wait until they're immigration status is clarified?

Were I still a taxpayer in the state, I'd be pissed. I'm not, so I suppose they can do whatever they want as a state. Just don't look to the Federal government to bail you out if things go sideways...
in cal that would be a big hunk of change to have to pay back when you sell or refinance....
 
This was tried with the community investment act which inflated home prices, put unqualified buyers in homes with no capital of their own and no skin in the game, and left defaulted fdic loans transferred to the taxpayers. If these "loans" are not subject to federal backing, let california play the wheel with their own money. Banks are not allowed to fail, though and I see some more money shifting at play here. You want to be a sanctuary state do it on your own dime. The only way I see this as workable is when the mortgage isn't kept up by transients the "loan seed money" (which should be held in an escro account) would revert to the lender. I can't see any bank doing this without a profit motive (other than fdic money pump).
 
The obvious question surrounding this insanity is what bank or lender will back the loan for an illegal?
 
We all stopped reading when we saw the MyPillow Adverts.

Then why are you posting here?

If you clicked on the thread, clicked on the link, then read nothing that means you have nothing relevant to say on the discussion at hand.

So that begs to question, why post here at all?
 
This was tried with the community investment act which inflated home prices, put unqualified buyers in homes with no capital of their own and no skin in the game, and left defaulted fdic loans transferred to the taxpayers. If these "loans" are not subject to federal backing, let california play the wheel with their own money. Banks are not allowed to fail, though and I see some more money shifting at play here. You want to be a sanctuary state do it on your own dime. The only way I see this as workable is when the mortgage isn't kept up by transients the "loan seed money" (which should be held in an escro account) would revert to the lender. I can't see any bank doing this without a profit motive (other than fdic money pump).
Bingo
 
The obvious question surrounding this insanity is what bank or lender will back the loan for an illegal?

None. This is another stupid political theater move. It's not going to pass and even if it did it wouldn't work.
 

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