Have you heard of the matricula consular cards and how illegal aliens are able to buy homes w/o income info?

or immigration papers?





http://www.familysecuritymatters.org/pub…





This link mentions how illegal immigrants are a major part of this morgage crisis going in our country. How can this happen? What do you think our gov't needs to do to not have this happen?





Your thoughts.Have you heard of the matricula consular cards and how illegal aliens are able to buy homes w/o income info?
Not a surprise to me. The cost of tolerating illegal aliens continues to rise on the backs of the US citizen! Write your government officials and demand they take action against the illegals or face being removed from office!





Those who allowed this to happen, should not just be handed more money and allowed to make a mess of things again! The illegals did not make this happen, the greedy b*stards lying to us every day, screwing us to death with their bank fees, etc.... and now they want billions to cover their bad bets? The average person goes to prison for pulling something like this, these idiots arent even investigated correctly AND they STILL take our money... one way or another. I think these idiots have proven they are no financial geniuses, They are the real criminals!Have you heard of the matricula consular cards and how illegal aliens are able to buy homes w/o income info?
Yes I have heard of the card.





';Even if you believe that illegal aliens are to blame for some, even a tiny bit, of the mortgage crisis because lets admit it, we do have lenders who help straw buyers access loans, do consider that attrition through enforcement has created a self-fulfilling prophecy. The idea of attrition through enforcement is to make life so tough for illegal immigrants that they would self-deport. Counties like Prince William and states like Arizona, Oklahoma, Rhode Island (flowing with illegal Canadians), pride themselves for driving out 'illegal aliens' by getting tough on them. Lets deploy ICE in various cities, and round-up the working mothers of undocumented families in the thousands. It makes for great entertainment for the nativists, but it don't translate into any sort of economic or social gain.





Guess what is left behind? Well, yes, the children have the huge mortgages on their hands now. But eventually, empty houses, bank losses upon 'bailouts' and no one to buy the homes in foreclosure since the overwhelming number of consumers do not have the capital to invest at this time. Well, congratulations to nativists and nativist policy-makers -- if you are blaming illegal aliens for the 'mortgage crisis' three more fingers are pointing back at you.





Without immigrants, legal or illegal, we have even less demand for housing, and hence a falling rate of profit for the real estate bubble. If you want 'illegal immigrants' gone, be prepared to pay the price of huge losses to the economy. Don't turn around and blame immigrants, legal or illegal, for the mess that they just may have cushioned or softened.


















WRONG! They have found that illegal immigrants are less likely to default on loans then US Citizens. Immigrants take great pride in home ownership, especially in the US. They buy houses to live in and raise their families, not to turn around and make a profit which is what caused this whole mess.





http://www.mcclatchydc.com/107/story/409…


Illegal immigrants are good risks, lenders find National and state estimates show that Latinos have a far lower rate of foreclosure than subprime borrowers.





The estimated $3 billion ITIN mortgage market makes up only a tiny fraction of the overall U.S. mortgage market, which originated $2.4 trillion in loans last year.





Yet the borrowers who have ITIN mortgages have proven to be some of the sturdiest as foreclosures climb to record highs.





Even with the economic downturn and rising immigration crackdowns threatening jobs for undocumented workers, the national numbers appear to be holding up in North Carolina. Among six banks in the Carolinas that have made an estimated 2,800 ITIN loans, 27 mortgages have gone into foreclosure.





Lenders say the mortgages have held up for a number of cultural and practical reasons:





Illegal immigrants who are serious enough to buy a home typically have families, steady jobs and a sense of community. They're especially careful to follow the rules to avoid drawing negative attention to themselves – and their legal status.





Immigrants often pay their mortgage before anything else, out of pride. They don't want to have to tell relatives back in their native countries that they couldn't keep a house or lose respect from a local Hispanic-oriented bank.





Latino immigrants buy homes they can truly afford because they're looking for a place to live, not something to turn around for a profit.
Ads proclaim: “Sin verificacion de ingresos ! Sin verificacion de documento !” — which loosely translates as, ‘Income tax forms are not required, nor are immigration papers.’”


From Google Translation: Without verification of income! Without checking the document!


Just a couple of years ago, if you were Mexican all you needed was a pulse to buy a car or a house in SoCal



It is a fact that illegals have been able to get home loans through America's banks. They are by no means the whole problem, we have many people that were able to secure loans that they could not afford. The government thought they were doing everyone a favor but any time you create a false economy it will fail.