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Illegal Immigration and The Mortgage Mess

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posted on Oct, 3 2008 @ 07:32 PM
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This is one of those thoughts that just sort of hit me like a ton of bricks. I started wondering how many of these failed mortgages belonged to illegal immigrants and were they part of the cause.

Here is an article that I found although I am sure that there may be others.

I am interested if there any actual numbers

Opinion here:

I was also under the impression that somewhere in the constitution it states that foreigners could not own American soil. Perhaps that was just a delusion on my part.




posted on Oct, 3 2008 @ 07:58 PM
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I can confirm that it is fact that an illegal immigrant can in fact qualify for a home loan.


They do not even require a social security number in most cases. Some banks like BofA even market credit cards directly toward illegals.

I cant provide numbers as to how much of an impact this had on the mortgage implosion as those numbers likely do not exist, but I would wager a guess that it had a huge impact in states like California and Arizona.



posted on Oct, 3 2008 @ 09:17 PM
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I can second that confirmations that illegal immigrants were able to obtain loans.

There are many illegal immigrant clown houses where I live with 3 or more families living in one house. Clown houses are ok in a sense since all the people living there pitch in with their McDonalds wage and pay for the expenses. The real nasty areas, sub-prime speaking, are in the Riverside county and Central Valley areas. I think a bunch of illegals were able to purchase and afford homes based on the boom times in the construction industry. Once housing demand died down, the construction industry crashed and that killed the housing industry more.

Although illegal immigration is a problem, they are not the cause nor did they have something actively to do with the housing crash.

Banks in many cases often actively sought after illegal immigrants in order to satisfy government and illegal immigrant activist scrutiny. The banking industry was pressured in giving illegals loans. The illegal immigrants are just another aspect in the government's socialist goals in trying to force the economy to provide everyone with a house.



posted on Oct, 3 2008 @ 09:29 PM
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So, if an illegal immigrant defaults on a mortgage loan what happens to that them?

Are they simply deported?

I figure that if you put them through the hoops of fire like they do the rest of us it would bring too much attention to the situation.



posted on Oct, 3 2008 @ 09:51 PM
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Definitely, it was so upsetting when these advertisements started. The ones that distinctly wanted people without a social security number or ID!

Now what I wonder, is if any of the rest of us could have gotten a house or car, or loans, or any of that stuff without OUR SSN#?

This bothers me. What happens when an illegal 'forecloses'? They decide they can't pay, and walk away unharmed. Were the rest of us able to get such loans too?? As far as I know, everyone losing their homes right now, is getting their credit score severely damaged.

I want to know, could any of us have gotten anything we wanted without liability like that? This bothered me a lot.




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