Illegals and the "Sub-Prime Slime" Crash

At some point this is going to be addresses in the media...probably after our economy crashes.

Illegal immigrants are being allowed to apply and get home loans in this country! Please notice the word illegal in the previous sentence.

I am a legal resident and citizen of America...and short of signing away my first child the loan process for me was like getting a colonoscopy! How then is it so easy for Illegals to get home loans from lenders? I didn't even know that some lenders specialize in loans to illegals. This fact was told to my by my lending officer. She could see what's coming and was getting our of the loan business.

You may remember the PR fallout that CitiBank suffered when they wanted to issue credit cards to illegals, now there are lenders who only handle "Illegals" loans. Now that the immigration bill is dead (supposedly) there is (still) no guarantee that these folks won't just take the money and default on the loan.

If I was an illegal, I'd want to stay that way...they get all the benefits without responsibility! Lenders and government officials that pursue this path are helping to destroy our economy and must be exposed and held accountable!


[edit on 20-8-2007 by MrMicrophone]

I don't think it's just illegals having trouble making house payments. I suggest looking around your neighborhood for the problems with the credit system.
Be a slave to your bank, so you can refinance once you can't handle the payments, so you can be enslaved more. Wake up man!

WHERE IS THE CONSPIRACY???? Again with the brain washed "Illegals are ruining our country" bs. Get over it buddy, you are just spewing hateful agenda oriented garbage. So what if illegals get loans for homes, they have to pay for them, if you show me figures where they are actually defaulting on them then ok. If not it is a sign of their interests in investing in our country. Maybe you should check the rates they are getting and what their "deals" are compared to one lets say you can get. I'll guess you just read a one liner amongst a whole plethera of crap and said "but damn it it was so hard for me". When and where did you apply for your loan. Where and by whom are these loans being given, again interest is a huge factor as it could be a con on illegal immigrants. There are so many cons that are perpetrated on them its not even funny. Besides the fact that people trust them to get a loan means they are checking up on their ability to pay them, if you say different then show proof of how they are swindling the system by trying to buy homes....here....investing in our country.....becoming members of our communities.....working and now apparently not just going to their home lands with their pockets full, but rather by emptying their pockets into our economy....the bastards, how dare they just buy a house......ugh! (nose up and eyes rolled)

If illegals were here legally, they would have a leg to stand on. You get over it.
What gives you the right to defend illegals. Are you one yourself.
There are 1000's of immigrants here legally. I don't see them getting special loans. BS

I just love how sharing concerns about illegals automatically gets the "Hate" stamp...the only, ignorant defense of illegal immigration.

I wouldn't expect someone who doesn't have to deal with the problem everyday or where a big percentage of "residents" are not illegal to share the concern of someone who does. So get over it yourself.

Where do you think most of the financial aid to illegals goes? Back into our economy?
BUZZZZ! Wrong, it goes over the border. Mexico's economy would crumble if the welfare was shut off!

And as for the conspiracy? Who says that these illegals getting loans are all illegals who just want to make a better life in this country?

I say illegals go home. We'll pick up the slack.
You'll be welcomed back when you go through
the paperwork and government BS that everyone
else has to go through.
It's not like the illegals love America.
They are just here for the money.
Using US.
But that's just my honest opinion.

But I disagree with blaming illegals for credit problems
That lays with old fashioned GREED
and trying to outdo your neighbor.

The love of money, is the root of all evil.

Reply Part 2:

Reference to loans to illegals: Click Here

If you would like the names of the lenders...just Google it, there will be plenty.

Part 3:

I have no problem whatsoever with people wanting to come to this country to make an honest buck...it's the American way, but that's not the only element entering the country.

Come on in, just as long as you do it legally.



[edit on 20-8-2007 by MrMicrophone]

Originally posted by stompk
But I disagree with blaming illegals for credit problems
That lays with old fashioned GREED
and trying to outdo your neighbor.

The love of money, is the root of all evil.

Read the last part of my post, lenders and corrupt lawmakers are to blame to allowing it.

A lot of the teaser loans didn't require much in the way of proof of income (to the point they nicknamed them "liar loans" ... CNN article of interest.

If people are that interested in giving away loans, they won't check up on all the important information... Bill Moyers on PBS discussed how eager these people were to give away loans:

Part 1
Part 2

[edit on 20-8-2007 by Angry Danish]

For the problem with credit issues, I suggest watching this video.
It's long, but it's fascinating and I opening. Do yourself a favor
and watch it.

Did you know the Federal Reserve is NOT owned by US?
Video

Yes I know that, and the IRS is illegal...I'm voting for Ron Paul

I majored in finance...we should have never allowed to be taken off the gold standard...

The gold standard sucks. It's too easy to control it. It's like diamonds. DeBeers controls the flow of diamond, to control value. Just like gold can be controlled.

We can print our own money, without paying interest on it. But the Fed requires us to buy bonds with interest attached.

Lincoln, tried to print our own money, called greenbacks. That is why he was assassinated. Don't think the civil war was fought over slavery alone.

We are at a fork in the road. Do we want to be slaves of the credit system, or are we an independant country. Time to decide.

I'm a mortgage broker and have worked at several mortgage companies and i don't think out of the thousands upon thousands of loans i've seen, i've seen an illegal get a loan. I'm not doubting that they can get a loan... but we used to give loans to all types of people with crappy credit. Doctors, Lawyers, and Entertainers seemed to have the worst credit.

The problem was everyone could get a loan. And until recently banks would loan out up to 106% the value of your house!

Now, we gave out a ton of 2/28 loans (2 years fixed, 28 adj) and now that its 2 years later and your house went down in value.. you cant refi because you owe more on your mortgage then what your house is worth!!



[edit on 20-8-2007 by hikix]

Hikix, you are so right. It's not the little guy, it the guy that should have good credit. But they max out their cards, buy the biggest house they can afford, and finance their 40 and 50 thousand $ cars off of the equity in their home.

Pretty soon, if they loose one dime in income, they can't make a payment on time. This is charge a penalty. Since they are already maxed, the penalty adds on to penalty, and pretty soon, they file for bankruptcy, which is absorbed by the rest of us.

How many people who say they own their own home, actually own it, and don't have payments to make.

The banks own perty near all the real estate in the US.

Guess who owns the loans the banks gave out. The Fed.

reply to post by MrMicrophone


Lets see.

You take out a loan on your house.. say $300k

APR = 6.3%

You have say 50k in your savings.

APR bank pays you = 1.2%

Hmm. Some one is getting ripped off here, huh.

Say you got a Credit card, or, er, if your like me 4 credit cards. Average APR = 10%... that is normal nowadays.

My mother has perfect credit, but her bank was bought by Chase Bank, they took over the credit and raised the APR from 6% to 21.5%.

For some reason that is legal?



Lets say you make 150k a year. Big shot you are.

APR on credit card = 5.5%

Lets say you make 20k a year.

APR on credit card = 25%

How the f'n hell does that make sense.

Lets say you make 20k a year, run short on money because credit collectors are all over you, so you take out an advance loan.

APR = 300%

And here comes another hurricane, to drive up the gas prices even more.

Welcome to freedom. It's time to take back what is rightfully ours!!

It`s called "being greedy".

Who in their right mind would approve a loan to someone with no verifiable income?

As it turns out, a lot of people - likely people who draw a commission from approving loans.

I`ve been watching this one coming for a while now, and it seems like it`s just been a case of a lot of individuals saying: "I`ll let this one slide through today" to pull their numbers up or whatever.

My advice to anyone out there who isn`t signed in to a 2/28 (or worse, one of those 50 year plans): melt your credit cards down into a little ball. Pay them off ASAP and never ever ever get another one. Pay cash.

Greedy mortgage companies are the ones that are bringing the downfall or the markets due to their predatory and risky practices.

The reason this loans are able to pass through the system is because they use the taxpayer ID as social security no questions ask.

While Citizens are losing their American dream, outsourcing, stagnant middle class wages, the housing bubble, the decline of manufacturing and sale of entire wealth producing industries abroad, illegals are getting their American dream.

We as a nation instead of progressing, we are going backwards.

OK, so now, what are we going to do about it. A minority now can become a majority later. All it takes, is some voice.

We can use the internet to voice this opinion. Evangalism for a good cause, is good evangalism. Go out and get em. Let's rally the troops. What are we passionate about. Life, maybe?