A single report by KFYI radio of Phoenix, Arizona highlights a shocking claim made by the Department of Housing and Urban Development (HUD). HUD says that five million illegal aliens hold illegal mortgages. This is just one more example of the lax lending laws put into place by Democrats like Barney Frank that have contributed to this economic crisis. One would think this would be big news. But, so far we have only this one report to cover it.
There have been earlier stories of home flipping schemes that made liberal use of illegal aliens as straw buyers and the FBI has followed numerous cases to prosecution and conviction. But the Old Media have not done much with this story.
KFYI reports that these fraudulent straw purchases of mortgages by illegal aliens has affected every state in the union.
One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt.
Some five million fraudulent home mortgages are in the hands of illegal aliens, according to the U.S. Department of Housing and Urban Development.
It's not known how many of those have contributed to the subprime housing mortgage meltdown, but it has affected every state, including Arizona.
The problem began years ago when banks were forced to give mortgages without confirming social security numbers or borrower identification. As a result, illegal immigrants were able to obtain home mortgages which they could not afford.
Lax immigration laws have also helped make this crime easy to perpetrate.
In 1965 a Democrat Controlled Congress under President Lyndon Johnson passed the concept of "chain" immigration into law. A later commission named the Hesburgh Commission convened during Ronald Reagan's first term, found that this concept statistically allowed each single immigrant to bring into this country 84 of his family members. Of course, all these people have to live somewhere making such fraudulent mortgages quite attractive.
What illegal struggling to survive is going to pass up a free house that he can move into without having to present any identification, proof of employment, financial history or even a down payment?
This story should be in every paper and on every TV news cast. Yet it isn't. I'll leave the guessing as to why with you, gentle reader.
Notice: the link to the story above is a Google cached page link because KFYI has pulled down their report.
** UPDATE**
I found why KFYI pulled the original piece. It turns out that they mistook the opinion of a HUD official as an official HUD announcement. KFYI stands by the essence of their original report, but had to clarify that their source was talking on his own and not as an official of HUD.
A retired agent from Immigration and Customs Enforcement says that five million illegal immigrants nationwide may hold home mortgages.
Earlier this week, we posted a story that said figures from the Department of Housing and Urban Development showed that home mortgages were held by 5 million illegal immigrants and that this may have contributed, in part, to the housing crisis that has led to the recent failure in the financial markets.
Our source for that story, a retired agent from Immigration and Customs Enforcement, stands by those numbers.
A person from Housing and Urban Development contacted KFYI to tell us the number was inaccurate, that there were only 2.3 million mortgages held by immigrants, so there was no way that 5 million illegals could have mortgages.
When asked what HUD says the correct number is, the person (who identified himself only as 'Brian' and who refused to give his last name), either would not or could not say how many illegal immigrants hold mortgages. He also said there was "no way" HUD would grant an interview on the subject.
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What, the Democrats Fault, You Must Be Mistaken
Thu, 10/09/2008 - 10:47 ET by MeanderingThe Democrats can do nothing wrong. This is an outrage, its the failed Bush policies that put those illegal aliens in those illegal mortgages and had nothing to do with the democrats ... yeah right! Barney Frank is a Fraud and should be run out of town and out of the country for that matter!
In Tom Tancredo's district alone
Thu, 10/09/2008 - 10:47 ET by bloolooIt's been reported that in Tom Tancredo's Colorado district alone that over 10,000 houses being foreclosed were bought by illegal aliens. I was wondering when someone was gonna point out the number nation wide...
"I might be movin' to Montana soon..." - FZ
bloo
Thu, 10/09/2008 - 10:54 ET by BlondeWonder where McAmnesty will emerge on this issue, what with his newly proposed $300B "bailout" for mortgage defaulters.
David Gregory, do you know which damn network you lie for? ~ Uncle Jimbo, @Blackfive
Blonde, I would love to buy
Thu, 10/09/2008 - 11:48 ET by bloolooone of these "distressed/forclosed" properties at their fair market value (as an investment), but, McCain's new plan to re-finance the paper on these properties stipulates that you have to be a live-in resident. The people that get to stay in their houses and get a reduction/refinance of their loans are getting away with murder IMO. Sooner or later someone has to make up the difference and that someone is the American tax paying public. I wanna piece of the "pie" that they're being given for my share of the investment. I think it's a good idea to keep people in those houses, but, the illegals that are walking away from them will never return. They had no down payment, so, no equity... They might as well have been renting. They have no incentive to stay (actually that may be a good thing). Unfortunately, you and I are going to pay the bill and have nothing to show for it...
"I might be movin' to Montana soon..." - FZ
Yeah, bloo, it's maddening
Thu, 10/09/2008 - 12:05 ET by BlondeWe need to grab our governmental officials (all of them) by the throat and shake them until they either die or come to their senses. Sorry, but if you got in over your head, too bad.
There is absolutely no way we should buy up the "lost equity" for the idiots. Maybe give these folks the option to re-fi on a fifty year fixed at the purchase price, to allow them the opportunity to at least get right side up before they sell. And if they walk away again, too bad, so sad, put it on the market.
How is this for cute? You can buy a foreclosed home here, at a deeply discounted price, but the Property Appraiser is going to hand you a bill for the fair market value (gee...the business school I went to taught me that was the price agreed to by the seller & Buyer) of similar homes in the neighborhood that have not been foreclosed!
So basically, there's no elasticity to the property tax bills, they are only sticky upwards. Leave it to the greedy politicians to rig the game. Here in Broward, the run-up in property values gave the County a $1.5 billion surplus in revenues for a four year period....and what did they do? Spend it of course. Now they're whining like a bunch of babies because they can't fund their socialist programs. You should see the ballot initiatives here, it's insane. Okay, enough, sorry for the rant.
David Gregory, do you know which damn network you lie for? ~ Uncle Jimbo, @Blackfive
Blonde, the people in my neighborhood
Thu, 10/09/2008 - 12:34 ET by blooloohere in San Diego are filing for re-appraisal to get a break on their property taxes. They do not want to pay property tax on a "$600K" house if it's current value is actually "$450K". There aren't enough appraisers in the county to take care of all the requests for re-appraisal! Washington Mutual just sent me a letter stating that they are reducing the limit on my HELOC because the value of my house has gone down! There was no appraisal, no anything... just a letter saying "we're reducing your limit" (and that was before they were bought out...FWIW).
"I might be movin' to Montana soon..." - FZ
I know bloo...it's frustrating beyond belief
Thu, 10/09/2008 - 12:50 ET by BlondeI've had my home for many years, and Florida had a 3% max escalation in property evaluation. So during the run up, neighbors in comparable houses were paying 3 times what I do. Great hue and cry about "fairness"....they'd buy a home where the taxes were $2K, then get their assessment the following year, guess what....$8K.
Which, I'd imagine, also contributed to this bubble. And of course, everyone I know who bought a house (lots in the spec market) was appalled, even though there's a nifty little "calculate your assessment" thingy on the Property Appraiser's web site. Their mortgage lenders had the old property values in their closing documents.
I sincerely hope everyone, from the top down takes a very careful look at the lending laws to include all of these little ins and outs. I can't imagine how damaging losing a home must be. I feel sorry for these people, but they should have known better, and not over-reached. It's nuts.
David Gregory, do you know which damn network you lie for? ~ Uncle Jimbo, @Blackfive
Come on, Warner, quit
Thu, 10/09/2008 - 10:52 ET by motherbeltCome on, Warner, quit trying to blame Barney Frank and the Democrats. You know this is a result of the "failed policies of the Bush administration for the past eight years."
Those were the first words out of both Barack Obama's and Joe Biden's mouths when asked about this crisis, so you know it's true!
Funny
Thu, 10/09/2008 - 10:55 ET by MeanderingI said the same thing about the Bush policies. I don't claim to know what happened and what's going on, but it seemed like the economy was fine until Democrats took of the house and the senate. That's all I'm going to say!
Wow, what a surprise....NOT!!
Thu, 10/09/2008 - 10:54 ET by BEGRUNTAnd they wonder why the market is upside down......IDIOTS.
"If a man does his best, what else is there"?
General George S. Patton Jr.
In northern Virginia....
Thu, 10/09/2008 - 11:01 ET by Prester John...Prince William County was destroyed by the boom/foreclosure situation to a large extent because the illegals were taken to the cleaners by their fellow Latino realtors and mortgage brokers. Fortunately, local officials have taken measures so that illegals are self-deporting themselves to the more enlightened i.e. liberal Fairfax County, so that the real estate market here is beginning to slowly but surely recover.
five million illegal aliens
Thu, 10/09/2008 - 11:02 ET by allamericangirlfive million illegal aliens hold illegal mortgage
Five million votes for Obama.
OCTOBER SURPRISE !
Thu, 10/09/2008 - 11:23 ET by Mgarnett25MY FELLOW AMERICANS! WE HAVE THE SMOKING GUN, THE GAME CHANGER, THE OCTOBER SURPRISE!
IF we can get this into the MSM Sen. McCain WILL WIN the Election, PERIOD!
Sen. Obama, from HIS office in the US Senate sent E-MAILS to a RADICAL Kenyan Presidential candidate ODINGA suggesting campaign strategies, advice and support. Sen. Obama has made SEVERAL phone calls also to Odinga along with several e-mails. Odinga of Kenya HAD SIGNED a document promising to IMPOSE STRICT SHRIA MUSLIM LAW in Kenya if the Muslims would vote for and help him gets elected. ODINGA did NOT win the election, but he and his Muslim supporters have instigated RADICAL VIOLENCE in Kenya, including burning of 100’s of Christian churches. SEATOR OBAMA SUPPORTED THIS RADICAL, HE SUPPORTED THIS ODINGA AND WE HAVE THE ACTUAL E-MAILS, WE HAVE THE PROOF THAT A SITTING SENATOR, OBAMA, FROM HIS SENATE OFFICE HAS PHONED ENCOURAGMENT AND ADVICE! We have an active Senator, from his TAXPAYER PAID OFFICE ON OUR DIME CALLING AND E-MAILING A RADICAL IN KENYA DURING THE NEW HAMPSHIRE PRIMARIES! THIS IS NOT OLD NEWS, THIS IS THE FINAL STRAW, THE MSM WILL HAVE TO COVER THIS STORY AND COMBINED WITH WILLIAM AYERS AND REV. WRIGHT A STRONG PATTERN IS FINALY EMERGING!!! PLEASE, PLEASE E-MAIL, CALL, WRITE, DO ALL YOU CAN AS US CITIZENS TO GET THE WORD SPREAD! THE PROFF, THE E-MAILS WILL BE PRESENTED ON HANNITY & COMBS ON MONDAY NIGHT 10/13/2008 AT 9pm EST! WE MUST GET THIS INTO THE PUBLIC FORUMS! THIS IS THE OCTOBER SURPRISE, THE FINAL NAIL, THE SMOKING GUN!
Mark Garnett
But Warner, it gets better:
Thu, 10/09/2008 - 12:01 ET by dscottBut Warner, it gets better: http://online.wsj.com/article/SB122341352084512611.html#project%3DUnderwater0809 Look at the map where those who owe more than the house is worth. Notice any similarities to the unemployment picture http://www.bls.gov/web/laummtrk.htm and concentrations of illegals http://www.fairus.org/site/PageServer?pagename=iic_immigrationissuecentersb8ca?
And to think McCain has just clarified his position to bail these people out! What did John McCain say after the Repubs in Congress along with the majority of the voters demanded regarding shamnesty? He said he got it, secure the border first then come back to the issue. Is the border secure??? NOT Yet here he is helping the illegals again on the tax payers dime. OUTRAGEOUS.
Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.
Interesting...
Thu, 10/09/2008 - 11:59 ET by retroconWe have to be vocal that the bailout funds CANNOT go to bail out illegals. That would be stupid. Wait, we're talking about the government here, aren't we?
Hmm, "... five million fraudulent home mortgages are in the hands of illegal aliens."
So, let's see, 5,000,000 illegal mortgages X $150,000 average... equals, let's see... 750,000,000,000 ... what a coincidence... that's about 750 billion dollars, wow.
No wonder no one wants to send them back, that would default all 5 million loans, wouldn't it?
(now that, maybe i wouldn't mind paying for)
Abitrarily choosing $250K per mortgage
Thu, 10/09/2008 - 12:46 ET by TASS71Gives you $125 BILLION! Might have been easier to accept that figure on that bailout paper... and no-one is saying that all 5 million have defaulted on their loans... but still ... of course the $250K is probably too high... I just pulled it out of thin air...kinda like the $700B... Hey I just wanted a really big number!
Can anyone find
Thu, 10/09/2008 - 12:56 ET by j. frank wilsonthis HUD report? Everything I find on the Internets leads back to the single story by KFYI.
Has anyone on NB located the underlying HUD report?
Has anyone looked and had the same results I have?
No wonder McAmnesty won't take on ACORN...
Thu, 10/09/2008 - 17:09 ET by geokster...by pushing the Comprehensive Amnesty Bill for years against his own party, he has in essence been partly guilty of this huge rise in defaults on bad mortgages himself. Without the illegals, it looks like much of this problem would not have happened, if there are really that many of them with mortgages. That much extra demand for homes would have exacerbated the real estate bubble tremendously.
I've been wondering since this hit where the statistics were about
- the number of minorities and illegals defaulting
- the areas the defaults are in. It's a good bet that the vast bulk of this problem is in the overwhelmingly democratic large cities.
I'll wager that those areas most heavily infested with ACORN are the absolute worst.
The link in the original
Thu, 10/09/2008 - 19:37 ET by AlphaNumericusThe link in the original story doesn't work, but here's KFYI's follow-up: http://kfyi.com/pages/local_news.html?feed=118695&article=4381201
Re; Illegals getting FREEBIES
Fri, 10/10/2008 - 00:10 ET by BearoneHello,
After reading this article I know who in the HELL will have to take care of this whole mess that the "DEMOCRAP" party has pushed onto all of America, and it is the hard-working tax-payers of this GREAT nation. We are in store for some very, very, very hard times to come, and we can all thank BARRY O' AND ALL OF HIS CRONIES, AND ALL FO HIS DEMCRAP PARTY FRIENDS FOR WHAT HAS HAPPENED TO THIS NATION. SO WHEN YOU GO TO BED TONIGHT PLEASE SAY A PRAYER, AND SAY THANKS FOR HAVING SUCH GREAR PEOPLE IN THE HOUSE, AND THE SENATE THAT HAVE BEEN ABLE TO TAKE THIS COUNTRY DOWN THIS PATH OF TOTAL DESTRUCTION, AND WE WILL NEVER SEE THE LIGHT OF DAY AGAIN I AM AFRAID OF THAT.
Thanks,
Bearone
Let me get this straight.
Fri, 10/10/2008 - 01:59 ET by tomnkikiLet me get this straight. An illegal alien, who is here in this country ILLEGALLY and is breaking the law by being here illegally can get a loan to buy a house, even though they're here illegally, don't pay taxes and get numerous other goodies for "free" due to law abiding, hard-working, productive CITIZENS paying their taxes. But, my hubby and I who pay a boatload of taxes on the local, state and federal level can't even come close to affording to buy a house right now, and we were both born in America, are naturalized citizens of America, and have paid taxes for YEARS. Does anyone else see something wrong here, or is it just me??
The Democrats Response:
Fri, 10/10/2008 - 07:20 ET by dscottThe Democrats Response: Shame on you for not patriotically paying more taxes to support those who don't enjoy your wealth.
Yes, they broke the law entering this country without permission. Yes, they broke the law taking jobs from unskilled poor American citizens. Yes, they stole someone's identity to take that job. Yes, they probably ruined several million citizens credit. Yes, they falsified loan documents with false social security numbers. Yes, crime and auto accidents have risen significantly due to their presence. Yes, the government is shelling out hundreds of billions of dollars for social programs to help displaced unskilled poor American citizens disadvantaged by the illegal workers. Yes, you are paying more for medical care because 13 million illegals can't pay their hospital bills, someone has to. Yes, they defaulted on loans, harmed the banking industry, devalued the stock market, cost us billions and hurt your retirement plans in the process. So what's your point? America is rich and it must share the wealth, after all you stole it from everyone else to get here, we are just redistributing it back, it's only fair.
You have to break some eggs to make an omelette. And what an omlette we're making with your unwilling help! A socialist utopia where everyone is equal, right down to you riding on the bus instead of those evil CO2 emitting cars.
<Sarcasm - as if I really needed to say that>
Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.
Mr. Huston:
Fri, 10/10/2008 - 18:45 ET by j. frank wilsonWhere's your retraction? KFYI has pulled down their report. Why? Because they had no proof to back it up. Nobody else bothered to actually check with HUD to see if such a report existed. That was all of about five minute of due diligence. They just ran around with their hair on fire repeating the drivel.
Mr. Huston - did you check with the HUD press room before you ran with this story? Or is simply repeating KFYI enough? One give away was the Google search that kept returning to just the KFYI story and no backup of any kind. Maybe they should change their call sign to KFALSE.
I actually did check the HUD website for reports and news releases, speeches, etc. on this topc. Regarding 5,000,000 illegals obtaining mortgages? Nada. Zip. Bagel. Goose egg. Schnider. ZERO!
KFYI's subsequent report sets a new standard for weasel response - still clinging to the dim hope it just might, maybe, somehow could be sorta correct.
I do, however, agree 100% with you. This story should be in every paper and on every TV news cast. Radio Station cites fake report's false statistics to present biased viewpoint. I look forward to seeing it this evening...