Neal Boortz: ILLEGALS AND THE MORTGAGE CRISIS

Neal Boortz

ILLEGALS AND THE MORTGAGE CRISIS

 

The mainstream media has yet to report this figure … so here we go. The U.S. Department of Housing and Urban Development reports that five million fraudulent home mortgages are in the hands of illegal aliens. As of right now, it is not known how many of these mortgages have contributed to the subprime mortgage meltdown.

But here’s some history to consider. We know for a fact that there are states out there, like California, that knowingly allow illegal immigrants to buy homes. Guess who you can thank for that aiding that little scheme? ACORN. Yes, ACORN. Barack Obama’s very favorite … Take a look at this story from November of 2005. Here’s how it begins: “For many, it’s the American dream: owning a home. With the recent spike in housing costs, it’s become more difficult for many Valley families to qualify for a home loan. But some local banks are giving out loans, and they don’t even require a social security number.”

Isn’t that amazing?! No Social Security number. That would be code for “making a loan to an illegal alien.” What they actually end up using are Individual Taxpayer Identification Number, or I-TIN, to secure these mortgages. While these numbers are supposed to be for foreign-born residents who live legally in the United States, it is common knowledge that these numbers are used primarily by illegal aliens.

Moving right along … the article tells a little story about David the illegal immigrant. When David, a criminal, wanted to get a home, who did he go to for help? ACORN. The article says, “The Valley non-profit group Acorn is helping people like David. They set him up with Citibank in Fresno, where a social security number is not required.”

Back in 2005, it was estimated that there were 250,000 illegal immigrants in the US who make enough money to be eligible for a home loan. Now HUD is estimating that there are 20 times that amount who currently have mortgages? Those 250,000 were estimated to be worth about $60 billion in potential mortgages. If there are 5 million illegal aliens currently holding fraudulent mortgages, imagine how many billions we are talking.

We’re looking at just another reason we are in this position to begin with. Somewhere along the way, people began adding things to our Constitution that DO NOT EXIST. For example, “the right to own a piece of the American dream.” David, the illegal immigrant, says “I work hard like any other citizen and I try to live just like a normal citizen. And I have everything, I think I still have my rights.”

Now to show you what a fair and balanced kinda guy I am, I will point you to this statistic. Illegal immigrants who do own homes have a lower rate of delinquency than legal US citizens. This is based on foreclosure rates of people who use Social Security numbers to buy a home compared to the Taxpayer Identification Number. Just something to consider …

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