I had heard they gave loans without requiring proper documentation.
7 Comments Already
April 22nd, 2010 @2:55 am
huh?please provide proof b4 i believe u….
April 22nd, 2010 @3:38 am
Clearly, those Bank and Loan companies went under because they are greedy bastards who didn’t do the right things when dealing with customers. On the other hand, the stupid people who took their bogus loans deserve what they get.
April 22nd, 2010 @4:01 am
Yes. So did Bear Stearns. The President warned the economic community against doing that about two years ago. Bear Stearns was going under and the Feds saved them I would point out. Also, Bear Stearns was the first of the non-prime lenders to tell the Federal Government the number of illegal aliens they had identified was balderdash.
Until we have more control over the Federal Government with something along the lines of a national ballot initiative, this sort of abuse will continue.
April 22nd, 2010 @4:44 am
Yes, they did. Banks were under a great deal of pressure to give mortgages to minorities (often including illegal aliens), and many illegal aliens committed fraud to get mortgages.
Yes, many banks fouled up. You cannot lay all the blame on the banks, however, as many mortgage applicants committed fraud on their mortgage applications. When an applicant fraudulently increases their income to qualify for a mortgage, they know they cannot afford the house they want to buy!
Has anyone found a report yet on what percentage of mortgage defaults are by illegal aliens?
April 22nd, 2010 @5:19 am
Yes. They gave out Alt-A loans using ITIN numbers instead of social security numbers. This is SUPPOSED to be illegal. ITIN are supposed to be only for the use of reporting taxable income.
As to whether or not “illegal aliens” are the ones defaulting, I can only say that on the lists of foreclosed homes in my state, the Spanish surnames are predominate.
April 22nd, 2010 @5:24 am
its more of indymac didnt look at the PAYSTUBS / income more closely.
they approved high loans even to low income families – legals or illegals.
It’s the loans given to citizens who defaulted that are the biggest problem.