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Mortgage Meltdown Due To Subprime Lending To Illegal Aliens

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I have been covering the banks that announced they were giving loans and mortgages to illegal aliens for years. It just boggled my mind at the time that a bank of any kind would expect someone who could be deported any day a non-risk when it came to loaning them any money, whether it be in the form of a credit card or a mortgage.

What could possibly go wrong?

Well now we know what could go wrong and everyone is ignoring the illegal aliens and corrupt banks impact and hand in this crisis.

Michelle Malkin has an excellent piece up today in Family Security Matters which brings it up again because many Americans do not remember or did not know that the banks were enacting these kinds of reckless "standards and practices" - complete with advertising campaigns aimed at illegal aliens specifically - that all Americans are now being forced to pay for with their hard earned monies.

It's no coincidence that most of the areas hardest hit by the foreclosure wave -- Loudoun County, Va., California's Inland Empire, Stockton and San Joaquin Valley, and Las Vegas and Phoenix, for starters -- also happen to be some of the nation's largest illegal alien sanctuaries. ...

Regional reports across the country have decried the subprime meltdown's impact on illegal immigrant "victims." ... The amnesty-promoting National Council of La Raza and its Development Fund have received millions in federal funds to "counsel" their constituents on obtaining mortgages with little to no money down; the group almost succeeded in attaching a $10-million earmark for itself in one of the housing bills past this spring.

The top banks clamoring for their handouts as their profits plummet, led by Wachovia and Bank of America, launched aggressive campaigns to woo illegal alien homebuyers. ... Ads proclaim: "Sin verificacion de ingresos! Sin verificacion de documento!" -- which loosely translates as, 'Income tax forms are not required, nor are immigration papers.'"

Read the rest of it, it includes some other tidbits you may not know.

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Posted by Digger on September 24, 2008 12:26 PM (Permalink)

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The economy is in the toilet, unemployment is rising fast. Meanwhile millions of illegals continue to stream across an undefended border while congress gives them a wink and a nod as they pass by. Then push for half a million more legal immigrants above and beyond the millions already approved. And in the middle of bankruptcy, err, bailout negotations, Barney Franks wants to continue giving loans to those with no money, no credit history, no identity, no legal status to be here.

And Menendez blocks E-Verify.

Only corruptocrats would try to keep the lifeboat afloat with a bigger hole, instead of plugging the leak and bailing out the water.

Re-elect no one in November.

Posted by: Nikita on September 24, 2008 02:33 PM

Great column by Malkin. Columnists right and left have been taking a shred of evidence and twisting and spinning it to support their pre-drawn conclusions. It's Bush's fault because the President controls everything including the migration of swallows. It's Obama's fault because someone donated to his campaign. It's McCain's fault. It's liberals' fault.

What stands out about Malkin's column is that she starts with absolutely no evidence at all to support her position. She just spins it out of hot air. And anti-immigrant fanatics will applaude anything that provides fuel for their fire of hatred without even considering its validity so she no doubt will get a lot of praise.

Posted by: Ralph on September 24, 2008 05:59 PM

If you are too ignorant to realize that giving loans to illegal aliens is a bad thing Ralph, then maybe you should have went into banking with the rest of the corrupt business leaders who got us into this position.

And as usual you probably didn't go read the whole article...

Posted by: Digger on September 25, 2008 09:48 AM

I did read the whole column, and there's not data to suggest that loans to illegal aliens caused or contributed to this crisis.

Posted by: Ralph on September 25, 2008 08:29 PM

Ralph, the data you ask for is filed under, "Common Sense"........Loans that cannot be paid back? What part of this data, do you not understand Ralph?

Posted by: Jack D. Ripper on September 27, 2008 10:09 AM

Commone sense tells me to evaluate the crisis based on the data. Evidently it tells you that a few loans brought the whole credit system to its knees

Posted by: Ralph on September 27, 2008 11:01 AM

a few loans

Yeah there were only "a few" that's why the banks spent hundreds of millions promoting home loans completely in Spanish and advertising no documents needed.

Posted by: Digger on September 27, 2008 12:08 PM

Digger, I guess that would make us Racist? And WTF is "Commone"? Common Sense tells me your a "Whiney Liberal", but, I need more data for a fair evaluation .

Posted by: Jack D.Ripper on September 28, 2008 09:36 AM

Also see these other great immigration resources

The Dark Side Of Illegal Immigration
The Dark Side Of Illegal Immigration

A 28 part detailed report on the negative impacts of illegal immigration.
Immigration Stance
Immigration Stance

Find out how your members of Congress voted on immigration issues.

The Dark Side Of Illegal Immigration
Read the free 28 part report The Dark Side of
Illegal Immigration

Includes facts, figures
and statistics.

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