akilina wrote: They know how to scam the system making hundreds of thousands of $ while poor smucks like you pick up the tab.
Exactly what I said...any illegal immigrants who received mortgage loans did so fraudulently. No lenders knowingly provided mortgages to illegals, and the lenders incur great expense combatting mortgage fraud to protect themselves from the criminal activity you apparently have knowledge of and are complicit with.
akilina wrote: Report it? Do you really think the mortgage companies give a damn?
I know for a fact they care very much and can provide you with contacts where you can report mortgage fraud.
akilina wrote: They are reimbursed by the federal govt for their losses.
No, they're not. Fraud losses are accounted for in the bottom line profit/losses for the company...so really, the shareholders pay for it
akilina wrote: They will give anyone a loan. Granted these days bankers are being a bit pickier but not much. If you have a job and they do a credit report, they don't have much info to go on, but the mortgage companies still know they will be covered if they default. As long as illegal immigrants can find work they will scam the Americans because one the Americans are just plain stupid and two it is easy to do, there aren't any consequences.
The more you write, the more you leave no doubt that you know nothing about the mortgage industry.
Lenders didn't have to knowingly know they were giving mortgages to illegal immigrants. They took the info and yep there were plenty that were not completely filled out, do their credit check that the prospective buyer had a job, even a poor paying one didn't matter and run it through. More amazing is that those who actually filled out the forms and claimed U.S. citizenship and weren't sailed through with flying colors. Now how did that happen? Cuz nobody who was supposed to check bothered. FNMA doesn't bother to check either. More get past the portfolio product that you speak of.
These scams have been going for decades. It is only now that some of it is even being looked at. What planet do you live on? Welcome to the real world.
That reminds me I had a relative who was a loan officer who did exactly as he was told to do, gather the information and pass it on. He got out when he could see where this lying, cheating mortgage company was headed. Does any major defaulting mortgage company come to mind?
IN NOVEMBER 2014, WE HAVE A GOLDEN OPPORTUNITY TO CLEAN OUT THE ENTIRE HOUSE AND ONE-THIRD OF THE SENATE! DONT BLOW IT!
“When white man find land, Indians running it, no taxes, no debt, plenty buffalo, plenty beaver, clean water. Women did all the work, Medicine man free. Indian man spend all day hunting and fishing; all night having sex. Only whit man dumb enough to think he could improve system like that.” Indian Chief Two Eagles
akilina wrote: That reminds me I had a relative...
more anecdotal stories,
akilina wrote: ... who was a loan officer who did exactly as he was told to do, gather the information and pass it on.
yep, that's what loan officers are supposed to do,
akilina wrote: He got out when he could see where this lying, cheating mortgage company was headed.
So what was the lying and cheating? You sort of skipped that part. If there was lying and cheating, that again would be fraud. Show me where any lenders knowingly provided mortgages to illegal immigrants. Your argument falls apart because the risk involved far outweighs the potential benefit. The lenders are in business to make money...knowingly providing mortgages to illegal immigrants is an obviously losing proposition.
Let me say it one more time, they didn't bother to check. That way they didn't know whether there was any falsification of loan papers. Just pass it on. The gubment would pick up the tab. It was a no lose proposition.
IN NOVEMBER 2014, WE HAVE A GOLDEN OPPORTUNITY TO CLEAN OUT THE ENTIRE HOUSE AND ONE-THIRD OF THE SENATE! DONT BLOW IT!
“When white man find land, Indians running it, no taxes, no debt, plenty buffalo, plenty beaver, clean water. Women did all the work, Medicine man free. Indian man spend all day hunting and fishing; all night having sex. Only whit man dumb enough to think he could improve system like that.” Indian Chief Two Eagles
akilina wrote: Let me say it one more time, they didn't bother to check. That way they didn't know whether there was any falsification of loan papers. Just pass it on. The gubment would pick up the tab. It was a no lose proposition.
And I'll say it as many times as I need to, this simply doesn't happen. The process has multiple layers, multiple people checking and rechecking each other's work. You are also wrong about the assertion the 'gubment would pick up the tab'...there was no expectation, no guarantee anyone would be 'bailed out' for producing bad loans. When the economy went into free-fall, the bail out wasn't to save the companies, it was to save the American economy. In fact, some banks fought to simply take their losses as a business, rather than potentially sacrifice control of the bank to the government by being bailed out.
I don't know why you insist others believe ignorance is an acceptable excuse for poor performance. Nobody would ever get away with just saying, "oh, we forgot to check that part". If that's how you view American businesses and corporations, why do you support capitalism and a free market?
akilina wrote: Let me say it one more time, they didn't bother to check. That way they didn't know whether there was any falsification of loan papers. Just pass it on. The gubment would pick up the tab. It was a no lose proposition.
And I'll say it as many times as I need to, this simply doesn't happen. The process has multiple layers, multiple people checking and rechecking each other's work. You are also wrong about the assertion the 'gubment would pick up the tab'...there was no expectation, no guarantee anyone would be 'bailed out' for producing bad loans. When the economy went into free-fall, the bail out wasn't to save the companies, it was to save the American economy. In fact, some banks fought to simply take their losses as a business, rather than potentially sacrifice control of the bank to the government by being bailed out.
I don't know why you insist others believe ignorance is an acceptable excuse for poor performance. Nobody would ever get away with just saying, "oh, we forgot to check that part". If that's how you view American businesses and corporations, why do you support capitalism and a free market?
rofllol You are so gullible. Why are we on the hook for FHA financial woes? They did such a great job of monitoring themselves as have fannie mae and freddie mac.
IN NOVEMBER 2014, WE HAVE A GOLDEN OPPORTUNITY TO CLEAN OUT THE ENTIRE HOUSE AND ONE-THIRD OF THE SENATE! DONT BLOW IT!
“When white man find land, Indians running it, no taxes, no debt, plenty buffalo, plenty beaver, clean water. Women did all the work, Medicine man free. Indian man spend all day hunting and fishing; all night having sex. Only whit man dumb enough to think he could improve system like that.” Indian Chief Two Eagles
Come on man, give it up, admit when you don't know what you're talking about and save face by simply backing out of the conversation.
FHA's lending guidelines were based upon mathematical models economists provided showing risk vs profit. All mortgage loans are based upon these models. Clearly, the models were wrong. We've all recognized this. This is why Wells Fargo, Bank of America, etc ALL started to collapse at the same time. Lehman went down and it almost brought down everyone else. What was the difference with Lehman?...basically, they were the first big lender to admit their financial situation. They went down and everyone freaked that everyone would go down, so the government stepped in to hold it all from collapse. There had already been some 200 mortgage lenders that collapsed prior to Lehman, but they were the smaller banks...basically the feeders originating the loans and moving them up to the big lenders. The fact that FHA is just now getting hit with foreclosure problems and financial difficulties is actually more testament to how well they've operated (since 1934!). Regardless, the article you linked to has nothing to do with your assertions that illegal immigrants were getting mortgage loans because banks were happy to do it, and nobody ever checked the info to stop the loan.
You don't know anything about this issue, but you'll tell me I'm the gullible one. I'm not saying you're wrong about everything, but you are wrong on this issue.
plaidvillain wrote:
You don't know anything about this issue, but you'll tell me I'm the gullible one. I'm not saying you're wrong about everything, but you are wrong on this issue.
And precisely why illegals will continue to scam the system, thanks to gullible Americans who believe FHA, FM, GM and others have done a thorough review when they haven't and we will continue to pick up the tab.
Until there are consequences illegals will do what is best for them. Easier to be an illegal than a US citizen because the worst that happens is a free ride back to Mexico or wherever.
Maybe you should come with me to Ecuador and see how the many of the population make their living to survive. No different in Mexico. As long as our gubment will allow the fleecing it will continue.
IN NOVEMBER 2014, WE HAVE A GOLDEN OPPORTUNITY TO CLEAN OUT THE ENTIRE HOUSE AND ONE-THIRD OF THE SENATE! DONT BLOW IT!
“When white man find land, Indians running it, no taxes, no debt, plenty buffalo, plenty beaver, clean water. Women did all the work, Medicine man free. Indian man spend all day hunting and fishing; all night having sex. Only whit man dumb enough to think he could improve system like that.” Indian Chief Two Eagles
So it's just like voter fraud huh? You can't provide any evidence or proof that it happens, but you just know it does because of what somebody said sometime somewhere.
I've told you over and over, I don't doubt that mortgage FRAUD happens. I've said over and over, if any ILLEGAL immigrants have obtained mortgage loans, they did so fraudulently. Your argument has slipped from insisting lenders knowingly gave mortgages to illegals, to now saying they turn a blind eye to mortgage fraud...and I'm telling you you're full of it. You're making accusations with NO SUPPORT. Your argument makes no logical sense as the lenders and the GSEs do not stand to benefit by providing mortgages to illegals, there's more risk than potential profit. The lenders pay multiple levels of employees to look for forged documentation, or any suspicious activity that may indicate fraud. They regularly bring in experts from other industries to train their employees how to recognize these activities. Yet, at each level in the process, somebody's just going to step in, whistle and look the other direction so they can fund the Sanchez loan? I don't think so.
So despite repeatedly rebutting your assertions, providing actual first hand knowledge of the industry, and explaining why your assertions don't make logical business sense, you prefer to stick to your opinion of ignorance. That may just say more about your beliefs than you realize.
Plaidvillain, usually you have your act together (for a liberal), but not this time.
If you pull your head out, you might stop spinning from the methane. Being illegal does not prevent anyone from owning property in the USA.
Undocumented immigrants are able to buy homes with ITIN. Many illegal immigrants come to the United States to achieve the American dream. Part of the American dream is to purchase a home and to increase one’s financial well-being. In the past, some immigrants may have turned to family members or close friends who were in the United States so that they could legally obtain a mortgage for them. Today more immigrants are able to obtain mortgages on their own without having to turn to family and friends. Because mortgage companies do not require buyers to have a Social Security number to purchase a home in the United States, non-citizens now have more opportunities. Immigrants wanting to buy a home need to have a special tax ID referred to as the ITIN. An ITIN, or individual tax identification number, is proof that an individual pays taxes to the IRS or Internal Revenue Service. The IRS began issuing ITINs in the mid 1990s for individuals who were not eligible to obtain a Social Security number but needed to declare their income and pay taxes. Obtaining an ITIN, a nine digit number for tax purposes, is a relatively easy process since legal residency in the Unites States is not a requirement. A large number of illegal immigrants seeking to become permanent residents obtain ITINs in order to show the USCIS in the future that they have been paying taxes while residing in the United States.
