"In 2005, Citibank and ACORN Housing Corporation -- which received tens of millions of tax dollars under the Bush administration alone -- began recruiting Mexican illegal aliens for a lucrative program offering loans with below-market interest rates, down-payment assistance and no mortgage insurance requirements. Instead of the Social Security numbers required of law-abiding citizens, the program allows illegal alien applicants to supply loosely monitored tax identification numbers issued by the IRS.
The San Diego Union-Tribune reported that "undocumented residents" comprise a vast market representing a potential sum of "$44 billion in mortgages." Citibank enlarged its portfolio of subprime and other risky loans. ACORN enlarged its membership rolls. The program now operates in Miami; New York City; Jersey City, N.J.; Baltimore; Washington, D.C.; Chicago; Bridgeport, Conn.; and at all of ACORN Housing's 12 California offices. San Diego ACORN officials advised illegal alien recruits that their bank partners would take applicants who had little or no credit, or even "nontraditional records of credit, such as utility payments and documentation of private loan payments."
The risk the banks bear is the price they pay to keep ACORN protesters and Hispanic lobbyists from the National Council of La Raza screaming about "predatory lending" off their backs. These professional grievance-mongers have turned the 1977 Community Reinvestment Act -- which forced lenders to sacrifice underwriting standards for "diversity" -- into lucrative "business" opportunities. Or rather, politically correct blackmail. "
Friday, September 18, 2009
Subscribe to:
Post Comments (Atom)
1 comment:
Now that E-Verify is becoming a nationwide verification application to extract 20 million plus illegal immigrants from businesses. It is now growing in aggressive performance for placing true US workers in the job line and outing illegal labor. This operation should now extend to certainly more purposeful uses? That means not just federal contractors but everybody who draws a pay check? Should a health care reform pass all obstacles in the House and Senate chambers, it could have an invaluable function of checking people who are not only applicants for jobs, but health care reform registry. In the future it should be considered to vet a person’s nationality status, when applying for a mortgage? The United States banking system, financial institution were all but swept away on a deluge of corruption that has very sinister undertones in an organization called ACORN.
The Association of Community Organizations for Reform now is under state and federal investigations at this very moment. Other involved institution impacted both Freddie Mac/Freddie Mae and a scheme incorporating underhand minority lending practices. But you might not have heard any of this, from the liberal media about the massive illegal alien mortgage accusations. The whole debacle was the involvement in a corrupt enabling banking industry and ethnic lobbyists, using unethical methods, along with Bush administration to guarantee loans for low income and people that could not possibly afford mortgages. Didn't Wall Street, the government regulators learn anything from the Savings and loan crisis in the 1980’s?
GOOGLE—Michelle Malkin, she has her own blog and also Google illegal immigrants—mortgages—home loans. Find out about the shady deals which had a massive impact on the 2009 real estate crash. In Addition read how we as citizens and legal residents can demand permanent E-VERIFY. Tell the politicians in Washington at 202-224-3121 It’s about time they worked for the USworking man/woman, instead of paying-off favors to the wealthy business lobbyists? NUMBERSUSA & JUDICIAL WATCH has more answers about corrupt lawmakers and the issues that effects us all. HELP AMERICA SURVIVE. BETTER START COUNTING YOUR PENNIES, BECAUSE IF THE DEM'S PASS ANOTHER AMNESTY--WILL HAVE MILLIONS OF MORE DESTITUTE ILLEGAL ALIENS AND FAMILIES TO SUPPORT!. THE BUSINESSES THAT HIRE THEM WILL NOT!
Post a Comment