Upcoming Foreclosures

Has the Federal Government lied to us about the illegal aliens and their home loans?

Foreclosure Rate Lookup Chart http://www.realtytrac.com/foreclosure/foreclosure-rates.html When you look at this chart, you discover the states with enormous problems with illegal aliens are the places where the foreclosues are going strong. California, Idaho, Nevada, North Carolina, Utah, Virginia and Wisconsin have big illegal aliens populations. Notice Oklahoma, who has strong defenses against the illegal aliens also has forclosers that are higher than other states. Oklahoma passed all the good laws to get the illegal aliens out of town. I would attribute Oklahoma as being as it is because homes bought for renting to illegal aliens have finally reached their just reward. But here we are with states that were really hot with the ITIN Loans being buried with the foreclosures. An easy to read graph that reflects per capita foreclosure.. per person. http://www.realtytrac.com/MapSearch/FreeSearch.aspx?

Public Comments

1. Of course they have!
2. The federal government has lied to us a lot, even with everything that is going on there is still a sadly misguided attempt to blame illegals for everything. Some people just don't get it and never will, how sad.
3. It's been a while since I took statistics but I remember a few things. Correlation is not causation. Correllation between illegal population and random statistics positive or negative is meaningless. There is a correllation between sunspots and leopard spots. THere are probably correllations between alien presence and smog, which proves that aliens live in places where a lot of people live, perhaps. Get real. First, you have not actually established a correllation exists. You offer opinions about where illegals are, you ignore many states, you did not even mention Arizona which would actually support your thesis, though as an Arizona homeowner x 2 I know there is no large group of homeowning illegals. How about Michigan? Is it possible that foreclosures reflect bad employment rather than illegals? Why is New Mexico low do you think illegals avoid the border at New Mexico or don't want to work in that state? Yet it has a much lower rate. Do you actually have any even remotely accurate statistic about the estimated illegal population of any state, much less every one? Then look at the other factors that are far more likely to be relevant, such as housing price inflation 2002-2008, unemployment, overbuilding of housing in areas. Explain the relationship between the two, why would illegals have large numbers of mortgages for example, when most of them cannot get a SSN. Yes I know you'll say "loopholes" and 'lax standards" and "politically correct lending" Lax lending standards are very unlikely to have resulted in many illegals -- if any -- getting loans. For one thing you still have to provide documentation of your identity to get a bank account, or a loan. You do have to have an SSN and while some might not be checked the vast majority of loans did require credit checks for example. Most illegals are paid under the table and cannot qualify for income verified loans. etc etc. What evidence do you have tha illegal aliens got mortgages at all other than blogs? How many? How many are in the groups of defaulted or foreclosed loans? Get a real statistic if you believe this nonsense. If you just want to bash aliens, you will. If you seriously believe this poppycock you have no interest in getting an "answer" but are instead posting an opinion. This is immigrant bashing pure and simple.
4. yes
5. NO!.......what they don't want to tell you is that the loans to illegal immigrants have been holding sturdy up until 2007......and that just happens to be the year they really started enforcing the immigration laws, and the immigration raids started. So what they don't want you to know is that those loans that were being paid on time by the illegals, have defaulted because they deported them, and the economy affected many of them to....just like many Americans. They'll tell you that their loans have defaulted, but won't tell you exactly why. READ BETWEEN THE LINES BUDDY! http://rismedia.com/2007-10-12/home-loans-to-illegal-immigrants-sturdy-but-show-some-cracks/ Home Loans to Illegal Immigrants Sturdy But Show Some Cracks By Miriam Jordan, The Wall Street Journal Online RISMEDIA, Oct. 15, 2007-Despite the downturn of the mortgage market, a type of home loan has remained surprisingly sturdy: one extended to illegal immigrants. Now, the question is whether these loans will continue to hold up. A number of factors — including a possible government crackdown on illegal workers and a slowdown in job prospects for undocumented laborers — threaten the ability of these borrowers to keep paying. And there are signs of a slowdown as some lenders have raised the interest rates they charge because of the recent mayhem in the credit markets. For loans more than 90 days in arrears, ITIN mortgages have a delinquency rate of about 0.5%, according to independent estimates. That compares with 1% for prime mortgages and 9.3% for subprime mortgages extended to those with spotty credit histories. “Our default level is almost zero,” says Scott Hastings, director of marketing for Citizens Home Loan Inc., a Charlotte, N.C.-based lender that is active in 33 states. The bank has been originating ITIN mortgages for almost two years, and the loans now make up about 20% of the institution’s mortgage business. “It’s an absolutely promising market. These Hispanic families will pay their mortgage before anything else.”