April 26, 2006

Who is buying homes? Undocumented Immigrants/Illegal Aliens

Check out this wild story:

The Mess That Greenspan Made: This May Take a While
I am a lawyer and I represent illegal aliens in deportation. In all but one of 35 cases I currently have on docket the illegal owns a home. But it is the loan terms that fascinate me. One lady finished school at second grade, speaks no English, and works for a recycling company binding cardboard boxes. She makes about $30K per year and is a single mom with three children. She has a $430K interest only loan that she used last year to buy a $430K condo – 100% financing – she paid $3,000 in closing costs. I tried to explain that her monthly payments will rise substantially in four years. She does not believe me, did not understand what I said and told me the loan and real estate agents specialize in real estate and would have told her if her payments could go up. If 34 of my clients with risky loans and no school past at best eighth grade are surprised by rising loan payments, we should be afraid. This is the last group desperate lenders pander to, meaning we’re near the end.

Sound bogus? Is it crazy that this segment of the population is getting Interest Only mortgages? Is this all made up?

Maybe not!

Banks help illegal immigrants own their own home – Aug. 8, 2005
Banking on illegal immigrants
Banks are seeing an untapped resource in providing home loans to undocumented U.S. residents

Bet you didn’t know!

Click here to post a comment -- Posted by: burbed @ 11:28 am

No Responses to “Who is buying homes? Undocumented Immigrants/Illegal Aliens”

  1. dirk Says:

    lenders have ALWAYS pandered to ignorant people. i don’t see how this can be read as any kind of signal. it’s shitty but it’s been going on forever. I don’t disagree that cheating immigrants is an evil thing to do but it’s no signal of anything except that some people are and always have been dirty.

  2. burbed Says:

    I don’t think its a signal of evilness, but a possible indicator that the dramatic rise in housing prices might not have any solid financial backing to it. You know… like a bubble.

  3. NVmojo Says:

    Unethical. Give me a break when the neocons try and tell us that America has MORALS and Values.

  4. Aliens Says:

    Aliens – new movie on http://www.dvdipodmovies.com

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