Subprime Mortgage Defaults Being Driven by Illegal Immigration? , Undocumented Blogger
Just who are these borrowers that are defaulting on their mortgage loans at a nearly a 50% rate? Leonardo Simpser of the Hispanic National Mortgage Association (NHMA) says that Hispanic first-time buyers constitute the fastest-growing segment of the subprime mortgage market. He also says that many Latinos, especially recent immigrants, have low FICO credit scores or no scores at all and are less creditworthy than they are in reality.HNMA is the creator of the Hispanic Automated Underwriting System (HAUS) which claims to allow lenders to "eliminate the need for time-consuming manual underwriting of such applicants, and allows lenders to underwrite borrowers with no Social Security numbers and multiple income sources."
Congress needs to act. We need a full congressional investigation into determining just how rampant the illegal immigration problem is in regards to these mortgage defaults. Much like the savings-and-loan scandals of the 80's we need to know which banks are catering to illegal immigrants in violation of U.S. law and making these extremely high risk loans putting the economic prosperity of this country in great peril.
Call your congressmen today and demand an investigation! http://www.usa.gov/Contact/Elected.shtml (read more)
Others:
Another Border Patrol Agent will probably be prosecuted for doing his job!, Bear Creek Ledger
US military headed next to Mexico, and Illegal alien suspect pleads not guilty, The Uncooperative Blogger
Even half-hearted attempts at border work, The Virtuous Republic
When open borders couple with a failed judicial system, Conservative Common Man
The Return of ... Immigration Monday!!!, La Vista
**This was a production of The Coalition Against Illegal Immigration (CAII). If you would like to participate, please go to the above link to learn
more. Afterwards, email stiknstein-at-gmail-dot-com and let us know at what level you would like to participate**
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