Everything You Need To Know About Mortgages

Should Mortgage Loans be made to Illegal Aliens?

The Poison Mortgages that collapsed the American Banking system apparently were the ITIN Mortgage Loans.

http://www.hipoteca.net/mortgages/refinancing/loans/itin_loan_programs/

Loans, known as ITIN loans, are offered to illegal immigrants that do not have a Social Security number. They can qualify for the loans by obtaining an Individual Taxpayer Identification number (ITIN) from the Internal Revenue Service.

http://www.eliudgautier.com/itin.html

http://activerain.com/groups/itinloans

I believe it should be stopped immediately, and the bail out should not go forward for such loans. It is illegal to loan to an illegal alien, so if it was a Citizen that defaulted, fine.. we buy it, but it it was an illegal aliens with the mortgage loan, it is the banks business.

No, they absolutely should not be given mortgage loans or credit cards. It was the height of folly to give them any loans or credit cards.

What is truly disturbing is that in 2005, they were warned by a NY think tank that this practice was dangerous. The hardest hit areas in foreclosures are those with large illegal alien populations. Banks were even advertising in Spanish. “Sin verificacion de ingresos! Sin verificacion de documento!” (“Without verification of earnings! Without verification of documents!”

An American cannot obtain a mortgage loan for a home unless he or she has government issued identification, established credit, and verifiable income.

I’m usually a bit skeptical of government oversight, but it is clearly needed here. Banks must be stopped from this practice.

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