Should Mortgage Loans be made to Illegal Aliens?

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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.

8 Comments
  1. Reply
    Court
    January 23, 2011 at 7:24 pm

    I don’t agree with this bailout either, but what can you do. Our elected officials are not voting our wishes?

  2. Reply
    Jeannie Out of the Bottle
    January 23, 2011 at 8:24 pm

    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.

  3. Reply
    riot preventing gurl
    January 23, 2011 at 9:11 pm

    Stopped?…..NO!

  4. Reply
    Readywhenur
    January 23, 2011 at 9:21 pm

    I know a couple that just bought a new house last March with a TIN. I believe it has already been stopped.

  5. Reply
    MowYourOwnLawn
    January 23, 2011 at 9:51 pm

    No absolutly not.

  6. Reply
    Paul N
    January 23, 2011 at 10:45 pm

    No, but the liberal agenda will loan them the money and give them the right to vote in this country. They are already licensing the illegal immigrant to drive an automobile in our country.

  7. Reply
    Docar
    January 23, 2011 at 11:19 pm

    With the amount of our tax dollars our government is throwing at illegal aliens I’m amazed they haven’t been crushed to death under the weight! Time to do the morally correct thing and stop taking taxpayers money to help criminals and the businesses that hire them!

  8. Reply
    Shane
    January 23, 2011 at 11:55 pm

    NO, it is a federal crime to aid and abet illegal aliens, so giving them a mortgage is a federal crime. Many of the mortgages that illegals got are in default which is greatly worsening the current economic crisis. Many illegals live in these homes with a huge number of relatives and friends living there.

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