rssDid Undocumented Immigrants Commit Two-Thirds of Mortgage Fraud During the Housing Bubble?
Friday, July 23, 2010 at 4:19 pm
- 43 Comments
No. But the idea is out there. Rep. Kenny Marchant (R-Texas) has proposed requiring Fannie Mae and Freddie Mac to verify that everyone receiving a home loan backed by them is of legal status. On the site America Speaking Out, where House Republicans lets users submit and vote on ideas for deficit reduction and general political priorities, Marchant (or, presumably, a staffer in his office) writes:
During the housing bubble, mortgage fraud was egregious. Over the last decade, two-thirds of fraud reports came from illegal immigrants who were approved for loans despite providing FALSE information (such as Social Security numbers and Individual Taxpayer Indentification Numbers). Due to the bailout of Fannie Mae & Freddie Mac, taxpayers are now subsidizing millions of dollars in fraud. I propose we REQUIRE Fannie, Freddie and FHA – which handle 85% of the nation’s mortgage loans – to use E-Verify to ensure the legal immigration status of a borrower before originating, purchasing, or restructuring a home mortgage loan. Even if Congress fails to reform Fannie and Freddie, my plan – introduced as HR 4586 & HR 4744 – would save MILLIONS of tax dollars wasted in guaranteeing fraudulent mortgages, and would protect taxpayers from paying for mortgage adjustments of illegal immigrants.”
That some undocumented immigrants commit mortgage fraud seems right. That they commit two-thirds seems outrageously high to me. Undocumented immigrants do not buy that many houses, and mortgage fraud became rife in the run-up to the bubble, as lenders, particularly subprime lenders, nudged applicants for loans to fudge their own documentation or failed to follow-up on income statements. The paperwork got shoddy for everyone.
Marchand’s America Speaking Out post actually contradicts other statements of his, where he says that people falsifying documents or misreporting their income make up two-thirds of mortgage fraud — and that undocumented immigrants have in several states been accused or convicted of doing so. That, obviously, does not translate into undocumented workers committing more than 60 percent of the crimes. Still, the notion got legs on the internet, as have numerous other reports overstating the impact of undocumented workers on the housing bubble. For a thorough debunking, see the Southern Poverty Law Center’s post here.
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43 Comments
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Comment posted July 23, 2010 @ 9:47 pm
Brokers knew that 27% of those that got sub-prime loans would default but they still pencil whipped the potential home buyer's income to qualify them.
They also pushed those that qualified for conventional loans into sub-prime. I believe that figure was 9%.
The Broker's attitude was influenced by Wall St. that said “Sign em up”
Once the mortgage package got out of the door on it's way up to Wall St., they were off the hook.
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Comment posted July 23, 2010 @ 11:27 pm
Undocumented workers were sold homes and were encouraged later to refi and send the money to Mexico. And then the foreclosure.
Real Estate Appraisers were involved in saying the home was worth more and getting a kick back. They would use someone with good credit and then let it foreclose on.
There was so much falsifying of documents by everyone who worked in the industry –Realtors, lenders, appraisers,construction people, tax accountants the home buyer, the employer of the home buyer –falsifying what someone made–Nobody cared. I called the FBI on 2 different occasions and they just blew me off–
We are a country full of cheats and liars and it starts at the top, and goes all the way to the bottom
So as far as i am concerned everyone got what they deserved in this fiasco
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