What do you think about this Bailout Could Help Illegal Immigrants ?
by Mortgage Rates on Saturday, October 2nd, 2010 | 6 Comments
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i think not bailing out the banks will hurt the illegal immigrants. A year from now you are going to see far more Americans who are willing to pick the lettuce.
Can you please provide a link? because the only source I can find that say such things is a BLOG.
The states you mentioned, especially Vegas and Phoenix have a big foreclosure rate because those cities are a couple of the fastest growing cities in America. And if you look at statistics, US Citizens from other states are moving there, not the illegals.
Banks were actually looking to provide these loans to illegals because they are less likely or about the same risk at defaulting on these loans as US Citizens. They have been paying those loans up until the immigration laws and raids began.
http://money.cnn.com/2005/08/08/news/economy/illegal_immigrants/index.htm
Despite heated political debate in Washington over illegal immigration in the United States, an increasing number of banks are seeing an untapped resource for growing their own revenue stream and contend that providing undocumented residents with mortgages will help revitalize local communities.
He added that there’s a common misperception that illegal immigrants will be more likely to default on their loans than a documented resident. But the company has found that there is no higher rate of default in this loan portfolio than any other market the company serves.
“There’s a pride that comes with people moving from renting to owning and we’ve found that these borrowers are driven to hang on to their homes,” Peterson said.
http://www.freerepublic.com/focus/f-news/1912546/posts
“Our default level is almost zero,” says Scott Hastings, director of marketing for Citizens Home Loan Inc., a Charlotte, N.C.-based lender that is active in 33 states. The bank has been originating ITIN mortgages for almost two years, and the loans now make up about 20% of the institution’s mortgage business. “It’s an absolutely promising market. These Hispanic families will pay their mortgage before anything else.”
It could !
The US economy falls apart !
You and yours lose your jobs and are forced to pick fruit in the hot Arizona sun.
Would put many undocumented out of a job !
Another reason I don’t support a bail out.Illegals benefitting.
how can an illegal immigrant get a loan when he/she is in fact….illegal?not possible.
So now we are blaming the need for a bailout on illegal immigrants?!?!? You people are ignorant.