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  • callmewhimpy callmewhimpy Jan 10, 2013 1:45 PM Flag

    That's RIGHT RUSH, Subprime was the cause of the BIG crash

    HUD: Five Million Fraudulent Mortgages Held by Illegals
    KFYI ^ | OCT 7 2008 | KFYI

    Posted on Tuesday, October 07, 2008

    One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt.

    Some five million fraudulent home mortgages are in the hands of illegal aliens, according to the U.S. Department of Housing and Urban Development.

    It's not known how many of those have contributed to the subprime housing mortgage meltdown, but it has affected every state, including Arizona.

    The problem began years ago when banks were forced to give mortgages without confirming social security numbers or borrower identification. As a result, illegal immigrants were able to obtain home mortgages which they could not afford.

    One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt.

    --------------------------------------------------------------------------------

    ILLEGALS ARE AMERICAS NUMBER ONE PROBLEM ( aided by LIBS !)

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Slick Willie, Barney Frank, Franklin Delano Raines made housing affordable. It just got corrupted and out of control.... like unions.

    • It's a lie, as usual: "[HUD] says there is no basis to news reports that more than 5 million bad mortgages are held by illegal immigrants[.] [In fact,] only 2.3 million mortgages [are] held by immigrants [IN TOTAL, including legal immigrants.]"

      ---------------------

      //On October 10, radio hosts Rush Limbaugh and Lee Rodgers repeated a variation of the claim that on October 9, the U.S. Department of Housing and Urban Development (HUD) reported, in Limbaugh's words, "that 5 million illegal aliens were given" subprime loans that they have not paid back. In addition, radio host Jim Quinn cited the 5 million statistic without citing a source for the figure. None of the talk radio hosts noted that HUD has reportedly stated that this statistic is false.

      As Media Matters for America has documented, radio host Roger Hedgecock similarly claimed that "HUD was talking about 5 million illegal alien home mortgage loans that have gone bad." On October 9, the Drudge Report linked to an article posted on the website of Phoenix radio station KFYI under the headline "HUD: Five Million Fraudulent Mortgages Held by Illegals..." However, according to an October 9 Phoenix Business Journal article, HUD "says there is no basis to news reports that more than 5 million bad mortgages are held by illegal immigrants" and "a HUD spokesman said ... his agency has no data showing the number of illegal immigrants holding foreclosed or bad mortgages." KFYI stated in a subsequent article that a "person from Housing and Urban Development contacted KFYI to tell us the number was inaccurate, that there were only 2.3 million mortgages held by immigrants [in total], so there was no way that 5 million illegals could have mortgages."//

    • Is that why Bank Of America is settling a lawsuit against it by the FannieMae for billions of dollars

      Bank of America reaches $11.6 billion settlement with Fannie Mae over soured mortgages
      View Photo Gallery — Know your investment banks: Here’s a look at the top nine banks, including Bank of America, and how they have been performing since the 2008 U.S. financial crisis.

      Text Size Print E-mail Reprints By Associated Press,
      Jan 07, 2013 08:51 PM EST

      AP
      NEW YORK — Bank of America reached an $11.6 billion settlement with government mortgage agency Fannie Mae to settle claims resulting from mortgage-backed investments that soured during the housing crash, bringing it a step closer to clearing up its legacy of bad home loans.

      Under the deal announced Monday, Bank of America will pay $3.6 billion in cash to Fannie Mae and buy back $6.75 billion in loans that the bank and its Countrywide Financial unit sold to the agency from Jan. 1, 2000 through Dec. 31, 2008. That includes about 30,000 loans. The bank is also paying $1.3 billion to the agency for failing to deal with foreclosures fast enough.

      Also Monday, a separate settlement was announced between federal regulators and ten major banks and mortgage companies, including Bank of America, over wrongful foreclosure practices. That $8.5 billion settlement covers up to 3.8 million people who were in foreclosure in 2009 and 2010. Of those, about 400,000 may be entitled to payments, advocates estimate.

      For Bank of America, its own settlement with Fannie Mae over the mortgage investments represents a “a significant step” in resolving the bank’s remaining mortgage problems, Bank of America CEO Brian Moynihan said in a statement. Moynihan’s predecessor, Ken Lewis, bought Countrywide, a troubled mortgage-lending giant, in July 2008 just as the financial crisis was taking hold.

      The settlement represents “another step closer to normal,” for Bank of America, Wells Fargo analyst Matt Burnell wrote in a note to clients. Burnell said the deal was good for the bank because it resolved a dispute with a government agency and will likely reduce the provisions it has to set aside to cover claims from investors over faulty mortgages that were sold with incorrect data on home values or income.

      Bank of America’s acquisition of Countrywide was initially praised by lawmakers because the lender was seen as stepping in to support the mortgage industry. However, instead of boosting Bank of America’s mortgage business, the purchase has drawn a drumbeat of regulatory fines, lawsuits and losses.

      • 2 Replies to alsmith581
      • Bank of America’s acquisition of Countrywide was initially praised by lawmakers because the lender was seen as stepping in to support the mortgage industry. However, instead of boosting Bank of America’s mortgage business, the purchase has drawn a drumbeat of regulatory fines, lawsuits and losses.

        ***

        BAC was coerced into buying Countrywide iver the weekend by the gubment. Angelo Mozilo, Franklin Raines, Chris Dodd, Barney Frank and Tim Geithner should be in jail.

 
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