Thursday, August 11, 2005

The Real "Housing Bubble" Needs to be Busted

Illegal aliens from Europe were about to lose their condo to foreclosure. The booming housing market bailed them out mere days before the bank took over. They sold the condo -- and turned around and bought a house in a double-closing.

How could anyone in foreclosure get a good mortgage deal to buy a new, larger house at twice the price of the condo? Put the new house in the wife's maiden name, claim she's single and deny the children they have. Profits on the condo sale in Connecticut's fast-rising housing market yielded enough for a 10 percent cash down payment on the new house, and lies -- outright fraud -- accomplished the rest.

Thousands of illegal aliens are purchasing homes across the country. Under special programs, some banks will knowingly lend to illegals using Individual Taxpayer Identification Numbers, or ITINs, instead of Social Security Numbers. Illinois is setting up a $15 million fund to help "immigrants" -- especially illegal aliens -- buy homes.

Yesterday, Lou Dobbs (CNN) featured frauds in the housing market: unscrupulous real estate agents, mortgage brokers and banks are teaming up to sell homes to illegal aliens who do not qualify for standard mortgages. If you violate immigration (and other) laws, you can buy a house on more favorable terms than US citizens can. You can buy a house when honest, hard-working citizens cannot.

And the real estate agents, mortgage brokers and bankers are raking in tens of millions of dollars in commissions on illicit home-buying schemes.

Why are house prices escalating so rapidly across much of the country? Demand. And where is that escalating demand coming from? Millions of illegal aliens flooding across our borders.

But who can afford these rapidly escalating housing prices? Illegal aliens -- who cheat on their taxes, fiddle off-the-books and illicit-activity incomes, and then get more favorable lending practices to shave the cost of home buying.

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