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subprime mortgages & Illegal aliens

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  • subprime mortgages & Illegal aliens

    I am doing some research on what percentage of subprime mortgages are going to illegal aliens. I'm looking into it because a candidate for the Kansas State House of Reps came by the house and said it was about 30% of the subprime mortgages. That seems pretty high to me. I find it difficult to believe that many illegals could somehow get a mortgage for thousands (not sure how many, seeing as it would vary from place to place) of dollars.

    So while I'm looking, I thought I'd ask in case anyone else has already seen some data on it.

    I found this, but it seems like it might be a bit biased. but it did say this:
    A 2004 study by the DC-based National Association of Hispanic Real Estate Professionals (NAHREP) [Email them] estimated that more than 200,000 illegal immigrants from Latin America have qualified for FHA loans. A NAHREP board member asserts that “Being in the country legally or not is not an issue when you are buying a house.” [Many Illegal Immigrants Becoming Homeowners With Legal Mortgages, By Alfredo Corchado, The Dallas Morning News, December 4, 2006]
    says this:
    Many of them took out high interest fixed-rate loans or subprime mortgages with a low entry rate that later rose sharply. Experts say language difficulties made them more vulnerable to being offered, and taking, bad deals.
    "They were more exposed to abuse," said Alejandra Louden of the Congressional Hispanic Caucus Institute's housing department, which carried out a recent study on Latino home loan foreclosures. "Documents were in English and explained in Spanish, and some vital explanation would be missing."
    Which makes some sense. It would be easier for them to get into a bad mortgage. But this doesn't answer my question on how many.
    Again, not necessarily good factual information.

    Anyone know of anyplace with good numbers? I'm not really looking for opinions/explanations. I'm looking more for hard numbers.
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  • #2
    Re: subprime mortgages & Illegal aliens


    There where many inscrutable lenders pushing absolutely horrible loans on people. Illegal immigrants was one group taken advantage of, to be sure. But so where legal immigrants. The language difficulties where seen as a bonus, not a negative, to the bad guys. It made it much easier to lie and obscure the balloon payments and ARM facts.

    And some knew what was going on but didn't care. Worse come to worse they could just pack up and go home. This wouldn't have been a huge problem if housing prices where not so overly inflated.
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    • #3
      Re: subprime mortgages & Illegal aliens

      Scroll down to the map of Cleveland

      The loans went to minorities in general as evidenced in Cleveland (widely considered the worst-hit city in the sub-prime crisis).
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