The Mother of All Bailouts has many
fathers. As panicked politicians prepare to fork over
$1 trillion in taxpayer funding to rescue the
financial industry, they`ve fingered regulation,
Fannie Mae and Freddie Mac, the Community
Reinvestment Act, Jimmy Carter, Bill Clinton, both
Bushes, greedy banks, greedy borrowers, greedy
minority home ownership
call `em greedy, that would be racist) for blame.
It`s no coincidence that most of
the areas hardest hit by the foreclosure wave—Loudoun
County, Va., California`s Inland Empire, Stockton and
San Joaquin Valley, and Las Vegas and Phoenix, for
starters—also happen to be some of the nation`s largest
illegal alien sanctuaries. Half of the mortgages to
subprime (the accursed species of loan to borrowers
shadiest credit histories). A quarter of all those
subprime loans are in default and foreclosure.
Regional reports across the country
have decried the subprime meltdown`s impact on
"victims." A July report showed that in seven of
the 10 metro areas with the highest foreclosure rates,
Hispanics represented at least one-third of the
population; in two of those areas—Merced and
comprised half the population. The amnesty-promoting
National Council of La Raza and its Development Fund
have received millions in
federal funds to
their constituents on obtaining mortgages with little to
no money down; the group almost succeeded in attaching a
$10-million earmark for itself in one of the housing
bills past this spring.
For the last five years, I`ve
the rapidly expanding illegal alien home loan racket.
The top banks clamoring for their handouts as their
profits plummet, led by
Bank of America, launched aggressive campaigns to
woo illegal alien homebuyers. The quasi-governmental
Wisconsin Housing and Economic Development Authority
jumped in to guarantee home loans to illegal immigrants.
Post noted, almost as an afterthought, in a 2005
"Hispanics, the nation`s fastest-growing major ethnic or racial group,
have been courted aggressively by
real estate agents,
mortgage brokers and programs for first-time buyers
that offer help with closing costs.
"Sin verificacion de ingresos! Sin verificacion de
documento!"—which loosely translates as, `Income tax
forms are not required, nor are immigration papers.`"
Hispanics Gain Foothold in Housing Market, By
In addition, fraudsters have
engaged in massive house-flipping rings
using illegal aliens as straw buyers. Among many
examples cited by the FBI: a conspiracy in Las Vegas
involving a former Nevada First Residential Mortgage
Company branch manager who directed loan officers and
processors in the origination of 233 fraudulent Federal
Housing Authority loans valued at over $25 million. The
defrauders manufactured and submitted false employment
and income documentation for borrowers; most were
illegal immigrants from
"Fifty-eight loans with a total value of $6.2 million
have gone into default, with a loss to the Housing and
Urban Development Department of over $1.9 million."
It`s the tip of the iceberg. Thanks
to lax Bush administration-approved policies allowing
illegal aliens to use
taxpayer identification numbers to open bank
accounts, more forms of mortgage fraud have burgeoned.
Moneylenders still have no access to a verification
system to check Social Security numbers before approving
In an interview about rampant
illegal alien home loan fraud, a spokeswoman for the
U.S. General Accounting Office
five years ago:
"[C]onsidering the size of
known to be inundated with illegal aliens, I don`t think
the federal government is willing to expose this problem
for financial reasons as well as for fear of political
The chickens are coming home to
roost. And law-abiding, responsible
taxpayers are going to pay for it.
CREATORS SYNDICATE, INC.
Michelle Malkin [email
her] is author of
Invasion: How America Still Welcomes Terrorists,
Criminals, and Other Foreign Menaces to Our Shores.
here for Peter Brimelow`s review. Click
here for Michelle Malkin`s website.
Michelle Malkin`s latest book is "Unhinged:
Exposing Liberals Gone Wild."