HUD: Five Million Fraudulent Mortgages Held by Illegals Test Your National Knowledge! 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.
Well, I dont think that is most of our problem......however, pissed off that makes me......that would be a drop in the bucket of mismanagement if they didn't get the loans and they were checked out properly we wouldn't be in this mess because the rest of the Americans would have been properly checked out too......that is what happens when we accept 'cheap crap' from foreign entities.....dollar stores and the likes.....including foreign banks....we liked them and used them too......they were allowed free reign in America....and now here we all sit with out thumbs up our butts.....
The boomers were all happy when their pensions/401k etc were making a mitt off the next generations credit charges and cheap banking loans......
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Personally, I wouldn't even TAKE a loan if someone didn't want my social security number or to see a paystub (not just a promise that I make a certain amount of money), much less GIVE one.
Housing crisis phase II looming Signs point to a huge wave of foreclosures hitting commercial properties
By MATT APUZZO, Associated Press First published in print: Friday, November 28, 2008 WASHINGTON — The full scope of the housing meltdown isn't clear and already there are ominous signs of a new crisis — one that could turn out the lights on malls, hotels and storefronts nationwide.
Even as the holiday shopping season begins in full swing, the same events poisoning the housing market are now at work on commercial properties, and the bad news is trickling in. Malls from Michigan to Georgia are entering foreclosure.
Hotels in Tucson, Ariz., and Hilton Head, S.C., also are about to default on their mortgages.
That pace is expected to quicken. The number of late payments and defaults will double, if not triple, by the end of next year, according to analysts from Fitch Ratings Ltd., which evaluates companies' credit.
"We're probably in the first inning of the commercial mortgage problem," said Scott Tross, a real estate lawyer with Herrick Feinstein in New Jersey.
Uh oh....no mall gift card this season. Sounds like another bail out, with our tax dollars headed our way!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Recession official; stocks tank on reports Fed rate cut likely; Pelosi plans new stimulus package
BY JEANNINE AVERSA AND MARTIN CRUTSINGER The Associated Press
WASHINGTON — Most Americans sorely knew it already, but now it’s official: The country is in a recession, and it’s getting worse. Wall Street convulsed at the news — and a fresh batch of bad economic reports — tanking nearly 680 points. With the economic pain likely to stretch well into 2009, Federal Reserve Chairman Ben Bernanke said Monday he stands ready to lower interest rates yet again and to explore other rescue or revival measures. Rushing in reinforcements, Treasury Secretary Henry Paulson, who along with Bernanke has been leading the government’s efforts to stem the worst financial crisis since the 1930s, pledged to take all the steps he can in the waning days of the Bush administration to provide relief. Specifi - cally, Paulson is eyeing more ways to tap into a $700 billion financial bailout pool. On Capitol Hill, House Speaker Nancy Pelosi, D-Calif., vowed to have a massive economic stimulus package ready on Inauguration Day for President-elect Barack Obama’s signature. That measure — which could total a whopping $500 billion — would bankroll big public works projects to generate jobs, provide aid to states to help with Medicaid costs and provide money toward renewable energy development. Crafting such a colossal recovery package would mark a Herculean feat: Congress convenes Jan. 6, giving lawmakers just two weeks to complete their work if it is to be signed on Jan. 20. President George W. Bush, in an interview with ABC’s “World News,” expressed remorse about lost jobs, cracked nest eggs and other damage wrought by the fi - nancial crisis. “I’m sorry it’s happening, of course,” said Bush. The president said he’d back more government intervention. None of the pledges for more action could comfort Wall Street investors. The Dow Jones industrials plunged 679.95 points, or 7.70 percent, to close at 8,149.09. It was another white-knuckle day, punctuated by grim economic reports. An index of manufacturing activity sank to a reading of 36.2 in November, a 26-year low, the Institute for Supply Management reported. Construction spending fell by a larger than expected 1.2 percent in October, the Commerce Department said. ......................................http://www.dailygazette.net/De.....amp;EntityId=Ar00100
Employers chopping 20,000 jobs Latest round indicates economy growing weaker BY CHRISTOPHER LEONARD The Associated Press
A round of more than 15,000 layoffs announced Thursday by AT&T Inc., DuPont and Viacom Inc. suggests a yearlong wave of job cuts is accelerating, just as the government is expected to report a higher unemployment rate for November today. Swiss bank Credit Suisse Group also announced 5,300 job cuts, although it’s unclear how many will be in the United States. The latest layoffs coincided with a government report showing the proportion of workers continuing to receive jobless benefits has matched a level last reached in September 1992. The deepening recession is pressuring companies to slash costs, and payroll is typically the quickest and most efficient way to do it. Thursday’s announced job cuts spanned an array of economic sectors, hitting telecom workers, bankers, salespeople and chemical manufacturers. The breadth of the layoffs suggests the pain of the recession will be felt broadly and well into 2009. Dallas-based AT&T plans to cut 12,000 jobs, about 4 percent of its work force. The nation’s biggest telecommunications company said the job cuts will begin this month and continue throughout 2009. Wilmington, Del.-based chemical company Dupont will cut 2,500 jobs and cut back hours for remaining workers. It also plans to eliminate 4,000 contractors this month, with more contractor cuts in 2009. New York-based media conglomerate Viacom will cut about 850 jobs, or 7 percent of its work force. Credit Suisse’s 5,300 planned job cuts worldwide represents about 11 percent of its work force. The layoffs announced Thursday follow others earlier this week. JPMorgan Chase & Co. said it plans to cut 9,200 positions at Washington Mutual, which it acquired. Jet engine maker Pratt & Whitney, a subsidiary of United Technologies Corp., laid off about 350 employees across the country Wednesday, the same day software maker Adobe Systems Inc. said it will cut 600 jobs, or about 8 percent of its work force. “What we have seen is not just that the cuts are deep; it’s that they are happening everywhere,” said Andrew Gledhill, an economist with Moody’s Economy.com. “It just tells you that there are very few people in any industry who can say, ‘I feel safe.’ ” Growing job insecurity dampens the economy in ways that go beyond those laid off, Gledhill noted. Anxious families, even those with jobs, rein in their spending. Because consumer spending accounts for roughly 70 percent of U.S. economic activity, a pullback in spending typically leads companies to cut even more workers to trim costs. “The prospect of losing your job is what scares people,” said George Whalin, president of ....................................http://www.dailygazette.net/De.....amp;EntityId=Ar00800
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