Swordsmyth
03-26-2019, 06:30 PM
When Barack Obama implemented his unilateral amnesty for illegal aliens who claimed to have entered this country before the age of sixteen, the illegally amnestied illegals qualified for many benefits.
One of these were FHA loans.
FHA loans are government-backed mortgages meant for poorer Americans unable to qualify for normal mortgages. Democrat abuse of the FHA helped lead to the Great Recession and in the years afterward, FHA insured loans hit losses of $70 billion (https://www.forbes.com/sites/richardfinger/2012/12/07/fha-will-cost-taxpayers-150-billion/#76c47a127cdc). By 2012, the FHA was $16 billion in the hole and had to be bailed out. The delinquency rate for FHA loans is still more than three times higher (https://www.corelogic.com/blog/2019/01/mortgage-delinquency-rates-for-all-loan-types-continue-to-fall.aspx) than normal loans, and depending on the period, have hovered between 8% and 14%. Time to bring in the illegal aliens.
When Obama illegally implemented DACA, a program exempting certain illegal aliens from government action, they were also allowed to apply for FHA loans. How many illegal aliens obtained FHA loans?
In December, a letter from three Senate Democrats claimed that HUD barred “approximately 800,000 individuals approved for DACA from FHA-insured mortgage loans”. This refers to the total number of DACA illegal aliens and it’s unknown how many of them have obtained FHA loans in past years.
Ellie Mae’s millennial tracker estimated that the average size of an FHA loan to millennials is $186,454. Potential exposure to illegal alien mortgages could then climb as improbably high as $150 billion.
It’s unknown how many illegal aliens have taken out FHA loans, but some media stories have cited loan officers for whom illegal alien FHA loans represent a significant percentage of their business.
The Trump administration has applied the brakes to this avalanche of taxpayer-insured mortgages to illegal aliens. The Department of Housing and Urban Development (HUD) had begun notifying lenders that the FHA was no longer in the illegal alien mortgage business. The reasons were common sense. DACA illegal aliens, or in media spin, DREAMERs, were not legal residents and weren’t being legalized.
More at: https://www.frontpagemag.com/fpm/273245/trump-stops-taxpayer-backed-mortgages-illegal-daniel-greenfield
One of these were FHA loans.
FHA loans are government-backed mortgages meant for poorer Americans unable to qualify for normal mortgages. Democrat abuse of the FHA helped lead to the Great Recession and in the years afterward, FHA insured loans hit losses of $70 billion (https://www.forbes.com/sites/richardfinger/2012/12/07/fha-will-cost-taxpayers-150-billion/#76c47a127cdc). By 2012, the FHA was $16 billion in the hole and had to be bailed out. The delinquency rate for FHA loans is still more than three times higher (https://www.corelogic.com/blog/2019/01/mortgage-delinquency-rates-for-all-loan-types-continue-to-fall.aspx) than normal loans, and depending on the period, have hovered between 8% and 14%. Time to bring in the illegal aliens.
When Obama illegally implemented DACA, a program exempting certain illegal aliens from government action, they were also allowed to apply for FHA loans. How many illegal aliens obtained FHA loans?
In December, a letter from three Senate Democrats claimed that HUD barred “approximately 800,000 individuals approved for DACA from FHA-insured mortgage loans”. This refers to the total number of DACA illegal aliens and it’s unknown how many of them have obtained FHA loans in past years.
Ellie Mae’s millennial tracker estimated that the average size of an FHA loan to millennials is $186,454. Potential exposure to illegal alien mortgages could then climb as improbably high as $150 billion.
It’s unknown how many illegal aliens have taken out FHA loans, but some media stories have cited loan officers for whom illegal alien FHA loans represent a significant percentage of their business.
The Trump administration has applied the brakes to this avalanche of taxpayer-insured mortgages to illegal aliens. The Department of Housing and Urban Development (HUD) had begun notifying lenders that the FHA was no longer in the illegal alien mortgage business. The reasons were common sense. DACA illegal aliens, or in media spin, DREAMERs, were not legal residents and weren’t being legalized.
More at: https://www.frontpagemag.com/fpm/273245/trump-stops-taxpayer-backed-mortgages-illegal-daniel-greenfield