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Latino Real Estate Professionals Should Be Outraged Of These Comments

By
Services for Real Estate Pros with RealEstateLatino.com

It was to my surprise when I learn of Michelle Malkin a FOX News contributor when said on TV today, that she uncovered "one giant paternal elephant in the room that has slipped notice": illegal immigration, crime-enabling banks and open-borders Bush policies fueled the mortgage crisis. She blame much of the current mortgage crisis to Latino home buyers. specially the undocumented one. She conitnues on by mentioning some foreclosure statics on cities where Latinos are majorities.

What she fail to mention on her blog is the fact that undocumented Latino homeowners default rates are much lower that the documented one. That Latino homeowners take pride on homeownership and what it means for their families. She even mistakly try to translate what it seam an advertisment scrip "Sin verificacion de ingresos! Sin verificacion de documento! which loosely translates as, 'Income tax forms are not required, nor are immigration papers." Well that was very loosely translation if you ask me, being a proud Latino real estate broker and a loan officer, I can tell you that what this ad is nothing less that a NINA advertisment (No Income No Assest Loan).

I will stop here as this blog is really getting me upset and frustated that a inmigrant like person has so poor opinion on inmigrant after all that we have done to build this great country, and I am not only talking about Latinos but the people that entered this country thur Ellis Island in the 1900s.

Saludos,

 

Bill Arce

www.realestatelatino.com

 

Comments (4)

Matt Muelver
Muelver Realty, LLC - Milwaukee, WI

What I'm outraged at are the mortgage brokers, lenders, banks and the government agencies that have been giving and promoting giving mortgages to ILLEGAL ALIENS! These people have broken the law to get here and they continue to break the law by being here. They should not be given mortgages, driver's licenses, jobs, food stamps or any kind of welfare. They should be SENT HOME! Here in WI our idiot Gov. Doyle and his administration set up a special ILLEGAL-ONLY mortgage program backed by the state housing authority. That's right, a special program specifically to guarantee mortgages given to non-citizen, undocumented, ILLEGAL ALIENS! In order to qualify for the program you had to be a law breaker. Absolutely insane.

There is a distinct difference between legal immigrants (which my great-grandfather was) and illegal aliens. Whether you're from Mexico, South Africa, Germany or Australia (or anywhere else) if you want to come to the USA you are welcome as long as you follow the law, including our immigration laws. Those who come illegally are not welcome and they are hurting our Great Nation for their own personal gain.

Sep 24, 2008 10:22 AM
Bill Arce
RealEstateLatino.com - Jacksonville, FL
Real Estate, Latino

You see Matt that is where you and many others are wrong. One don't need to be legal on this country to purchase a home, and many of these homeowner are not illegally buying in the USA. One can purchase a home as a foreign investor with 20 or 30 percent down. Other can be here with work visa and not have SSN and still can purchase a home with just the ITIN issued by the IRS. Then there are other on the path to legalization that shouldn't wait year to purchase a home an utilize the great opportunities that this free country have to offer.

If this is legal matter no bank would promote such programs nor would issue credit card and open door for financial stability. And guess what Latinos could be the next driving force of the real estate market, so you can imagine where the money will be.

Bill

Sep 24, 2008 10:43 AM
Matt Muelver
Muelver Realty, LLC - Milwaukee, WI

I have no problems with non-citizens buying property here. The problem is illegals, whether they are latino or not. The government needs to get back to doing what their job is supposed to be (protecting this country and keeping illegal invaders out) and get out of the business of tampering with our markets (subsidizing loans through taxpayer funded guarantee programs).

Sep 24, 2008 10:52 AM
Mary Jo Quay
H360homes.com - Minneapolis, MN
I Move You Home

First, let's acknowledge that the immigration 'system' is broken.  Americans have no idea the harship that 3rd world people live with and the risks they take to eck out a better life.  They don't come here to watch TV, many have two and three jobs where they can find them.  Some were school teachers in their homeland and work washing dishes to get a toe hold.  Most of us take hot showers, refrigerators, and electricity for granted.  There is a real world beyond the comfort of that big cozy chair in front of the TV.

There is also a distinction between 'undocumented' and illegal.  Many Latinos have been living in this country for over 10 years unable to obtain legalized status, but are working, paying taxes and social security even though they cannot use it.  I've been working with the Latino Community in MInnesota for over 12 years, the problem isn't with the borrowers.  It is with unscrupulous loan officers, brokers, and real estate agents.  Latinos hold their homes as the center of their family lives and it is a tragedy when they have to lose their home.  

Minnesota was number 7 in the whole US for the year 2007 for mortgage fraud.  Much of it was in the immigrant community, not only Latino.  The worst offenders were American brokers who turned a blind eye to obvious fraud because of staggering profits.  I've reviewed countless files where the borrower wasn't given a good faith estimate, that their interest rate was higher than promised, closing costs were full of junk fees up to as much as 5% of the loan.  Why do they sign?  Because they want a home, and who ever is helping them tells them that is how it is done here, and because they are used to being lied to.   I've written to the Dept. of Commerce, the Attorney General and helped clients file law suits against Americans who have blatantly violated lending laws. 

We too are used to being lied to.  The Dept. of Commerce responds that they have no power, get a lawyer.  The Attorney General says it is out of their jurisdiction.  Real estate attorneys tell me that loan officers can't be held accountable, they have zero assets to sieze.  Aren't we told that our system works and that professionals are honest and held to a higher standard?   In the past two weeks we've seen clearly that our system isn't working on any level.  How can we blame undocumented immigrants for abusing a corrupt and fragile house of cards?

Mary Jo Quay, GRI, e Pro mjquay@mm.com

Sep 26, 2008 08:25 AM