Sultan Knish: 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. 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 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.
Under Obama, FHA rules had been bent so far backward that people who were not only non-citizens, not only non-permanent residents, but weren’t even legally here, were having taxpayers guarantee their mortgages. Not only hadn’t the Democrats learned anything from the Great Recession, they were determined to make the irresponsible behavior of the FHA a decade ago seem sober and sensible.
And they aren’t giving up. more here
Why only a drip here, a drip there? Time to look over the damned budget and cut spending a thousand lines at a time. We’re headed for bankruptcy folks! You cannot spend your way out of Bankruptcy. Drastically cutting spending has to happen, especially expenditures with ZERO ROI.
Greenfield says:
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?
AND
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.
!!!!!!!!!
Mr. T hates incompetence. Take a look at how he treated Congress those years ago. He’s always looked out for the disenfranchised and the little guy.
https://www.youtube.com/watch?v=fCC1zzbQsIo
All loans made to illegals need to be called in and their “property” foreclosed on.
Hopefully this could be expanded to include all mortgages and loans that have been granted to Muslims at 0% interest (since interest is prohibited by Syria Law) and are still being honored today.
Can we convert those into down payments on the CATAPULTS?! 😡
This wasn’t done 2 years ago?
What Obozo did to the government is exactly what his kind do to taxpayer funded public housing.
Gee Wally, I guess this explains why every Illegal Alien under 30 years old claims they were under 16 when they got here last year…
Sure, give out $180,000 loans to people who can just disappear and never pay back any of the money.
No, having a Fed backed mortgage isn’t a reason they should be able to stay.
One bennie dried up. Finally.
Dozens more need to go.