Dave Gibson — American Daily

The role illegals played in the mortgage meltdown

After writing several articles about this country’s mortgage meltdown and the little-talked about role which illegal aliens have played in this crisis, a woman who I will call “Mary” contacted me with inside information on the crisis. What follows is a brief interview I conducted with Mary…

Q) What was the worst case you have seen?

A) One borrower stole the SS# of a retiree and took out $3.5 million in loans, turned around and did cash-out refi’s, then fled the country. The retiree was left with ruined credit, $3.5 million in loans and trouble with the IRS. Over 50% of the sub prime were for cash-out refi’s. Regardless of the loan criteria used to pull random samplings for audits, the majority of the last names were Hispanic. The loans I audited were primarily in Ca, NV, AZ, FL, CO, compare those to the states with the highest number of foreclosures & illegal aliens.

HERE