Illegal immigrants don't default on mortgages?
Here's a fascinating story from The Wall Street Journal: "Despite the downturn of the mortgage market, a type of home loan has remained surprisingly sturdy: one extended to illegal immigrants....For loans more than 90 days in arrears, ITIN mortgages have a delinquency rate of about 0.5%, according to independent estimates. That compares with 1% for prime mortgages and 9.3% for subprime mortgages extended to those with spotty credit histories."
The Journal talks about the possibility of a weakening in this lost stronghold but there's another interesting story here: If these immigrants can pay their mortgages, why can't other people? Part of the reason could be that these mortgages are evaluated using different, more stringent metrics.
But I also wonder if too many Americans have just lost the sense of pride and commitment to keep their homes. If illegal immigrants can keep their homes, while they send money to families abroad and face tough job conditions, why can't Americans?
If immigrants can keep up with their mortgages, does it really make sense for Congress to push for bailouts for homeowners who are falling behind?
The Journal talks about the possibility of a weakening in this lost stronghold but there's another interesting story here: If these immigrants can pay their mortgages, why can't other people? Part of the reason could be that these mortgages are evaluated using different, more stringent metrics.
But I also wonder if too many Americans have just lost the sense of pride and commitment to keep their homes. If illegal immigrants can keep their homes, while they send money to families abroad and face tough job conditions, why can't Americans?
If immigrants can keep up with their mortgages, does it really make sense for Congress to push for bailouts for homeowners who are falling behind?











Reader Comments (Page 1 of 3)
10-09-2007 @ 6:40PM
Buck said...
No surprise here - they pack 30 people into a house and they all contribute to the mortgage. That is how they do it and that is how every other wave of immigrants before them did it.
10-09-2007 @ 6:46PM
Wil said...
I must be somewhat dense, but what do these posts on religion have to do with illegal immigrants tending to not default on their mortages???? Someone enlighten me....
10-09-2007 @ 6:50PM
Barry said...
Helllllo, What do the statistics show as the number per household for immigrants? Get all the facts before posting articles please. Everyone knows there are multiple wage earners who contribute to the expenses with the immigrant families. Maybe you are suggesting lower income Americans learn to live like immigrants??
10-09-2007 @ 6:52PM
eddie said...
One reason illegal aliens do not default on their mortgages is because few have to spend money on healthcare, college tuition or anything else hard working americans have to spend money on...Many overcrowd their homes renting to relatives and strangers....
10-09-2007 @ 6:55PM
Dan said...
If it is illegal to rent to illegal immigrants, where do banks get off selling to illegal immigrants. Seems like a double standard here doesn't it. It is time the Law comes down on these banks dealing with the illegal immigrants.....
10-09-2007 @ 9:12PM
Clint said...
I don't think it is a good practice for banks to loan money to illegal immegrants, that is just bad business.
Secondly, I think what illegal immegrants should do is go back to their own country and stand up to their business leaders and their government and demand better working conditions, wages, and benfits rather than coming here and destoring our working conditions that our ancestors fought and died for.
10-09-2007 @ 7:36PM
Sue said...
WHAT IDIOT WROTE THIS ARTICLE?? IS THIS A JOKE..HAHHA...YOU HAVE NO RIGHT TO EVEN COMPARE REAL AMERICANS TO THOSE ILLEGALS FROM MEXICO!!!!
10-09-2007 @ 9:05PM
jACOB sUAREZ said...
How is it possible that illegal immigrants get mortgages in this country. What kind of documentation do they get when they apply for a loan. This is crazy. Must be from Bank of America
10-09-2007 @ 9:51PM
Clint said...
don't think it is a good practice for banks to loan money to
illegal
immegrants, that is just bad business. Secondly, I think what illegal
immegrants should do is go back to their own country and stand up to
their business leaders and their government and demand better working
conditions, wages, and benfits rather than coming here and destoring
our working conditions that our ancestors fought and died for.
10-09-2007 @ 10:23PM
John said...
those homes are in slums and you can get them for $20k , move 3 families in and over burden the school district and insist on being bussed to American neighbor hoods. Yeah drugs , crime and everything else that goes with the illegials paid for mortage. I got an Idea if its so great why dont you move there? Go for it you put them above Americans you endorse there life over Americans. live there then, Oh wait your rich and out of touch with reality.
10-09-2007 @ 10:23PM
el rofo said...
America, its time to accept that immigrants are part of the economy and are more responsible than your normal "Lazy gringos". You are all afraid because one of these days you all will need to speak spanish in order to survive. Banks know what business is about and that is why they are doing business with immigrants because they are reliable. The record speaks for itself.
10-09-2007 @ 10:45PM
John Murphy said...
You cannot compare the Hispanic immagrants of today with the Immagrants who came and endured the depression. Then Joined the servive and fought against sometimes their own mother land for this new country. Hopless people arrived at ellis island to help build a budding country and defeat the child and slave labor. The Molly Maguires from ireland, The haymarket riot and the deaths as we fought for a 5 day work week lead by Germans. The Itallions organizing labor. Have we forgot them?
now these parisites from the south lower wages making the jobs no more desirable unless it is to lower your life style and standard of living to that of those in the Ghettos living by mob and gang rule. Yes the Hispanics who have a different gang sighn to cross each block. Communial homes over burdening our neighborhood schools. Yes the leaders are the new breed of drug lords who will eventully smash the black gangs territory. Ever hear of a “White king” or an “American cobra” ? why are they destroying and making life worse for me and my American family? why Am I over looked by employers for knowing only the langauge I was taught in our schools? Why am I told get in back of the line the days of making a living wage are gone? Why did they take this life from my country? What do they consume and add to our manufactors? A twelve pack of Coronia, A used 10 speed byccyle some corn shells and dog meat sold out of a truck illegailly in front of the comunial home. I wish they had what it takes to make a better life for them selfs like my forefathers did as they striked and gained. I wish they had the wiwlliness to be part of a new country as my forefathers did as they abondoned their langauge. I wish they would stand up to emploiyers and say ” You cant exploit me I demand a living wage” then I would open my arms and welcome them.
10-09-2007 @ 10:54PM
WEELMAN41 said...
IN the first place illegal immigrants do not belong here. They belong on the next bananna boat back to mexico. It should be illegal to give them loan, mortgages,free healthcare, free schooling for there illegal children. IF ANY INSTATUTION SHOULD BE SO UNPATRIOTIC AND A TRAITOR TO OUR COUNTRY AND SOMEONE REALLY WANTS TO KNOW HOW THEY PAY THERE MORTGAGE. YOU TO CAN LIVE CAREFREE LIKE THEM> DONT PAY ANY TAXES LIKE THEY DO AND PARISITE OUR HARDWORKING SOCIAL SECURITY LIKE THEY DO. LIKE STEALING OUR RETIREMENT MONEY. THEY JUST LIVE LIKE A BUNCH OF COCKERROACHES MAYBE 15 or more people in a 2 bedroom apartment. THE BEST THING WE CAN DO ABOUT THIS PROBLEM IS TO JOIN ORGANIZATIONS LIKE info@caps.org. Or INFO@FAIRUS.org and fill out partitions and write your congressman to stop them from robbing us blind and from getting Amnesty AND SECURING OUR BOARDERS NOW.
10-09-2007 @ 10:53PM
John Murphy said...
so 11 the only record I see is one of destruction as schools become gang yards and homes become riddled with bulets by other gangs. I see a record of homes over burdening our school district with 10-12 children attending our schools at a cost of $6000 per student. I see Libaries without books and a large bill to the health care and hospitials left unpaid. So 3 families live in a $20,000 ghetto with bars on the windows scared to call the cops when they are robbbed because they are illegaly here. I say stand up for yourself go back home to mexico and take back the first country you ruined . Leave mine be.
10-09-2007 @ 10:54PM
John Murphy said...
Where is this better life they are making for them selfs. They are selling their future children of imagrantes will grow up in underfunded schools they will drop out of due to the unsafe neighborhoods they are breed in. uneducated they wont even acheive the wages their 1st generation immagrant parents did. mean while dragging down the AMERICAN PER CAPITA INCOME. Crippling the american consumer who accounts for 70% of our G.N.P. yes this country will fall. We are not helping the Hispanic by allowing them to be exploited by corporations as slave labor. 11 million here? Arm them and send them home to mexico to take there country back. Oh plus dont breed what you cant feed Avg. Mexican family is at 2.7 children the earth is running out of resources us americans have not been hoarding it.
10-09-2007 @ 10:58PM
John Murphy said...
If we sent them all home they could default on those slums and they could be torn down as the blight they are. I live near Chicago Cicero Ave is hispanic slums all the way from midway airport up to the north side. people advoid that slum land. throw a match in it please we need another Chicago fire
10-09-2007 @ 10:59PM
Ahab said...
Every one of these comments is emotional, irrational, and stupid. There are facts behind the article. There are always more statistics to the story, but I see no facts in any of the responses.
Don't blame immigrants for our lazy problems. We do plenty to screw ourselves.
10-09-2007 @ 11:23PM
John Murphy said...
If mexicants where all that and had all that going for them, Why couldnt they run their own country? It is a Myth they are not responsabile they cheat on Taxes and as wel on ocupency laws for homes . they dont pay hospitial bills or their fair share for there childrens education , They refuse to make a stand as indivisuals and one house per family that is why we have a housing crisis. Americans purchase the avg. $220,000 house in America for one family. that usaly brings a $2000 mortage/escrow with it and the property taxes are about $4500. you cant do that at $15,000/year even with two jobs. You are not paying the finiancial burden needed for the U.s.a to survive. We will be just like mexico in a generation... then where you going to runn off to like a coward?
10-09-2007 @ 11:30PM
John Murphy said...
17. Every one of these comments is emotional, irrational, and stupid. There are facts behind the article. There are always more statistics to the story, but I see no facts in any of the responses.
okay lets read it again for you it is obvious you are kind of slow but here are facts.....
Hopless people arrived at ellis island to help build a budding country and defeat the child and slave labor. The Molly Maguires from ireland, The haymarket riot and the deaths as we fought for a 5 day work week lead by Germans. The Itallions organizing labor. Have we forgot them?
a record of homes over burdening our school district with 10-12 children attending our schools at a cost of $6000 per student.
dragging down the AMERICAN PER CAPITA INCOME. Crippling the american consumer who accounts for 70% of our G.N.P.
I live near Chicago Cicero Ave is hispanic slums all the way from midway airport up to the north side. people advoid that slum land.
10-09-2007 @ 11:39PM
John Murphy said...
Illegal Immigrants' Cost to Government Studied
By Mary Fitzgerald
Washington Post Staff Writer
Thursday, August 26, 2004; Page A21
A report that found that illegal immigrants in the United States cost the federal government more than $10 billion a year -- a sum it estimated would almost triple if they were given amnesty
© 2005 WorldNetDaily.com
Cristobal Silverio emigrated illegally from Mexico to Stockton, Calif., in 1997 to work as a fruit picker.
He brought with him his wife, Felipa, and three children, 19, 12 and 8 – all illegals. When Felipa gave birth to her fourth child, daughter Flor, the family had what is referred to as an "anchor baby" – an American citizen by birth who provided the entire Silverio clan a ticket to remain in the U.S. permanently.
But Flor was born premature, spent three months in the neonatal incubator and cost the San Joaquin Hospital more than $300,000. Meanwhile, oldest daughter Lourdes married an illegal alien gave birth to a daughter, too. Her name is Esmeralda. And Felipa had yet another child, Cristian.
The two Silverio anchor babies generate $1,000 per month in public welfare funding for the family. Flor gets $600 a month for asthma. Healthy Cristian gets $400. While the Silverios earned $18,000 last year picking fruit, they picked up another $12,000 for their two "anchor babies."