Comments on: Illegal Aliens And Real Estate Fraud http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/ Blog-Fu for Prince William, Manassas and Manassas Park politics. Mon, 13 Feb 2012 19:02:52 +0000 http://wordpress.org/?v=2.2.3 By: Tom Day http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-42595 Tom Day Tue, 04 Dec 2007 15:04:55 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-42595 Hey Rich, You are so correct, I work in DC in an Environmental Crimes Unit and you can guess where the illegal businesses we close, cater to, illegal immigrants. Yes, there are many fake real estate companies that have their whole teams, including mortgage companies, home inspectors, etc., making sub-par loans to people without proper documents or fake documents. DC is truly a sanc. city. We even see the businesses that ship money out by fax machines to the payoff guy in many Middle Eastern and African countries, matter of fact, we caught one the Friday after 9-11. Its mainley legal money made from gas stations, carryouts, etc., then by passed our financial laws to their home country, these are turned over to the FBI. Its bad in DC when it comes to illegals. Hey Rich, You are so correct, I work in DC in an Environmental Crimes Unit and you can guess where the illegal businesses we close, cater to, illegal immigrants. Yes, there are many fake real estate companies that have their whole teams, including mortgage companies, home inspectors, etc., making sub-par loans to people without proper documents or fake documents. DC is truly a sanc. city. We even see the businesses that ship money out by fax machines to the payoff guy in many Middle Eastern and African countries, matter of fact, we caught one the Friday after 9-11. Its mainley legal money made from gas stations, carryouts, etc., then by passed our financial laws to their home country, these are turned over to the FBI. Its bad in DC when it comes to illegals.

]]> By: Rich http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-42530 Rich Tue, 04 Dec 2007 02:11:35 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-42530 There are also ilegal aliens working as real estate sales people in Washington, DC. Washington, unlike California or New Jersey, does not check for legal status to issue realtor licenses. There are also ilegal aliens working as real estate sales people in Washington, DC. Washington, unlike California or New Jersey, does not check for legal status to issue realtor licenses.

]]> By: Tom Day http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-40905 Tom Day Fri, 23 Nov 2007 16:32:50 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-40905 All, There are a lot of illegal practices going on in the mortgage business, and the blame can be spread around, they know and help each other to land the loans because they all make money. One that I see in the Fairfax Cty area is Fairfax Realty, primarily an agent with yellow signs named Lucia Vasquez, yes I'm naming her, because I sent her an email detailing what we observed with most of her sales, some in my neighborhood and the surrounding areas of Mt Vernon. We informed her that we are asking the authorities to investigate her practices because its obvious what is going on. She consistently guides what appears to be illegal occupants into the housing market and once that house is in that segment of the population (Hispanic), it seems to go from person to person. Those same houses become boarding houses with too many occupants, with many going into foreclosure. We are not letting this happen to our neighborhood, the homes were reported to Fairfax Cty's Enforcement Task Force and corrected. Illegal immigration and not just Hispanics, but Africans, Middle Easterners, Asians and Occidentals are greatly responsible for a large portion of the sub-par mortgage failures and the use of false documents to obtain mortgages. This is all a part of what illegal immigration is about, and its nothing moral about it. Illegal immigration is about money and how much one can gain during their stay in this country, by hook or crook. Those who want to inject race into the matter are either uninformed or playing on Americans sympathy for those less fortunate and our underlying guilt trip. Hispanics are first to inject race into the subject and when that doesn't work, they throw the "I cut your grass or I help build some houses", they can't get beyond the color of their skin. Hispanics are the most visible because of the way they ignore the law, you don't see other illegals as groups, marching and asking for rights they know they don't have, Hispanics seem to think Americans owe them something. Here is something to ponder, America is a Federal Republic of Laws with States Rights and ultimately, this will correct the illegal alien problem. We are seeing this as we argue with each other, its a great time to be alive, to see our country adjust, to correct a major problem. Excuse me for any misspellings, this really pisses me off. All,
There are a lot of illegal practices going on in the mortgage business, and the blame can be spread around, they know and help each other to land the loans because they all make money. One that I see in the Fairfax Cty area is Fairfax Realty, primarily an agent with yellow signs named Lucia Vasquez, yes I’m naming her, because I sent her an email detailing what we observed with most of her sales, some in my neighborhood and the surrounding areas of Mt Vernon. We informed her that we are asking the authorities to investigate her practices because its obvious what is going on. She consistently guides what appears to be illegal occupants into the housing market and once that house is in that segment of the population (Hispanic), it seems to go from person to person. Those same houses become boarding houses with too many occupants, with many going into foreclosure. We are not letting this happen to our neighborhood, the homes were reported to Fairfax Cty’s Enforcement Task Force and corrected. Illegal immigration and not just Hispanics, but Africans, Middle Easterners, Asians and Occidentals are greatly responsible for a large portion of the sub-par mortgage failures and the use of false documents to obtain mortgages. This is all a part of what illegal immigration is about, and its nothing moral about it. Illegal immigration is about money and how much one can gain during their stay in this country, by hook or crook. Those who want to inject race into the matter are either uninformed or playing on Americans sympathy for those less fortunate and our underlying guilt trip. Hispanics are first to inject race into the subject and when that doesn’t work, they throw the “I cut your grass or I help build some houses”, they can’t get beyond the color of their skin. Hispanics are the most visible because of the way they ignore the law, you don’t see other illegals as groups, marching and asking for rights they know they don’t have, Hispanics seem to think Americans owe them something. Here is something to ponder, America is a Federal Republic of Laws with States Rights and ultimately, this will correct the illegal alien problem. We are seeing this as we argue with each other, its a great time to be alive, to see our country adjust, to correct a major problem. Excuse me for any misspellings, this really pisses me off.

]]> By: Dolph http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-40117 Dolph Sat, 17 Nov 2007 10:04:19 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-40117 Miami has formed its own task force to deal with mortgage fraud. Obviously we have similar problems here in Northern VA. Obviously this is a national problem. Miami has formed its own task force to deal with mortgage fraud. Obviously we have similar problems here in Northern VA. Obviously this is a national problem.

]]> By: CJC http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-40112 CJC Sat, 17 Nov 2007 05:16:52 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-40112 I have Directv and was going through the channels and hit upon the 400s. I could not believe all the Spanish channels. No wonder Hispanics aren't learning English. I have Directv and was going through the channels and hit upon the 400s. I could not believe all the Spanish channels. No wonder Hispanics aren’t learning English.

]]> By: redawn http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39730 redawn Thu, 15 Nov 2007 18:47:28 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39730 http://articles.moneycentral.msn.com/Investing/SuperModels/CreditPainIsGainForASelectFew.aspx http://articles.moneycentral.msn.com/Investing/SuperModels/CreditPainIsGainForASelectFew.aspx

]]> By: /\/\3|)ic 64 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39675 /\/\3|)ic 64 Thu, 15 Nov 2007 13:59:52 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39675 Bob wills, What does any of your post have to do with illegal aliens? This sounds like big dog on another thread, seems the black folks are realizing that illegal immigrants are taking the spotlight from them so they have to start thumping their chests again. Get over it! You are an American, just like most on this blog. It is time to unite and fight the war on illegal aliens. Blacks have gained their position in society. If you do not think so just look around, quotas for higher education, a black entertainment TV station, Black Miss America and other things. It is time for the black community to get over the oppression argument and join forces with ALL LEGAL US citizens and fight this war of illegal aliens. One voice will sound louder than only a few!! Bob wills,

What does any of your post have to do with illegal aliens? This sounds like big dog on another thread, seems the black folks are realizing that illegal immigrants are taking the spotlight from them so they have to start thumping their chests again. Get over it! You are an American, just like most on this blog. It is time to unite and fight the war on illegal aliens. Blacks have gained their position in society. If you do not think so just look around, quotas for higher education, a black entertainment TV station, Black Miss America and other things. It is time for the black community to get over the oppression argument and join forces with ALL LEGAL US citizens and fight this war of illegal aliens. One voice will sound louder than only a few!!

]]> By: Bob Wills http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39646 Bob Wills Thu, 15 Nov 2007 04:57:12 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39646 Greg L said on 14 Nov 2007 at 12:34 pm: Is lawbreaking only acceptable when it involves a racial or ethnic minority? Law breaking is acceptable with the PWC BOCS thinks it is. Why do you not talk about how the Korean Dry Cleaners have gotten some how the Counties of PW, Fairfax and Montgomery to pass zoning ordinances to stop any dry cleaner from opening up that is over 3,000.00 sq ft. This is done to stop the fixed price dry cleaners for opening up. Of course that means that every time you pay more then 1.89 per item you get shafted and the KDCA member get more money. Do you believe that all that revenue is reported on their tax returns ? SURE !!! Restrant of Take is legal now in America. Why is it that the BOCS allows the County to take the citizens money to file for a Zoning Variance to the set back provision on a house if you need or want to add a car port or garage knowing that they will not and can not by law grant such a variance? The county takes in about 500.00 for each such request. If a business man did that they would put them in jail for fraud... Oh the BOCS did pass a specail ordinance so that structures for Horses, Tractors and Jackasses do not have to follow the set back rules that humans do. Why is it that a white man is granted zoning approval to build 21 houses in Stewart' Lake Ridge but at the same meeting a black man is told he can not get a vote to build 20 condo units in Gainsville. When it was approved the black man had to reduce the number of units to 18 and one of the 17 units had to be sold at a discount of 33% for affordable housing. I guess our White Northern Chairman thinks he does not discriminate SURE !!! Greg L said on 14 Nov 2007 at 12:34 pm:

Is lawbreaking only acceptable when it involves a racial or ethnic minority?

Law breaking is acceptable with the PWC BOCS thinks it is. Why do you not talk about how the Korean Dry Cleaners have gotten some how the Counties of PW, Fairfax and Montgomery to pass zoning ordinances to stop any dry cleaner from opening up that is over 3,000.00 sq ft. This is done to stop the fixed price dry cleaners for opening up. Of course that means that every time you pay more then 1.89 per item you get shafted and the KDCA member get more money. Do you believe that all that revenue is reported on their tax returns ? SURE !!! Restrant of Take is legal now in America.

Why is it that the BOCS allows the County to take the citizens money to file for a Zoning Variance to the set back provision on a house if you need or want to add a car port or garage knowing that they will not and can not by law grant such a variance? The county takes in about 500.00 for each such request. If a business man did that they would put them in jail for fraud…
Oh the BOCS did pass a specail ordinance so that structures for Horses, Tractors and Jackasses do not have to follow the set back rules that humans do.

Why is it that a white man is granted zoning approval to build 21 houses in Stewart’ Lake Ridge but at the same meeting a black man is told he can not get a vote to build 20 condo units in Gainsville. When it was approved the black man had to reduce the number of units to 18 and one of the 17 units had to be sold at a discount of 33% for affordable housing. I guess our White Northern Chairman thinks he does not discriminate SURE !!!

]]> By: Billyboy http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39637 Billyboy Thu, 15 Nov 2007 03:45:32 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39637 Lil Ms P, It's giving me fits. I have been on the run, playing hit and run on bvbl just trying to keep up to speed. Lil Ms P,

It’s giving me fits. I have been on the run, playing hit and run on bvbl just trying to keep up to speed.

]]> By: Billyboy http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39635 Billyboy Thu, 15 Nov 2007 03:44:16 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39635 Patty, We have disagreed but I don't think I called you names. If I did let me apoligize. Patty,

We have disagreed but I don’t think I called you names. If I did let me apoligize.

]]> By: AWCheney http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39625 AWCheney Thu, 15 Nov 2007 03:10:47 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39625 John Locke said on 14 Nov 2007 at 10:59 am: Well Mr. Locke, one thing about your "diagnosis" is most interesting...it explains a lot about Jimmy Young. John Locke said on 14 Nov 2007 at 10:59 am:

Well Mr. Locke, one thing about your “diagnosis” is most interesting…it explains a lot about Jimmy Young.

]]> By: 999 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39624 999 Thu, 15 Nov 2007 02:59:41 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39624 anon on 14 Nov 2007 at 6:50 pm: YOU HIT THE NAIL ON THE HEAD WITH THAT POST. I saw everything you mentioned go on in my neighborhood exactly like you said. Some people never moved into the houseafter they bought it because they re-sold it two weeks later for a 20,000 dollar profit. Saw this happen twice on my street as I knew both original owners. anon on 14 Nov 2007 at 6:50 pm:

YOU HIT THE NAIL ON THE HEAD WITH THAT POST. I saw everything you mentioned go on in my neighborhood exactly like you said. Some people never moved into the houseafter they bought it because they re-sold it two weeks later for a 20,000 dollar profit. Saw this happen twice on my street as I knew both original owners.

]]> By: Anonymous http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39623 Anonymous Thu, 15 Nov 2007 02:54:46 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39623 Patty said on 14 Nov 2007 at 8:56 pm: What I can’t figure out is all the wires hanging outside of the house going from window to window. Does anyone know what that is all about? Bet it is UNIVISION in every room. Gotta keep in touch with "home." Patty said on 14 Nov 2007 at 8:56 pm:

What I can’t figure out is all the wires hanging outside of the house going from window to window. Does anyone know what that is all about?

Bet it is UNIVISION in every room. Gotta keep in touch with “home.”

]]> By: 999 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39619 999 Thu, 15 Nov 2007 02:48:21 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39619 Correction to last --- They were passed on within the Latino community. Correction to last — They were passed on within the Latino community.

]]> By: 999 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39618 999 Thu, 15 Nov 2007 02:46:59 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39618 anon said on 14 Nov 2007 at 6:50 pm: One item of interest to me (especially since it happened to our old home) is that in almost 50+% of the cases, the homes were not just sold once in 3 years but 2 and sometimes 3 times. In almost every case, a hispanic surnamed person bought the house in 2004-05 and sold it a year later to ANOTHER hispanic surnamed person for a considerably higher price. ......and it continues. Look at the reality signs at the places that have been foreclosed and the places the Latinos are trying to dump and you will see the majority of them are being serviced by Hispanic agents. This situation has been ongoing for the past 2-3 years. Some of these houses never got advertised as being for sale. The were passed on with the Latino community. anon said on 14 Nov 2007 at 6:50 pm:
One item of interest to me (especially since it happened to our old home) is that in almost 50+% of the cases, the homes were not just sold once in 3 years but 2 and sometimes 3 times. In almost every case, a hispanic surnamed person bought the house in 2004-05 and sold it a year later to ANOTHER hispanic surnamed person for a considerably higher price.

……and it continues. Look at the reality signs at the places that have been foreclosed and the places the Latinos are trying to dump and you will see the majority of them are being serviced by Hispanic agents. This situation has been ongoing for the past 2-3 years. Some of these houses never got advertised as being for sale. The were passed on with the Latino community.

]]> By: Parker http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39616 Parker Thu, 15 Nov 2007 02:28:27 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39616 Hispanic is not a race. Hispanics can be black, brown, white or native American. So it's not technically possible to be racist against Hispanics. More immigrants tend to be non-white because they tend to be poorer in Mexico and Central America. The white Hispanics tend to be more well off and so have less or no reason to immigrate. Many of the cultural flash points with illegals here has less to do with race and more to with poverty. Hispanic is not a race. Hispanics can be black, brown, white or native American. So it’s not technically possible to be racist against Hispanics. More immigrants tend to be non-white because they tend to be poorer in Mexico and Central America. The white Hispanics tend to be more well off and so have less or no reason to immigrate. Many of the cultural flash points with illegals here has less to do with race and more to with poverty.

]]> By: Patty http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39612 Patty Thu, 15 Nov 2007 01:56:19 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39612 Billy Boy, We've seen public urination and drunkeness - not necessarily in that order. One man would get drunk and walk to my house, stagger, turn around and go back home (@@20, you know the one Lafayette). One day this man just couldn't quite make it and passed out in the yard across the street. A passerby thought this man was having a diabetic reaction. Ha, Ha, Ha! Oh, I forgot about the ones giving the kids a bath outside in the tot pool in the front yard. Made me wonder what happened to the bath tub inside the house. What I can't figure out is all the wires hanging outside of the house going from window to window. Does anyone know what that is all about? Billy Boy, I hope you're not going to call me names. We all live in this crazy neighborhood. So let's try to pull together to make it better. Okay. Billy Boy,

We’ve seen public urination and drunkeness - not necessarily in that order. One man would get drunk and walk to my house, stagger, turn around and go back home (@@20, you know the one Lafayette). One day this man just couldn’t quite make it and passed out in the yard across the street. A passerby thought this man was having a diabetic reaction. Ha, Ha, Ha!

Oh, I forgot about the ones giving the kids a bath outside in the tot pool in the front yard. Made me wonder what happened to the bath tub inside the house.

What I can’t figure out is all the wires hanging outside of the house going from window to window. Does anyone know what that is all about?

Billy Boy, I hope you’re not going to call me names. We all live in this crazy neighborhood. So let’s try to pull together to make it better. Okay.

]]> By: Dolph http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39606 Dolph Thu, 15 Nov 2007 00:31:02 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39606 anon 14 Nov 2007 at 6:50 pm: If this scheme you described is legal, how can it be made illegal? It is destroying the economy and neighborhoods. Some folks are laughing all the way to the bank and some of us chumps are just sitting here wondering what hit us. anon 14 Nov 2007 at 6:50 pm:

If this scheme you described is legal, how can it be made illegal?

It is destroying the economy and neighborhoods. Some folks are laughing all the way to the bank and some of us chumps are just sitting here wondering what hit us.

]]> By: 999 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39604 999 Wed, 14 Nov 2007 23:51:46 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39604 /\/\3|)ic 64 said on 14 Nov 2007 at 3:44 pm: I live in Westgate Apartments and there is a family in my building that has 10-15 people in a one bedroom apartment. I have complained and the management did an inspection only to find the renters in compliance. The problem here is they announced the inspection. Of course they will be in compliance, LOL!!!! Report the problem to the Fire Marshall's office when you know everyone is "home." /\/\3|)ic 64 said on 14 Nov 2007 at 3:44 pm:

I live in Westgate Apartments and there is a family in my building that has 10-15 people in a one bedroom apartment. I have complained and the management did an inspection only to find the renters in compliance. The problem here is they announced the inspection. Of course they will be in compliance, LOL!!!!

Report the problem to the Fire Marshall’s office when you know everyone is “home.”

]]> By: anon http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39603 anon Wed, 14 Nov 2007 23:50:01 +0000 http://www.bvbl.net/index.php/2007/11/13/illegal-aliens-and-real-estate-fraud/#comment-39603 "Anon at 1:01, Did you pull that data from a link on that site or by searching the blog? Generally, I haven’t seen much data related to ethnicity. In fact, to blame an ethnic group for the current mess would probably get you your head handed to you on a platter there" It is easy to see exactly who is being foreclosed on. Just go to the housing bubble website which lists the latest high discount recent sale homes (homes that sold for a certain amount less than 3 years ago that are now for sale for a substantial lower price). 99% of these are foreclosures and at least 75% are hispanic homeowners. To find that information, jot down the addresses and look them up on the county website where you can see homes that are now owned by the banks and also see the previous owners. One item of interest to me (especially since it happened to our old home) is that in almost 50+% of the cases, the homes were not just sold once in 3 years but 2 and sometimes 3 times. In almost every case, a hispanic surnamed person bought the house in 2004-05 and sold it a year later to ANOTHER hispanic surnamed person for a considerably higher price. This I think is the key to the ponzi type scheme (although it is legal). You buy a house, using a hispanic realtor who helps you every step of the way and the agent's sister/husband/brother is the mortgage broker who helps you with an ARM loan. You buy knowing you can't really afford it (and adding other names to the loan to qualify), but it doesn't matter. You find some renters to help you make payments for one year before the rates go up, then your realtor calls you up, telling you it is time to move and make some money and that they already have a buyer. They list property and sells it to someone they know for a much higher price. You take the money you make and buy a bigger house. The buyers of your house can't afford it either, but the realtor and her relative mortgage broker convince them that they will also be able to sell for more in a year. So they also get renters to help make the payments for the year. These aren't normal buyers because they didn't search the market looking at houses to see what they could afford. Instead they were "put into the house" by the agent who by now has made 4 commissions off of you as well as her relative mortgage broker who has made 3 commissions. Everything works fine, until the market turns sour. Then the last buyer is left holding the bag, with no renters (due to the construction slow down), no hope of making the new payment, and so they skip town or move in with relatives. Meanwhile the realtor and her mortgage broker husband/sister/father/mother/uncle have made almost $100,000 on commissions. This is the only thing that can explain why a house always went from hispanic to hispanic. “Anon at 1:01,

Did you pull that data from a link on that site or by searching the blog? Generally, I haven’t seen much data related to ethnicity. In fact, to blame an ethnic group for the current mess would probably get you your head handed to you on a platter there”

It is easy to see exactly who is being foreclosed on. Just go to the housing bubble website which lists the latest high discount recent sale homes (homes that sold for a certain amount less than 3 years ago that are now for sale for a substantial lower price). 99% of these are foreclosures and at least 75% are hispanic homeowners. To find that information, jot down the addresses and look them up on the county website where you can see homes that are now owned by the banks and also see the previous owners.

One item of interest to me (especially since it happened to our old home) is that in almost 50+% of the cases, the homes were not just sold once in 3 years but 2 and sometimes 3 times. In almost every case, a hispanic surnamed person bought the house in 2004-05 and sold it a year later to ANOTHER hispanic surnamed person for a considerably higher price.

This I think is the key to the ponzi type scheme (although it is legal). You buy a house, using a hispanic realtor who helps you every step of the way and the agent’s sister/husband/brother is the mortgage broker who helps you with an ARM loan. You buy knowing you can’t really afford it (and adding other names to the loan to qualify), but it doesn’t matter. You find some renters to help you make payments for one year before the rates go up, then your realtor calls you up, telling you it is time to move and make some money and that they already have a buyer. They list property and sells it to someone they know for a much higher price. You take the money you make and buy a bigger house. The buyers of your house can’t afford it either, but the realtor and her relative mortgage broker convince them that they will also be able to sell for more in a year. So they also get renters to help make the payments for the year. These aren’t normal buyers because they didn’t search the market looking at houses to see what they could afford. Instead they were “put into the house” by the agent who by now has made 4 commissions off of you as well as her relative mortgage broker who has made 3 commissions.

Everything works fine, until the market turns sour. Then the last buyer is left holding the bag, with no renters (due to the construction slow down), no hope of making the new payment, and so they skip town or move in with relatives.

Meanwhile the realtor and her mortgage broker husband/sister/father/mother/uncle have made almost $100,000 on commissions.

This is the only thing that can explain why a house always went from hispanic to hispanic.

]]>