You guys are missing the reason he got that house. Most of the Mexicans I know of live anywhere from 4 to 12 fucking families per house. So Juan and his strawberry picking amigos were all chipping in for that casa which in reality is a commune. Juan probably got stuck when all of the mortgage "contributors" either got deported, knifed in a factory fight, or just plain said "fuck dees, we going back to Mehico , so long Juan".
I don't think illegals can get credit, when my girlfriend was here on a green card she couldn't even get a credit card. If he was illegal maybe the mortgage company ignored it and accepted his fake documentation in order to get the lending fees.
Wow, massive hate for Mexicans on this board. When China buys the entire United States in the next 20 years are you going to be happy if they look at you the same way as you look at Mexicans and others of Latin American descent. Was it right when the Irish, Italians, Polish and others came to this country and were treated like crap and taken advantage of? It wasn't and it isn't now either. I am not looking for a government bail out here, the market should be left to work through this, just commenting on the crap that is coming from you guys here about Latinos.
Casey, I was not in any way trashing Hispanics. I think they are among the hardest working and friendliest people. I was just stating a scenario that I have personally seen happen to them and other people counltess times. I just don't know how to sugar coat or use politically correct verbage. Comprendersi ?
I dated a girl who was on a student visa (not even a green card) and she applied for and received a credit card. however, illegals can't legally get credit because they don't have a SSN. the only way for them is to fake the SSN.
look on the brite side....the poor guy with the $14K income could be making half that if he was a Forex trader
While I feel sorry for the borrower (for trusting the lender too much), I think these situations need to be allowed to play out without govnt intervention. The mortgage broker in this case was a greedy SOB and will get off scott free more or less, since it doesnt appear they commited a crime. But there is no way anyone should have lent money to this borrower. The lender is probably out of business already. The ones left holding the bag are the investors who bought the MBS comprised of these types of loans.
In all fairness, this non english speaking general laborer got scammed and conned by mortgage broker, real estate agent and others who are well in the know in housing industry. But atleast this guy and his pal should have done basic maths to determine where they stand with $14K odd incomes and $720K mortgage. Basically to live the American dream and not speak english or not trying to learn it fast also does not make sense. It is not only making it tough for yourself but also being rude to the country where he immigrated. In France immigration tests, it is made sure that each and every person over certain age does speak both English and French.
that is a smart idea..the problem with it working in America is that the folks who will provide the cheapest labor possible would never pass a test. We are considered a Human Resource in the workplace. A commodity like oil, nat gas, or copper.
there is nobody to feel sorry for in this situation. the immigrant got a shot at the american dream. the investors in junk paper should have understood the risk involved.for the extra interest received. the lending broker gave this low salary individual a shot at the american dream and earned some extra money. the immigrant lives in a house for 12 months with little pain if he does not meet his obligations. why feel sorry for anybody?