Obama illegally implemented DACA, they were also allowed to apply for FHA loans. How many illegal aliens obtained 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.
The illegal alien mortgage business, built on the backs of American taxpayers, is obviously profitable
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.
The December letter by Senator Menendez, who had recently been on trial for corruption charges, Senator Booker, on whose watch the $100 million poured into Newark public schools dissipated, and Senator Cortez-Mastro, who had been accused of taking dirty money, claimed to be, “appalled that the Trump Administration would exploit a federal government program to deny Dreamers an opportunity of owning their own home.” But it was the Democrats who had exploited a federal government program meant for poor Americans to benefit not only foreigners, but illegal aliens with no right to be here.
The letter by the three Senator Democrats falsely claimed that President Trump was targeting a “portion of the American public”, when in fact illegal aliens are not part of the American public. They demanded, “sound and unambiguous legal reasoning” for the move. The sound and unambiguous reasoning would be that illegal aliens are not legally resident in the United States and therefore...
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