Description: This article is about the American home mortgage servicing which offers home mortgage service to the illegals and the change of the laws that does unfair to those illegals who have bought homes from the company.
I was a loan officer for many years and had ties with the Hispanic community, they would come to me just like any other mon provincial community. I did good credit and bad credit, but in hispanic they would come up and get denied for the loan because their social security did not match their information given. I started looking for if there was any other program that could help them and I was approached by a bank called American home mortgage, I can’t wait to reveal this to you.
I did these mortgage in American home mortgage, it actually approached me to a program that they had been offering along with a handful of other banks. And the mortgage was called ITIN mortgage, the number was for those companies to be able to start businesses, they also passed a law, because they knew that the Hispanics were legally working here, they got wised up. With this ITIN number, we can track their employment and get it paid from it, take the taxes out.
So the ITIN mortgage was a conventional mortgage in a lot of ways, they would have to supply me pay stubs, the tax returns, the full tax returns and I’d have to fill out something called a IRS 1040 form where I would sent to the IRS and as long as all the information matched up on their taxes that they claimed, all the money date said they did, along with some trade lines and a few other criteria, they were allowed to purchase a home with their ITIN number. So there were millions of illegal immigrants here that have purchased homes legally through the government’s program with the ITIN mortgage.
Now, on any mortgage, for instance, if you buy a hundred-thousand-dollar house, you have to put twenty percent of hundred thousand dollars down and be able to avoid mortgage insurance. But in this case, the program was set up on a three to five-year arm, there was short period where they were giving them fixed loans, but very short. So keep this mind that a three to five-year arm was based on a three to five percent down, and oftentimes, a ten percent down depending on what bank it is.
When I started out the program, it was three to five percent down in 2005, but it got going in 2006 when they’ve purchased the house with the item number, then they would have to provide the mortgage insurance, now here is the key.
There was another company MGIC, which is the one that I’m telling you about. There are millions of companies out there that provide mortgage insurance, but for some reason, there are only a couple with the ITIN mortgage.
I feel good about doing these loans for those people, though they are illegal here, they work hard. So this company opened arms to them and gave them some benefits as well as some high interest rate, which was around eight percent, and they asked for a three to five percent of the down payment, and offered them the mortgage insurance.
Millions of people across the country go to loan officers and get this ITIN program started, they would come here and use different illegal names to purchase so called work names, as long as the five legal work names which usually come from disease people match up with IRS, they are fine.
This is true and millions of illegal immigrants bought their homes with their ITIN number, purchased their mortgage insurance through MGIC and I call it back now because I think they are using the illegal immigrants for a political reason, because when one people succeeded in doing it, the rest would follow. That’s how so many people get ITIN mortgages because they are happy to be able to get themselves security.
But in 2007, the American home mortgage was closed, but they kept their servicing department open, which is where they are doing the loans that they have on the book. After it closed, the stocks of MGIC were at sixty dollars a share, but then the stocks were sold to a private entity, and I’m wondering where the money is.
If I went across the boarder to another country to find a work or buy a house that I could purchase legally with the ITIN number, I would do it because in that way, I could give stability to my family. But the only wrong thing is that it made $38,000 that year, and the government took their taxes out of it, however there was a portion of Social Security tax, which has been taken out for years, they could never draw if off because it it not legal, so where is the money.
The thing is though some people cross the boarder illegally, work here with a fake name and fake social security number, you could have tracked them down, but instead, you made a law that allowed some companies to sell homes to them legally. Now after all these has happened, you are going to use us, disbanding this community for your own political gain. Why do you do that? Where is that money from?
MGIC took three to five percent of cash from those who purchased houses from them, the company gave them a high interest rate and made them pay the private mortgage insurance to MGIC, then in 2010, you tried to scare us out by making laws to drive us out of the house.
I’m wondering about this because I was the one who originated these loans for people and I did feel good about it, because those people worked hard, but now no one knows where the money went, so I’m going to give some links which you can refer to. I shall give you some information because a lot of people don’t understand what the mortgage is.
An estimated of six to eight million of undocumented Latinos representative potential of 44 million market of homes according to the national association of hispanic real estate professional. The IRS accepted their tax payments, moreover many households and any undocumented immigrants, their homes also included legal permanent residents are US citizens, they frequently had children that were born in their homes as well.
Many that accommodate their legal presence encourages them to stay and also encourages others to come. Remember I told you that Obama was for infiltration of illegals, you are seeing this in action here, he’s hoping to get him more vote when he gives them their right. But there’s even something more sinister in the mix, they are tracking them and controlling them since 1990, this was a way for banks to woo them.
I’m going to give you all the links in the link box, please read it all and you will be well informed that the IRS didn’t want to tell tens of thousand of taxpayers to stop paying tax because they used an invalid social security number.
So they sent notices to employers, requesting these employers within valid social security numbers to fill out an application for ITIN number, on the contrary, the United States can document, track and manipulate those who are working in plants illegally with an illegal social security number.