Financial crime in America is about to be given another Obama Department of Justice pass and purchasing Obama voter loyalty is about to become more expensive for US taxpayers. If the current immigration reform bill passes, what once was a violation of federal criminal law—banks financing illegal alien home mortgages—will officially be forgiven and establish another risky government subsidized obligation for overburdened taxpayers.
Conveniently left to the shadows by immigration reform advocates are the seldom-discussed illegal alien mortgages that exist in America. According to United States Criminal Code 274, “it is a crime punishable by 10 years in jail for aiding and abetting someone in this country illegally for commercial gain.” Somehow, tens of billions of dollars in illegally granted and fraudulently acquired home mortgages swept under the political rug and the current immigration reform bill fails to penalize yet another illegal alien and big finance violation of US law.
No wonder Marco Rubio says: “They are not going home.”
For close to a decade US banks, encouraged by the FDIC, have been tapping into the illegal alien mortgage market. In conflict with existing federal law, IRS code and the Bank Secrecy/Anti-Money Laundering Act, US banks continue to grant illegal mortgages to undocumented aliens. Despite DOJ lawsuits attacking sub-prime predatory lending and big bank legal settlements, these practices continue today.
According to federal law, banks are required to know their customers and report any illegal activity to the government. So why do banks go un-prosecuted for granting fraudulent mortgages to customers who cannot provide valid proof of identification? How did these banks get a pass from federal investigators, regulators and legislators for obvious mortgage fraud? Why is government tolerating “to big to fail” banks accepting taxpayer identification cards (TTIN) and Matricula cards (issued by foreign consulates) as a legal substitutes for—the only legal proof of identity—a valid social security card? Moreover, what will become of these existing mortgages and debt obligations once immigration reform becomes the new law of the land?
Given President Obama’s government-backed home mortgage refinance program and historically high levels of FHA, Fannie Mae and Freddie Mac backed mortgages, my guess is that newly “registered provisional status” immigrants with underwater mortgages will find their fraudulent home mortgage debts absorbed by the US Treasury at taxpayer expense.
Keep in mind that President Obama recently directed financial institutions to increase their lending to folks with less than stellar credit. After all, what are a few hundred thousand illegal alien mortgages when the taxpayer is already on the hook for nine out of ten newly financed homes?
Illegal alien home mortgages may help explain the government’s rush to grant “registered provisional status” to illegal immigrants. Legislating guest worker programs that guarantee hiring of provisional status workers and promises of illegal alien back tax repayment now makes perfect sense. After all, to secure a government-backed loan you have to prove that you have a legitimate job, documented income, pay your income taxes, and have a valid social security number; all conveniently provided under the Gang of Eight proposed immigration reform bill. No wonder the US Chamber of Commerce was involved in the backroom immigration reform negotiations. I am sure the big banks are very anxious to get out from underneath their illegal alien home mortgages before Eric Holder starts another round of extortion suits.
Note: a government that recently refused to discipline or fire federal employees that have not paid their federal income tax obligations will enforce the immigration reform bill’s tax repayment requirement, promised by Sen. Chuck Schumer. Remember, he promised Reagan the same deal and then had the tax penalty provision removed in future tax code re-writes.
After years of letting big banks and Wall Street rape Americans futures without fear of prosecution, the government is at it again. After the greatest financial disaster since the Great Depression, financial crimes against America continue unabated and unpunished.
The financial security of our nation is in danger. Moreover, the best our elected officials can do is let the crooks go free, welcome entitlement parasites as new Americans, guarantee them employment with special protections at a time of record American unemployment and poverty, institute an immigrant prevailing wage, exempt registered provisional status workers from Obamacare penalties and assure homeownership backed by the taxpayer. What’s not to like about that?
A legal naturalized US citizen recently told me: “it used to be easy to make money in America before all the corruption.” I asked him if he could tell me to which time in America he was referring. He paused and said:” Before Bush.” I asked him “One or two?” He replied, “I was living in Jerusalem when the first Bush was in Office.” I responded: “Welcome to compassionate conservatism.” He said, “Yeah, he was more compassionate then conservative, now we have Obama.” He told me he was planning to move back to Palestine before his money runs out. I wondered how many more “provisional status” Americans would follow his lead when the government money runs out.