Home Equity Loans Arizona

The massive government bailout of the nation’s financial system could help thousands of illegal immigrants who obtained home loans from banks that were encouraged to offer them by the federal agency in charge of preserving and promoting public confidence in the system.

The controversial $700 billion bailout will offer foreclosure relief for those at risk of losing their homes and that includes thousands of illegal immigrants who got mortgages from U.S. financial institutions thanks to a push from Federal Deposit Insurance Corporation (FDIC), which began encouraging banks to offer services to illegal immigrants a few years ago.

Headquartered in Washington D.C., The FDIC insures more than $3 trillion of deposits in U.S. banks and is managed by a five-person board of directors appointed by the President of the United States and confirmed by the Senate. In the last few years the agency succeeded in getting several large lending institutions to offer a variety of banking services to illegal aliens, including home loans.

Now U.S. banks routinely offer services to people without Social Security numbers by accepting the Mexican identification called matricula consular to open accounts. Some states—like Illinois and Wisconsin—even used millions of dollars in public funds to provide low-interest home loans for illegal immigrants with no credit history or documentation in the U.S.

The loan default rate among illegal immigrants is high because they are inherently unreliable, are prone to fraud and may be forced by circumstances to return to their home nation at any point, according to a congressman representing a state that operated a large mortgage fraud ring featuring hundreds of unqualified borrowers that used fake identities to get money.

The veteran Colorado Representative, Tom Tancredo, wants to assure that the bailout, set to pass this week, doesn’t offer incentives for illegal aliens. In a letter to his colleagues in Congress, Tancredo asked that safeguards be included on the bailout plan to verify the legal residency and identity of potential homebuyers. This will prevent illegal immigrants from obtaining federally backed home loans and assure that U.S. taxpayers are not absorbing their debts or bad loans made by banks to illegal aliens.

Could it be a coincidence that the area’s hardest hit by home foreclosures happen to be illegal immigrant sanctuaries like Las Vegas, large parts of southern and northern California and the famous Arizona sanctuary of Phoenix?

just think about if the mortgage companies would allow homeowners to extend their loans out an extra 10 years imagine how much lower a $100,000 -$800,000 monthly payments would be and how much that would help the home owner and avoid foreclosures almost every year. imagine the money that would be saved and by the way how much does it really cost to build those home and how much is the profit; or is the profit part of the problem. just start making home loans 40 year terms instead of 30 year terms and auto loans 7 year terms instead of 5 year terms
…what about a overhall of economics to stop such much interest in the home loans and hold the car builders responsible so that they make cars last up to 7 years and stop making sooooo much profit…gosh…

There is a lot of talk about mortgage modifications, refinancing and new mortgage rules, but most info is so basic that everyone just keeps repeating the stuff already known. Can anyone suggest a place with more advanced and very specific articles stating the facts with references back to the primary sources?

If not, what’s holding you back? Hope for lower rates, lack of equity, market or employment fears, or is it something else?

I have an Interest Only mortgage and since mortgage interest is tax deductible, doesn’t that imply that my entire mortgage payment is deductible?
The Form 1098 I just received shows the “mortgage interest received” is only a fraction of the interest I paid this year. What percentage of mortgage interest IS deductible on these interest-only loans?
Thanks!

is it possible with a FHA loan to put 3% down and ask the seller for closing cost?

We want to relocate to my home town to better off my children this would give them a better school district and we would be alot closer to my family, just how do we go about doing this? We have a mortgage on the house we live in now and a home equity loan also, so we need to sell this one and get another home and a new mortgage on a new one. What are the steps to take to do all of this? Please help!!!

Phil Anderson: American Council of Life Insurers, Aetna, AIG, New York Life, MassMutual, VISA

Rebecca Anderson: Aegon, American Council of Life Insurers, Cigna, Barclays, Credit Suisse First Boston, HSBC

Stanton Anderson: The Debt Exchange

David Beightol: Allstate, Amerigroup, Charles Schwab, HSBC

Rhonda Bentz: VISA

Wayne Berman: American Council of Life Insurers, AIG, Americhoice, Shinsei Bank, Blackstone, Carlyle Group, Broidy Capital Management, Credit Suisse Securities, Highstar Capital, VISA, Ameriquest Mortgage, Fannie Mae, Freddie Mac, Fitch Ratings

Charlie Black: JP Morgan, Washington Mutual Bank, Freddie Mac, Mortgage Bankers Association of America, National Association of Mortgage Brokers

Judy Black: Colorado Credit Union League, Genworth Financial, Bay Harbour Management, Merrill Lynch

Kirk Blalock: Credit Union National Association, Financial Executives International, American Insurance Association, Mutual of Omaha, Zurich Financial Service Group, Fannie Mae, Federal Home Loan Bank of San Francisco

Carlos Bonilla: Financial Services Roundtable, Freddie Mac

Christine Burgeson: Citigroup

Mark Buse: Freddie Mac, Goldman Sachs, Manufacturers Life Insurance Company

Nicholas Calio: Citigroup, Managed Fund Association, Fannie Mae, Merrill Lynch, The Investment Company Institute, TIAA-CRE, Securities Industry and Financial Markets Association

Ben Nighthorse Campbell: Amscot Financial Corporation, Community Financial Services Association, Fidelity National Financial

Andrew Cantor: American Insurance Association, Merrill Lynch

Alberto Cardenas: Fannie Mae

James Courter: Goldman Sachs, Donaldson Lufkin & Jenrette, Investment Company Institute, Merrill Lynch

David Crane: Financial Services Roundtable, PriceWaterhouseCoopers, Deloitte & Touche, KPMG, Ernst & Young, Bank of America, Association of Corporate Credit Unions, Freddie Mac

Dan Crippen: Merrill Lynch, National Multi-Housing Council

Arthur Culvahouse: Fannie Mae

Bryan Cunningham: Arch Capital Group

Alfonse D’Amato: AIG, Freddie Mac

Doug Davenport: Federal Home Loan Bank of San Francisco, Goldman Sachs, VISA

Ashley Davis: Prudential Financial, American Financial Group, American Premier Underwriters, Great American Insurance Company

Mimi Dawson: MassMutual

Melissa Edwards: Freddie Mac, National Association of Real Estate Investment Trusts, Access to Capital Coalition

Chris Fidler: American Bankers Association, Milcom Venture Partners, National Association Real Estate Investment Trusts

Samuel Geduldig: American Bankers Association, American Institute of CPAs, America Gains, Berkshire Hathaway, Consumer Bankers Association, Ernst & Young, Financial Services Roundtable, Investment Company Institute, PriceWaterhouseCoopers, Prudential Financial, Sovereign Investment Council, Fidelity Investments, FMR Corp.

Benjamin Ginsberg: Massachusetts Mutual Life Insurance, AIG Technical Services

David Girard-Dicarlo: American Financial Group, American Premier Underwriters

Juleanna Glover Weiss: RJI Capital, American Institute of CPAs, BNP Paribas, Ernst & Young, PriceWaterhouseCoopers

Slade Gorton: Allstate Insurance, Hannan Armstrong Capital

Phil Gramm: UBS Americas

John Green: Laredo National Bank, Alternative Investment Management Association, AIG, Blackstone Group, Carlyle Group, Citigroup, Credit Suisse Group, Fannie Mae, Icahn Associates, FMR Corp., AFLAC, VISA

Janet Grissom: American Institute of CPAs, NYSE, Merrill Lynch

Kristen Gullott: San Diego Credit Union

Kent Hance: Stanford Financial Group, Municipal Capital Markets Group, Inc.

http://www.motherjones.com/mojoblog/archives/2008/09/9753_mccain_campaign_lobbyists_wall_street_aig.html

Looking to purchase a home with as little money as possible down. It will be under 200K, and in an area considered depreciating so 100% financing is out of the question. Is there anything bad about a FHA loan? If i wanted to sell the house or do a home equity loan would this constrict my options?

Trying to refinance my mortgage to keep my home during my divorce. Is this a smart move or very stupid?…Thanks!

I am renting a townhome right now and the owner wants to sell it. We are interested in purchasing but need work on our credit. The seller offered to do an owner carry loan and I want to learn more about how they work. If anyone knows, please reply.

Could there be a baloon payment with that type of home loan?

Product Description
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The Pocket Mortgage Guide: 60 of the Most Important Questions and Answers About Your Home Loan – Plus Interest Amortization Tab