Jim Boulet, executive director of English First, is concerned that illegal aliens may receive mortgage bailouts. His concern follows Congress’ passage of a $700 billion government bailout plan, and President Bush signing the legislation into law.Boulet said it is simply not right that those who are in the country illegally should be bailed out, and that American citizens would pay for it.
Aracely Panameño, Director of Latino Affairs for the Center for Responsible Lending, said that 375,000 high-interest loans went to Hispanics in 2005, and that nearly 73,000 of them are likely to go into foreclosure. 'We don't know among those Latinos who's legal and who's illegal because they won't tell us,' he acknowledged, 'but there's some percentage there. [So] watch and see if there isn't a nice bailout for illegal aliens....'
Boulet has encouraged citizens to contact their members of Congress as soon as possible, asking them to oppose any mortgage relief for illegal aliens. It would be very simple, said Boulet, to exempt those loans from the bailout. 'Then illegal aliens will not benefit, nor will the banks that try to profit on them. There is no such provision [in the bailout] at this point.'
For consumer residential mortgages, there are federal laws that require disclosure of nationality on the mortgage application. If the borrower does not provide that information, the lender is required to do so. The purpose of this law is monitor banks' lending policies for discrimination. With that being said, I agree with Mr. Boulet that tracking defunct mortgage loans to any group of people is fairly simple. The purpose of such tracking is not to discriminate against legalized minorities, but to protect them, as well as the American public, from the cost associated with the failed secondary mortgage market. Until we, as a nation, control our borders, pass, and enforce laws that prohibit illegals from abusing our nation's social benefits, it will be impossible to control government spending and deficits. Our nation simply cannot afford to fund other nation's social welfare programs.
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