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The Hardest Hit

There has been a lot of news lately on those who were taken advantage of: first time homebuyers, divorced women (single moms), immigrants, and those in lower income brackets. It wasn’t necessarily ignorance on the part of these groups, it was more likely that they were taken advantage of and made to believe that their mortgage wouldn’t default or the ARM would be OK since their home value was increasing.

And sure, there are some who over extended themselves by buying houses they couldn’t afford. And many say if there’s a culprit it’s the tendency for Americans to rely too much on credit in general, from HELOC, to credit cards to taking on loans beyond their means. And of course, the federal deficit comes into play; if the government is the parental guide, then they haven’t been a very good example.

But being naïve isn’t a way to cop out of paying your bills. Everyone understands a contract and the responsibilities of buying a home. However, many were duped into thinking that they were getting into something that they could afford, and that they were safe.

Earlier this week, we posted a story that said figures from the Department of Housing and Urban Development showed that home mortgages were held by 5 million illegal immigrants and that this may have contributed, in part, to the housing crisis that has led to the recent failure in the financial markets.

Our source for that story, a retired agent from Immigration and Customs Enforcement, stands by those numbers.

A person from Housing and Urban Development contacted KFYI to tell us the number was inaccurate, that there were only 2.3 million mortgages held by immigrants, so there was no way that 5 million illegals could have mortgages.

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