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Did Illegal Aliens cause the Subprime Meltdown? As the shockwaves surrounding the current economic crises reverberate throughout the economy, many people are wondering how this crisis happened and who is to blame. Curiously, illegal aliens have been named as one of the main culprits for the sub-prime debacle.  On the October 9, 2008 edition of Lou Dobbs Tonight, cable news commentator, Roger Hedgecock claimed that the Department of Housing and Urban Development (HUD) "was talking about 5 million illegal alien home mortgage loans that have gone bad."  This claim was later repeated by some talk-radio hosts.  Mr. Hedgecock never attributed a source for his claim.

That same day, the Phoenix Business Journal quoted HUD officials as saying that there was no basis for the story and stated that the agency “has no data showing the number of illegal immigrants holding foreclosed or bad mortgages.” Read the Article…

Afterwards, another talk-radio station claimed their source was a retired “Immigration and Customs Enforcement” (ICE) officer who said “five million illegal immigrants nationwide may hold home mortgages.”  The article does not state how a retired ICE official would have knowledge regarding HUD’s internal data.  The radio station’s article also claimed that a HUD employee, who would only identify himself as “Brian”, claimed that only 2.3 million HUD mortgages were held by immigrants.  Read the Article…

The blame game for the sub-prime mess will continue.  While some illegal immigrants may have mortgages in foreclosure, the official government agency in charge of tracking such data, HUD, claimed that there was no data to support the claim that 5 million illegal alien home mortgages are in some process of foreclosure.  As you research and form your own conclusions, please remember to verify your sources and “separate the wheat from the chaff.”

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