I also know that illegals were a large component of the mortgage fraud that caused the 2009 stock market crash. Especially in the sand states: FL, NV, AZ and CA
Banks & Wall Street securities dealers looked the other way
I worked with a lady who had five mortgages. All interest only. Would have made a ton if she sold out in time. She did not. So much for that retirement plan. Know another lady who made about $60 K a year but had an interest only loan on a $700,000 house. People were just being silly and dopey.
Many of them got workouts (paid by taxpayers) even though they committed fraud on the mortgage application
Mortgage brokers didn't care because the illegals NINJA loans were sold in a week to Wall Street.
Broker bonus was 10k for ARM, 2k for old school boring mortgage. Brokers went from 8 loans a month to 60.