Quote Originally Posted by MB888 View Post
Loans cannot be issued on ghost ID. Like most foreign investors, any foreigner may purchase properties/stocks/investment in US. If must, with their own loans (Hint. Banco de Mexico will loan out upto 80% at one point) or through Hard money lenders (private lenders like you and I who lend $ based on asset). I just want to clarify the rumors that anyone with fake names or fake social security can simply purchase and obtain bank/govt loans. That simply is not true.

In most cases, they use one legal person's identification to purchase multiple houses for everyone else for certain fee. Straw buyer per se. I dont mean to negate the thread.
It was done alot over the last five years. It wasnt "ghost ID's" it was complete fraud basically. Look at a few of the banks that got shut down by the feds, they have an entire "task force" investigating it. There were local and national lenders involved. So no it wasnt there fake ID's getting them the loans, it was greedy people forging papers. You are right.