HUD estimates five million fraudulent mortgages have been issued to illegal immigrants. This would be, of course, a huge portion of those underwater and in default, and it would also suggest to us that 10 million is probably a very low estimate for the number of those here illegally.
This, in turn, would lead us to a revised estimate of the cost of illegal immigration; close to a trillion dollars over the past few years. I think that would pay to build a border fence and hire some more ICE agents.
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