Posted on 04/09/2005 12:39:46 PM PDT by endospace
SAN FRANCISCO---When Ronaldo Labindao came up to the bank officer’s desk on Monday, he looked like any other person here applying for a credit card. He signed a few papers and couldn’t wait to buy a new computer.
But Labindao is neither a U.S. citizen nor legal resident. He came to this country from the Philippines in 1995 and illegally overstayed his visa.
Labindao is one of the beneficiaries of a new program by California’s Wells Fargo Bank, which gives loan opportunities to individuals without a Social Security Number.
“You don’t need to have a credit history to get approved. Not many people are aware of our program,” said Stephanie Wong, a Filipina desk officer at Wells Fargo, in San Francisco.
Wong said that Wells Fargo normally offers clients without a Social Security Number a $300 credit card limit. After a year, if the credit card holder maintains a good record, the bank will increase the credit limit.
In a CNN report last week, a Wells Fargo spokeswoman said the bank doesn’t deal with their clients’ immigration concerns.
Nationwide, an increasing number of financial institutions offer such programs, including mortgage loans. According to the National Association of Hispanic Real Estate Professionals, the nation’s roughly 6 million undocumented Latinos alone are a potential $44 billion market for homes.
The number of people using taxpayer identification number (TIN) has increased over the last decade, an Associated Press report said. The IRS accepts their tax payments, and financial institutions seek them out as customers, despite their having no legal right to work or remain in the U.S.
“These are our best-performing assets,” James Maloney, chairman of the Milwaukee-based Mitchell Bank, told the AP. “These are folks who are appreciative of the fact that we’re willing to take a chance on them.”
“These are folks who are appreciative of the fact that we’re willing to take a chance on them.”
And the bank is happy to get them under their thumb.
Well, in a way, this makes sense. I guess these people are like our forefathers. They appreciate the freedom that this country offers and the opportunities that they have to make something of themselves. They work hard, pay their bills, and move up in the social and economic levels.
However, they should come in legally. Since they are in, they should apply for citizenship. Let's keep them and send some of these blasted liberals who don't love and appreciate the United States out of the country in their place!
So9
The interest rate on one of those things has to be over 20%
Hey, now that's a comment I understand. This is capitalism at its' best. I just can't agree with blaming all immigrants for the devastating effects liberal policies have had on our states.
Trajan88
That's funny because it makes me want to OPEN an account with them. Maybe I could sell my soc.sec. number to one of the immigrants.
unserviceable debt with the expectation of being bailed out by U.S. taxpayers...
That's similar to my proposal years ago that we trade even with Mexico; we'll take willing workers but they have to take leeches and thugs in return!
Great minds and all that! LOL!
I agree. Let's just have an auction on social security numbers.
Yep. I agree with you. After all, we all came from somewhere else way back when unless we were Native Americans.
"They work hard, pay their bills, and move up in the social and economic levels. "
Many if not most are paid under the table so they don't pay taxes. The ones that do pay taxes have stolen someone else's SS number which is a crime. Their children get free education, they get healthcare at emergency rooms, their housing is subsidized in many locations, they get food stamps, WIC, etc, etc. They import many diseases which were eradicated here.
If I was subsidized by stealing someones tax money then maybe I could move up the socio-economic ladder a few rungs. Our compassion will be the death of our culture because the illegal alien criminals have no such compassion for us nor do the traitor enablers in our government. Stupid, bleeding heart gringos, you are all women.
And the bank is happy to get them under their thumb.
Are the loans insured? I don't know enough about banking to know why the bank is willing to do this but I do know they aren't doing it out of the goodness of their heart.
I feel the same way about thisas I do about Spanish advertisement: Private businesses are free to court whichever customers they want.
The banks would be fools not to have them insured. That way we can all pay up on the defaults.
I bet I couldnt walk in there and get an account without a SSN.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.