Posted on 08/03/2005 6:10:52 AM PDT by jackbenimble
The mainstream press has only recently begun to cover the failure of the federal government’s obligation to seriously address the security of the borders of the United States with respect to illegal immigration. Largely due to the launch of the Minute Man Project which took place in April 2005 in a southern border ‘neighborhood watch’ in Arizona, the media was forced to cover the event as it was a symbol of the majority of Americans who believe that the borders should be secured and that U.S. laws should be observed.
For those not fully immersed in the matter however, it is through the mainstream press and broadcast media is that most Americans get their information, but they have not addressed many other issues which have evolved as a result of lax immigration policies. And the American people are not aware of how quickly things are changing. Other than the mention of homeland security issues concerning our borders, neither the press nor our lawmakers, in our politically correct climate, are willing to address the matter. So the constant drain on U.S. resources such as energy, roads and infrastructure including services such as medical care and school tuition, to name just a few, are not highlighted. All have added to the tax bill of Americans as well as steep hikes in medical and car insurance rates alone.
Openly adding to the growing list of illicit acts on behalf of illegal aliens are corporate entities and mid-sized businesses knowingly hiring illegal aliens without verification of proper documentation. Long gone are the days when we were told illegal workers were merely filling jobs as domestics in the home or doing the work of landscapers, as many decent blue collar jobs go directly to the illegal population now, bypassing hardworking Americans. And since no fines have ever been issued against any businesses hiring illegal aliens there is no impetus for any to stop, as they enjoy not having to pay benefits or guaranteeing work on a permanent basis.
But while most Americans are at least peripherally aware of these unaddressed problems, many would be surprised how financial institutions are now bending over backwards to woo illegal aliens to become home owners. Until recently it was an unexposed policy, but banks across the nation have now put out the welcome mats in full force, through marketing campaigns.
The FDIC was created by Congress in 1933 to reassure the public’s trust in the national banking system. Although it operates as an independent agency it helps insure account deposits at 8,930 banks in the U.S. Its goal is to “promote the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.”
However, the FDIC is now formally encouraging “U.S. banks to enter this largely untapped market,” referring to illegal aliens. National banks, Wells Fargo Bank, N.A. and Bank of America, N.A. are leading the charge, granting mortgage loans for a potential home buyers’ market of 215,000 illegal aliens, with many in the local bank communities following suit, some with the help of state housing commissions.
And the FDIC along with the Mortgage Guaranty Insurance Corp. have given their endorsement for banks across the U.S. to offer home loans and other financial services such as car loans to illegal aliens regardless of their immigration status. In doing so, banks are accepting the Individual Tax Identification Number (ITIN) from the Internal Revenue Service in lieu of a Social Security card for which those illegally in the U.S. do not qualify. Wells Fargo and Bank of America have also been accepting the matricula consular card or consul registration number for nearly two years, which can be sought at the Mexican Consulate in the U.S. instead of an ITIN.
Since illegal aliens do not have a credit history, they need only supply the ITIN or a matricula consular card along with proof of income for a period of two years and taxes paid on those wages. Some banks also require history of rent and utility payments. After that however, illegals get the same terms with no penalties as any U.S. citizen or legal resident does. In addition they may later seek a home equity loan like anyone else.
According to Michael Frias, a spokesman for the FDIC, “Banks aren’t legally required to verify legal status. There is no federal law which requires banks to verify the immigration status of foreign account holders.”
The only problem with that statement is that illegal aliens are not merely “foreign account holders”, but are illegal inhabitants of the U.S., courtesy of our banking industry, which is inviolate of the laws of the U.S. Constitution.
According to Kevin Mukri of the Office of the Comptroller of Currency, which is the primary U.S. bank regulator, “Banks are not the arm of the immigration department. It would be discriminatory not to service them.” But under U.S. Criminal Code 274, “It is a crime punishable by 10 years in jail for aiding and abetting someone in this country illegally for commercial gain.” And the Bank Secrecy Act of 1972 provides that “Banks must know their customers and any illegal activity must be reported to the government.”
It is a blatant betrayal of the American people and a terrible precedent set as the U.S. government pretends to uphold the law while condoning the approval of mortgage lending to the illegal community, with a wink and a nod. This is no longer a matter of an employer avoiding the law or about helping those coming to the U.S. in search of a better life. Rather it is the acceptance of lawmakers and law enforcement to ignore the laws of the land, specifically for those who reside in the U.S. illegally. Moreover, it is a flagrant disregard and appreciation of law abiding Americans. Unfortunately, the U.S. government has now mortgaged away the future of America as we once knew it. Sadly, that is something now which we may never be able to reverse.
The current administration is proving itself to be no friend of law-abiding, tax-paying citizens.
Bush is writing his legacy every day, and, on balance, it's not pretty.
Greed for the almighty dollar by those who would sell us out to anybody will be our ruin as a nation.
Are the Clintons still running these government money lenders????
The Immigration Department has a similar policy. "Just show me some fake papers half-filled out and I will grant you a VISA."
That is how Ms. Ryan let in many of the 911 hijackers.
America is at war against America.
Banks often make money on foreclosures. So far I have not heard that these are FHA insured loans so rather that the usual 10% FHA down payment the banks are probably requiring the 20% down payment that has been typically required on conventional real estate loans. This should ensure that there is enough equity so that the banks are covered in a foreclosure. Hopefully the banks are not so stupid that they are making "zero down" or "interest only" loans to illegals.
If the housing bubble pops the way some economists are suggesting, even 20% down may not be enough to keep the banks whole and I don't doubt that the illegals would laugh as they walked away from their mortgage obligations. It costs them $200 to change their name and buy a new set of fake IDs.
If we have to dust off and refund the Resolution Trust Corporation from the banking failures of the late 1980s I am going to be a pissed off taxpayer if I learn that I am bailing out banks that made loans to illegals.
What a totally meaningless statement. Just another bumper sticker mantra for the Tancredo crowd to repeat to each other in their little echo chamber of depression and hysteria.
What will they think of next!?
Since banks and politicians don't follow the law, why should I consider them as legitimate purveyors of law?
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Mortgages for Illegal Aliens Encouraged by FDIC
They are a large part of keeping the real estate bubble fully inflated. Bank, mortgage lenders, credit unions, etc., are all doing well because of them.
My bank's compliance officer laughed his butt off when I read that to him, then rattled off a list of laws and regulations that contradict this idiot.
The sell out of America by corporate interests continues apace. We have men and women fighting in Iraq who will be priced out of the housing market due to these illegal alien mortgages. Why should they fight for a nation that screws them when they come home?
This ancecdote isn't related to illegal immigration (well, not directly anyway but it's about an American without a job), but I was walking through a car dealership showroom last week, and there was a guy sitting at a salesman's desk in what appeared to be the "paperwork" part of the deal. As I walked by, the salesman asked the guy, "Okay, so the next blank is income. How much unemployment are you getting?"
Just damn.
Oh, that's just effing wonderful! Since we're going to reward illegals, why don't we just pay their mortgage and taxes as well??!?!?!
So, ya pinheads at the FDIC, how do you propose we'll collect property taxes from someone who has no legal identity? No Social Security number? Hmmm?
Who's going to pay when the property is trashed, and the illegals move on to the next mortgage (under a new name), and there's mortgage and taxes due?
Oh, joy, we get to pay for that, too!
This country has lost it.
"Bush is writing his legacy every day, and, on balance, it's not pretty."
Will GW Bush's legacy be written in Spanish only?
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