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Undocumented Immigrants Now Offered Credit Cards, Loans
Filipino Express ^ | april 8, 2005 | Anthony D. Advincula

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.”


TOPICS: News/Current Events; US: California
KEYWORDS: aliens; banking; conspirators; credit; illegals; status; wellsfargo; wellsfargobank
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1 posted on 04/09/2005 12:39:46 PM PDT by endospace
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To: endospace

“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.


2 posted on 04/09/2005 12:46:30 PM PDT by cripplecreek (I'm apathetic but really don't care.)
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To: endospace

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!


3 posted on 04/09/2005 12:49:50 PM PDT by Goodgirlinred ( GoodGirlInRed Four More Years!!!!!)
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To: endospace
That's one account I'm gonna close.

So9

4 posted on 04/09/2005 12:55:27 PM PDT by Servant of the 9
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To: endospace
“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.

The interest rate on one of those things has to be over 20%

5 posted on 04/09/2005 12:57:27 PM PDT by NeoCaveman
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To: Goodgirlinred
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!

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.

6 posted on 04/09/2005 12:59:54 PM PDT by mgist
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To: endospace
I think I've found the black hole where part of ATM service fees fall :-(

Trajan88

7 posted on 04/09/2005 1:00:51 PM PDT by Trajan88 (www.bullittclub.com)
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To: Servant of the 9

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.


8 posted on 04/09/2005 1:10:25 PM PDT by Mrs. Shawnlaw (Sheep drool, Goats rule!)
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To: endospace

unserviceable debt with the expectation of being bailed out by U.S. taxpayers...


9 posted on 04/09/2005 1:13:06 PM PDT by joesnuffy (The generation that survived the depression and won WW2 proved poverty does not cause crime)
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To: Goodgirlinred
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!

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!

10 posted on 04/09/2005 1:21:22 PM PDT by JimRed ("Hey, hey, Teddy K., how many girls did you drown today?")
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To: JimRed

Great minds and all that! LOL!


11 posted on 04/09/2005 1:28:09 PM PDT by Goodgirlinred ( GoodGirlInRed Four More Years!!!!!)
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To: Mrs. Shawnlaw

I agree. Let's just have an auction on social security numbers.


12 posted on 04/09/2005 1:28:26 PM PDT by texastoo (a "has-been" Republican)
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To: mgist

Yep. I agree with you. After all, we all came from somewhere else way back when unless we were Native Americans.


13 posted on 04/09/2005 1:30:32 PM PDT by Goodgirlinred ( GoodGirlInRed Four More Years!!!!!)
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To: Goodgirlinred

"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.


14 posted on 04/09/2005 1:31:04 PM PDT by dljordan
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To: cripplecreek
And the bank is happy to get them under their thumb.

Not exactly “under their thumb”. Without an Official Government Issued Identity Number (AKA SSAN) they will be hard to find when they default.
15 posted on 04/09/2005 1:35:15 PM PDT by R. Scott (Humanity i love you because when you're hard up you pawn your Intelligence to buy a drink.)
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To: R. Scott

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.


16 posted on 04/09/2005 1:37:51 PM PDT by cripplecreek (I'm apathetic but really don't care.)
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To: endospace

I feel the same way about thisas I do about Spanish advertisement: Private businesses are free to court whichever customers they want.


17 posted on 04/09/2005 1:41:45 PM PDT by Jeff Chandler ( .:: Johannes Paulus Magnus: "Well done, good and faithful servant!" ::.)
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To: endospace
This is bull-crap these people are criminals and are being rewarded ??
18 posted on 04/09/2005 2:06:37 PM PDT by Fast1 (Destroy America buy Chinese goods,Shop at Wal-Mart 3/18/05 American was gone when I woke up)
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To: cripplecreek

The banks would be fools not to have them insured. That way we can all pay up on the defaults.


19 posted on 04/09/2005 4:09:45 PM PDT by R. Scott (Humanity i love you because when you're hard up you pawn your Intelligence to buy a drink.)
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To: Goodgirlinred

I bet I couldnt walk in there and get an account without a SSN.


20 posted on 04/09/2005 4:30:29 PM PDT by BurbankKarl
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