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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 officers desk on Monday, he looked like any other person here applying for a credit card. He signed a few papers and couldnt 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 Californias Wells Fargo Bank, which gives loan opportunities to individuals without a Social Security Number.
You dont 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 doesnt 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 nations 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 were 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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To: A. Pole
Hey, I live alone, ok. I just spent over one year trying to help my American born white cleaning lady who is five years younger than I am. I found her two other cleaning jobs. She only had one other than me. I also found her a job occasionally sitting with a friend's mother who has Alzheimer's. This woman did nothing to find work for herself. She lived in my home for over a year, room and board free. All she had to do was a little housework and take care of my pets (2 dogs and 2 cats) when I was away. It turned out she drank, got drunk, smoked all the time, and, when I was away, brought men to my house. The last time I was gone she went to my accountant three times and got $50.00 each time. She was only supposed to go to get money if she ran out of pet food. She abused the kindness I showed to her. Now, I think I have done my Christian duty trying to help someone by bringing them into my home, don't you think? I am not an old woman. I am a very young 55 year old widow. I was married at 18 and widowed at 51. My children say I should not be let out alone because I am too gullible. So, enough already, ok?
41
posted on
04/10/2005 8:49:19 AM PDT
by
Goodgirlinred
( GoodGirlInRed Four More Years!!!!!)
To: Goodgirlinred
Hey, you illustrated my point better than anybody could.
42
posted on
04/10/2005 9:09:48 AM PDT
by
A. Pole
(The Law of Comparative Advantage: "Americans should not have children and should not go to college")
To: A. Pole
Maybe so, but I would still give a hard working immigrant a job. Someone who works hard and takes pride in their work is a whole heck of a lot different than this woman was. She refused to work at Wal-Mart because the pay was too low. This from a woman who did not finish high school. I tried to get her to get her GED. I offered to help her with it. She refused. All she wanted to do was find a man to live with who would support her.
43
posted on
04/10/2005 9:41:55 AM PDT
by
Goodgirlinred
( GoodGirlInRed Four More Years!!!!!)
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