The love of money is the root of all evil.
IIRC, this is happening in Wisconsin also.
And they will get away with it.
I don't believe American's can own property in Mexico. You get a long lease. I could be wrong but the point is there is no equal reciprocity or quid pro quid with Mexican law for Americans.
BTTT!!!
Banks are in business to make profits,
Are you kidding? Bank of America and Wells Fargo are doing the same thing!!!!
Its a pretty good scam. Give the Illegals a mortgage (require 20% down), then report them to INS. The Illegals get deported, and the bank forecloses on the mortgage, takes back the house and sells it at auction. Sweet!
Jeff Katz on KNEW was talking about this six weeks ago. It seems that they can apply for an ID number that the banks will accept and use Western Union money transfers receipts and phone bills as credit references.
Also a realtor friend asserts they are the biggest factor propping up the housing market in California.
IMHO, this is all in "the Plan" and no one on earth can stop it. Welcome to one-world government.
Somebody should check out Springdale, AR (home of Tyson Chicken). The realtors here are advertising this in flyers posted in neighborhood stores.
We even have a Tyson Credit Union down the street to help them establish credit.
These corporate pigs will sell America to the highest bidder. Open your eyes! They are becoming a major threat to your liberty.
New South Federal Savings Bank Launches Loan Product (Casa Mia)
05/10/2005
BIRMINGHAM, AL – May 9, 2005 – New South Federal Savings Bank is launching a new loan product, Casa Mia, to expand homeownership opportunities for taxpaying immigrants.
Casa Mia is designed to help taxpaying immigrants without traditional forms of documentation realize their dreams of homeownership by accepting Individual Tax Identification Numbers (ITINs) as documentation in lieu of Social Security numbers (SSNs).
Since 1996, the Internal Revenue Service (IRS) has been issuing ITINs in order to receive taxes from immigrants. More recently, mortgage providers in the Midwest began using ITIN lending to help taxpaying immigrants become homeowners. However, a recent report by the Census Bureau shows that 29.2% of all foreign-born residents live in the South. Yet there are few, if any, mortgage lenders with home loans to serve this market.
“As a leader in residential lending, we understand the importance of homeownership to both individuals and communities,” Robert M. Couch, CEO and President of New South explains, “These are taxpayers who are giving back to our communities and deserve a fair chance to experience the American dream of homeownership.”
The Consul General of Mexico in Atlanta is working closely with New South to ensure the accurate identification of Mexican immigrants using the latest in technology to combat false Identification. Consul General, Remedios Gomez Arnau, attended New South’s launch of Casa Mia. “We are excited to see a loan product specifically aimed at helping Mexican immigrants. Casa Mia is helping break down the barriers to homeownership that this community has faced in the past. By becoming homeowners, these individuals will be able to become further involved in the local community.”
Predatory lending is an example of one of the many barriers immigrants have faced. Since traditional banking institutions did not have a product to fit their needs, some immigrants who attempted to become homeowners were taken advantage of by unscrupulous lenders. Johnny Creel, President of Seguro Realty and Insurance, has helped Birmingham immigrants find homes and has seen this first hand, “These are legitimate workers paying taxes, social security and Medicare who want to become mainstream. Many of them have taken out mortgages with rates has high as 11% because, at the time, there simply was no other outlet. By offering Casa Mia, New South is providing a safe, effective way to help immigrants become homeowners.”
In order to qualify for Casa Mia, borrowers have to prove at least two years residency and two years steady employment. They can use the ITINs and government issued photo ID in place of the SSNs, but they must have excellent credit. The program also requires each applicant to undergo homeownership counseling to ensure the borrower completely understands the logistics and responsibilities of owning their own home. New South plans to offer counseling in both Spanish and English through the Birmingham Center for Homeownership.
According to Cenus Bureau data, over 33.5 million foreign-born residents live in the United States. Couch recognizes this to be an ever-growing segment of the population, “It is important that we embrace this emerging market."
New South is initially launching Casa Mia in Birmingham and plans to expand the product to the Atlanta/Duluth, Phoenix and Houston markets in the near future.
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Email Us...
http://www.newsouthfederal.com/customer_service/
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'Clear violation'
"What this bank is doing is a clear violation of the U.S. Immigration and Nationality Act," said Craig Nelsen, executive director of Friends of Immigration Law Enforcement. FILE describes itself as an association of legal and legislative volunteers working on behalf of Americans to ensure that immigration law is being enforced.
"If any loans are issued, they are liable for arrest," Nelsen said. "On TV, you see poor Mexican kids being led away in handcuffs. We need these bank directors led away in handcuffs."
It is a felony to encourage an alien to reside in the United States, knowing that such residence is in violation of the law, Nelsen stated in a letter to New South.
To cash a check at Bank of America now, you must have two forms of ID. A drivers license and a Credit Card from a major bank. No debit or check cards count. I guess I will change my name to Jose Jiminez.
You know, if these illegals really knew what they believed in and what they were doing instead of being led around by their noses and false beliefs; they would clean up their own country.
"New South Federal Savings Bank is giving illegal aliens home mortgages to help them realize the American dream."
The City of Madison, WI is doing the same thing:
http://www.freerepublic.com/focus/f-news/1405620/posts
If it is against federal law for banks to do what they're doing then it's time to sue them since the feds obviously don't care. In Kansas the college tuition for illegals is being challenged and this Federal Savings Bank can be as well.