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 governments 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 publics 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 arent 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.
Well, there is always my son's solution: "burning river of gas."
It's not just Bush bashers who are upset. I've been a consistent supporter of Bush but I am seeing that support eroding.
I am tired of Spanish signs in Home Depot. I'm tired of trying to find someone to speak English in my Bank of America branch, I'm tired of paying for medical care for illegals when my own medical insurance costs so much. I'm tired of illegals who have no loyalty to our country and refuse to learn English. I am tired of illegals who want to sue us to get free tuition at our colleges.
I do collection work for small businesses and am amazed at how foolish people are in giving credit to illegal aliens.
So be it..sticks and stones..LOL.
sw
They collect from us. You know, we may as well just open the freakin boarder and name Mexico and the 51st state. This is a joke.
"Mortgages for Illegal Aliens Encouraged by FDIC"
that seems to answer your question: the taxpayers would foot the bill.
As my dad who worked in the auto industry for over 30 years told me: "ALL car dealers are slime."
As a free marketeer, I see no problem with this. Home Depot is a private business who can market to whoever they wish in whatever language they want.
Name a country abroad that isn't electing Socialists on a regular basis. Australia and Singapore are two I can think of off the top of my head. There are also Japan and Taiwan...
I don't know that immigrants are high risk or, if so, whether any increased risks are offset by increased collateral, fees, interest rates, etc...
In any event that's a matter for the banks' stockholders to decide as long as the banks are operating within the parameters of federal/state regulations and FDIC rules.
I certainly don't have as dog in that fight.
If your bank is a national one, I want to do business with them.
Any bank walking the line is OK by me.
Illegal Aliens are nothing but a high risk due to their fears of ever-imminent deportation.
And as long as you file a 1040, you run the risk of paying for their default through such things as the RTC.
I work for a community bank that is part of a group of affiliates in and around Maryland. I am afraid we do not quite reach California :-(
Our holding company has a very traditional business model and none of the banks in the affiliation are willing to take any kind of excessive risk, be it lending to questionable customers, speculative building projects or whatever. Just a little group of old-fashioned banks that want to give our customers great service at a fair price.
Seems that the big banks are the ones pushing the edge. Actually, they've gone well over it, and are clearly breaking entire volumes of laws.
It's interesting that they feel comfy doing that. Their existence is a matter of law; their collateralization is a function of American property laws.
Extremely interesting that they obey one set of laws when it benefits them, and not another set, because it constrains them. There's a word for people like that: "criminals".
I think you have seen enough of my posts to know that I am adamantly against illegal immigration. Further I'd like to see these bankers prosecuted for aiding and abetting the illegals.
That said, my wife is a banker and I know that it is possible to make a low risk loan to a high risk customer. The key is a high enough down payment and satisfactory collateral in sufficient amount to cover the loan if the customer defaults (or gets deported). If the bank can foreclose and sell the property for enough to cover the debt then their risk is low.
All of this according to the Bush's plan for screwing middle America - until we get real conservatives in office we can kiss our freedoms goodbye.
Okay...so one of the factors in this situation, one not being reported on, is whether or not the banks are protecting themselves in the case of default.
BTTT
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