Bank Offers American Dream To Illegal Immigrants

Yahoo News ^ | 1/24/2006 | 10News

[Jhohanna]

It's the American dream -- buying a home for your family. And now you don't have to be in the country legally to own one.

Wells Fargo is first major California lender to offer home loans to illegal immigrants, 10News reported.

"We're not required to ask the immigration status of any of our customers. That is the responsibility of the federal government," Wells Fargo bank representative Jerry Ruiz said.

The program is called "Celebrate Home" and Wells Fargo says it complies with all federal regulations, 10News reported.

Applicants do need a tax identification number issued by the Internal Revenue Service for people who do not have Social Security numbers.

Ruiz said the program is targeted to Wells Fargo customers who have been an account holder for at least six months and who can show proof of residency for two years in the United States -- along with proof that they have filed and reported income taxes using an individual taxpayer identification number.

There are an estimated 10 to 12 million illegal workers in the United States.

Critics say even though the program is legal, it sends the wrong message.

"Any time you have a bank institution lending money to help people buy homes when they're not even allowed to be in the country, it is something that runs contrary to the law. It aids and abets people who are breaking the law," said Ira Melman of the Federation of Immigration Reform.

A bill is being introduced in Congress that would make it illegal to issue loans to illegal immigrants, according to 10News.

[Jhohanna]

I just *love* this line: "We're not required to ask the immigration status of any of our customers. That is the responsibility of the federal government," Wells Fargo bank representative Jerry Ruiz said.

I just completed filling out paperwork to transfer my checking account over there. UH NO. They lose. They no get my moolah!

[Jhohanna]

Good morning!

Check *this* out!! *yikes*

[oldleft]

Just what happens when our undocumented friends end up underwater on their mortgage and flee back to buena Mexico? I'm betting Wells Fargo won't be stuck with the tab.

[farlander]

Welll... I doubt they'll be doing much bussiness. Ya think illegals send in their tax returns and have a valid IRS tax number !?

[Travis McGee]

Quisling: a synonym for traitor, someone who collaborates with the invaders of his country.

[redgirlinabluestate]

I think their shameless promotion of this program is truly shocking. It just shows how above ground and flagrant this illegal immigrant problem has gotten. All law-abiding Americans should close their Wells Fargo accounts.

[Proud_USA_Republican]

I don't bank with them and never will.

[Stellar Dendrite]

ping

[steel_resolve]

I consider this a form of treason.

[vrwc0915]

Hey I was in there (my employer uses them so its the only place I can go to cash my check)
and they also were all decked out for kwanza had huge posters stating that wells fargo recognizes the 12 principals of kwanza

[Jhohanna]

Ooooo! I like. I have seen the term, but didn't 'get' it.

[Jhohanna]

Absolutely. I have to do research and find out if Sharebuilder is strictly through them (I have some $$ in an account), and if so, I need to get it out. But it's kinda sad, because I was *this* close. I'm *so* glad I found out now!

[Jhohanna]

What the? Well, I found some other interesting posts on Free Republic about them pushing a radical homosexual agenda... contributing to the 'anti-gay' effort whatever that means. It resulted in Focus on the Family pulling out their cash... and if that happened, that's a massive hit. They are worth who knows how much... more than 1/2 a billion, I know that.

http://www.freerepublic.com/focus/search?m=any;o=score;s=wells%20fargo

[Lady Heron]

Since when has the American dream defined as owning a home, it use to be to become vastly wealthy? Oh, thats right the rich are now evil. Lowering ever standard possible is the dems play book. I guess in 25 years owning your own mobile home will be the American dream.

[Travis McGee]

Here's the rest:

Quisling: A word Norwegians are not very proud of having given to the world: it derives from Vidkun Quisling (1887-1945), a Norwegian politician who collaborated with the Nazis during World War II. He established his name as a synonym for "traitor", someone who collaborates with the invaders of his country, especially by serving in a puppet government. Quisling was found guilty of high treason in 1945, and was executed by firing squad on the 24th October 1945.

[gubamyster]

ping

[Sterco]

We have been thinking about refinancing our house. Guess it won't be with Wells Fargo. Sad because all of our accounts are presently with them. I like their on line banking and have had no trouble with it. I will have to send my regards to one of the higher officers in Wells Fargo. Traitors in our midst.

[varon]

Since when has the American dream defined as owning a home, it use to be to become vastly wealthy?

Oh, and I thought it was to eventually own an American made car that outlasted the payments ;-)

[swampfox98]

I just completed filling out paperwork to transfer my checking account over there. UH NO. They lose. They no get my moolah!

When these illegal aliens welch on their loans, you and I will be paying them off, no matter where we live or what we do. That is called George Bush's redistribution of the wealth.

[Roos_Girl]

Oh, and I thought it was to eventually own an American made car that outlasted the payments ;-)

I have one of those!