Bank Offers American Dream To Illegal Immigrants

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

[Travis McGee]

Thanks for your reply.

Every bump to the thread means that 15 more casual lurkers will read this article, about unprincipled greedy traitors selling their country down the river for a fast buck.

[Brad’s Gramma]

Claw3, since YOU brought up the race card....

...are these loans being offered to anyone other than the illegal Mexicans? And please, don't say yes, anyone can get a loan. You know exactly what I'm talking about.

I honestly do NOT know the answer, do you?

[Brad’s Gramma]

Say there!

How's the book coming? :)

[Travis McGee]

About 80%, aiming for May.

[clawrence3]

Then you should read this (when the loans were first announced): "The Celebrate Home program provides up to 90 percent financing on select fixed- and adjustable-rate loans up to $600,000 on the purchase of a single-family home or condominium." It has been reduced since then.

http://www.hispanicbusiness.com/news/newsbyid.asp?id=27195

[Brad’s Gramma]

DO YOU KNOW HOW MANY MINUTES IT IS TILL MAY?????????




:(

[A CA Guy]

I have heard of the 5% down and interest only stuff.
In general, used to be that 5% down was for people with a long credit history that is good. This is ignorant IMO.

I know for 1/2% more on interest rates you could at least a while ago be able to put 5% down on a thirty year loan.

The loan industry gets out of hand if it is not watched closely because many are paid by commissions for how many loans they made. So if they can make more loans, they will.
Figure such people might leave the job in a few years, but if they had three years of 200k commissions, they got theirs and are gone.

It is up to Federal regulation to prevent the kind of stupidity I am talking about.
I think at this time we may be set for major problems.

[clawrence3]

I don't know the answer either, especially since Wells Fargo is not required by law (and, in fact, is prohibited as an "Equal Housing Lender") to determine applicants' immigration status.

[OB1kNOb]

What, like some conspiracy law - I will ask you if you want banks to test loan applicants for illegal drugs prior to approval as well?

Oh, you didn't like my answer, so you make up a silly irrelevant example to ask another question? Now, let's play be the rules of debate. I answered your question. Now, it's my turn to ask you a question.

Do you work in an organization or business that participates and profits from the type of activity with illegals that you so staunchly defend, or is that you have family that this subject affects adversely? Answer please.

[Brad’s Gramma]

It is up to Federal regulation to prevent the kind of stupidity I am talking about.

Fat chance of that happening.

[Brad’s Gramma]

You would've gained far more respect in my eyes had you written: I don't know the answer either, especially since Wells Fargo is not required by law (and, in fact, is prohibited as an "Equal Housing Lender") to determine applicants' immigration status.

We all know your stance, no need to keep typing it. IMNSHO

[A CA Guy]

I never mind if people from outside the country buy here because they can't pick up the RE and move home with it.

IMO, let Mexico loan them money unless they have some major way to secure the loan here in the USA.

Illegals should be forcibly removed and made to follow the law in coming here.
Banks should be fined for making loans to illegals or for trying to turn a blind eye in the verification process.
The bank is helping an ongoing crime in America as an accessory and that can't be legal.

[Jhohanna]

Four (4) instant .44-40 Blue Glasers to the upper body mass (Colt)

That's what I'm talkin' about! Now, if only I could buy something bigger than a .357. :\

[A CA Guy]

Supposedly THAT IS DONE NOW.

What happens is that the financial institutions get creative or the Feds get lax in good times and then the bad times hit and KABOOM!

[clawrence3]

No, and no.

My question: "Do you want banks to test loan applicants for illegal drugs prior to approval as well?"

[OB1kNOb]

Thanks.

[clawrence3]

For those lurkers" Travis MCGee keeps talking about ; )

[Brad’s Gramma]

FRmail...

[clawrence3]

I agree that current law allows illegals to be forceably removed, but there is no current law against making loans to illegals or a stricter verification process - perhaps you don't understand how laws are written and what qualifies as "aiding and abetting" or "accessory" - see Model Penal Code § 2.06 or 18 U.S.C.A. § 3.

[A CA Guy]

No matter how a financial institution would like to sidestep issues to make the loan and money, the bottom line is when they F up, the American taxpayer gets stuck with it as we were the S&L Debacle from Carter that hit between the Reagan and Bush #1 years.

The whole deal behind supposed reforms were that stupid risky loans would not be made and we would not have these issues arise again.

Appraisers could no longer have no background and give the appraisal on a napkin.
There were to be restrictions on monies lent that would not allow a repeat of past woes.

IMO, we are going to get slammed again and don't be surprised if banks are going to get slammed with major fines for obliging criminals in this country.

If they are loaning people who don't belong here legally, they are financing criminals.