Posted on 01/24/2006 8:11:11 AM PST by 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.
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.
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?
Say there!
How's the book coming? :)
About 80%, aiming for May.
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
DO YOU KNOW HOW MANY MINUTES IT IS TILL MAY?????????
:(
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.
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.
Fat chance of that happening.
We all know your stance, no need to keep typing it. IMNSHO
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.
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!
No, and no.
My question: "Do you want banks to test loan applicants for illegal drugs prior to approval as well?"
Thanks.
For those lurkers" Travis MCGee keeps talking about ; )
FRmail...
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.
If they are loaning people who don't belong here legally, they are financing criminals.
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