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.

[clawrence3]

Because you started posting to me.

[Rick_Michael]

What "form" of treason could it be if it is COMPLETELY legal?!

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Treason is just a word...I would say this is incongruent with the laws that state that they are illegal; thus it's a backwards way of enforcing laws in that you ignore one thing, but enforce the others.

[Jhohanna]

Hehehehe... that's a great point. It's taken me 7, and I got a jump start. Oh wait... I can't. Yikes.

[planekT]

Oh they know. Did you read the title of the article? Tell me what it says. Here, I'll spell it out for you.

"Bank offers American Dream to Illegal Aliens".

Everybody knows. If it was a secret we wouldn't be having this conversation.

[clawrence3]

Oh, that's hillarious - charge them with "Being incongruent with the laws against illegal aliens" - I would love to see that prosecuted. Next?

[Jhohanna]

You'd be surprised... they already lost 1/2 a Billion at LEAST on their 'diversity' campaign - but hey, good for them. I won't bank with the devil.

[planekT]

No, I replied to you. You started posting to me. I already read your crap on another thread so I didn't reply, but then you kept at it.

Quit lying.

[clawrence3]

That was not put out by Wells Fargo, but rather by a news organization (one you would normally be suspicious of) trying to stir up the pot. Since Wells Fargo is not required and, in fact, is prohibited as an "Equal Housing Lender" from determining immigration status, no I don;t think they know. Next?

[clawrence3]

Focus on the Family is not worth $500 million, please!

[clawrence3]

I'm not lying - and have you read the Wells Fargo "Celebrate Home" program? Not one word about "illegal aliens".

[Rick_Michael]

Why isn't California made into two states? As-is the dems are given some much extra slack because the general leaning of LA and SF...whom don't make up the political views of all of California.

Less likely to get centrists presidents on immigration.

[clawrence3]

I will post it again (this time in its entirety): Wells Fargo, the first U.S. financial institution to promote the acceptance of consular identification cards for opening bank accounts, today announced plans to launch a pilot program called Celebrate Home(SM) in Los Angeles and Orange counties to offer home financing tailored to Wells Fargo customers who have an Individual Taxpayer Identification Number (ITIN). An ITIN is issued by the U.S. government to individuals who have income and are required to pay income taxes in the United States, but do not have a Social Security number. “Everyone knows a home is the platform from which people can create a solid financial future for their family,” said Brad Blackwell, national sales manager for Wells Fargo Home Mortgage, part of Wells Fargo Bank, N.A., a subsidiary of Wells Fargo & Company (NYSE: WFC). “More importantly, homeownership increases a person’s stake in the community and thus leads to more stable and prosperous neighborhoods. Many studies show that homeownership provides clear social benefits. When we help a customer become a homeowner, it helps the whole community.” Blackwell said applicants for the program will go through a rigorous identification process twice – both times in person – once when they open a bank account and then again when they apply for a mortgage. He said the company takes very seriously its responsibility to comply with the Bank Secrecy Act and all other government regulations involving safety and security. 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. Potential homeowners may qualify if they have been Wells Fargo banking customers for at least six months, have paid taxes using an ITIN for at least two years and can provide proof of two years of residency. Program highlights include: -- Non-traditional credit references to enable consumers who do not have traditional or lengthy credit histories to qualify for the program; -- Qualifying housing debt-to-income ratios that address the growing reality that homeowners need to spend a greater percentage of their income on housing; -- Flexibility on closing costs and income sources to allow customers to use gifts as a source of closing costs and to qualify based on some income received as cash; and -- Interest rates for both fixed- and adjustable-rate mortgages that are comparable to those available through similar programs offered by Wells Fargo. Customers who qualify for the Celebrate Home program must participate in face-to-face homebuyer education classes made available in their preferred language. “In the last four years, Wells Fargo has proven it can successfully meet the needs of customers who do not have access to traditional banking services through its policy of accepting consular identification cards as a valid document for opening checking and savings accounts,” said Shelley Freeman, Wells Fargo’s Los Angeles Metro community banking regional president. “Introducing home financing to these customers is the natural next step to help them create family financial security while building wealth now and for future generations.” A University of Tennessee study concluded that parents who are homeowners have a greater stake in the community and pass along that mindset to their children. Children of homeowners are 25 percent more likely to graduate from high school, have a 116 percent better chance of graduating from college, and are 59 percent more likely to own a home within 10 years of moving from their parents’ households. The study also showed homeowners are more involved in their communities, which translates into increased property values and lower crime rates. “We believe everyone who qualifies should have an opportunity to own a home and become financially successful, contributing members of the community,” said Kim Young, regional president for Wells Fargo banks in Orange County. “At Wells Fargo, it is our mission to serve every segment of our communities in a fair and responsible manner.” Based on 2001-2004 national HMDA (Home Mortgage Disclosure Act) data, Wells Fargo originated more mortgage loans to people of color, to low- to moderate-income customers, and in low- to moderate-income neighborhoods than did any other lender during that period. Wells Fargo Home Mortgage is the nation’s No. 1 retail mortgage lender* and one of the country’s leading servicers of home mortgages. It operates the country’s largest mortgage network from nearly 2,400 mortgage and Wells Fargo banking stores and the Internet. Based in Des Moines, Iowa, it services loans for over 5 million customers nationwide. *Based on year-end 2004 statistics compiled by Inside Mortgage Finance − Feb. 18, 2005

[clawrence3]

So, which "State" will conservative Orange County (where this loan program is located) be in?

[planekT]

Go ahead. Attack the source. This ain't a new story. I read the same thing months ago. Go ahead and attack that source. Illegals are getting home loans. Do you deny it?

Show me the language in the law where an "Equal Housing Lender" cannot refuse a loan to an illegal alien.

I'm sure it won't read "nor discriminate against people who are in the country ilegally".

Some judge might have interpreted it that way, but it isn't written into the law. No way.

[Arizona]

Thank you for posting this article. We have banked with WF for years. I have sent them an inquiry requesting their position on this and advising if it is true that they are giving loans to ILLEGALS, then our accounts and automatic pays will be moved to another bank.

[clawrence3]

Since they are not required to verify immigration status, how are they going to know if loans are going to illegal aliens, any more than other homeowners who are criminals?!

[clawrence3]

They cannot base a loan on immigration status - that's what I'm talking about. Change the law, if you can, but that's how it is for now.

[clawrence3]

You still there?

[Rick_Michael]

Oh, that's hillarious - charge them with "Being incongruent with the laws against illegal aliens" - I would love to see that prosecuted. Next?

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I didn't say 'charge them', I merely said that it doesn't make sense. This form of government policy doesn't help us with other laws. It's NOT a matter of prosecution (which I never implied), but a matter of common sense and necessity to change within our current law.

Please don't twist my words for your own spin, it makes you appear dishonest.

[planekT]

You're lying. Here's your post to me. http://www.freerepublic.com/focus/f-news/1563956/posts?page=26#26

Now show us the post where I responded to you before post 26 of this thread. You can't.