Posted on 05/28/2005 9:57:39 PM PDT by smoothsailing
Banking on illegals
By Dimitri Vassilaros
TRIBUNE-REVIEW
Sunday, May 29, 2005
New South Federal Savings Bank is giving illegal aliens home mortgages to help them realize the American dream.
Its Casa Mia program is designed to help tax-paying immigrants "without traditional forms of documentation" -- like anything indicating they are Americans. Remedios Gomez Arnau, consul general of Mexico in Atlanta, is working closely with the massive Alabama-based bank "to ensure the accurate identification of Mexican immigrants." Said Senor Arnau: "We are excited to see a loan product specifically aimed at helping Mexican immigrants."
New South describes itself as Alabama's largest thrift with $1.4 billion in assets. It has residential mortgage loan offices in 13 states and services home loans in 30 more, the District of Columbia and the Virgin Islands. If enough illegals apply, New South plans to offer Casa Mia mortgages in Atlanta, Phoenix and Houston "in the near future." Unless, that is, the bank officers are arrested for helping to harbor illegal aliens.
'CLEAR VIOLATION'
"What this bank is doing is a clear violation of the U.S. Immigration and Nationality Act," said Craig Nelsen, executive director of Friends of Immigration Law Enforcement. FILE describes itself as an association of legal and legislative volunteers working on behalf of Americans to ensure that immigration law is being enforced. "If any loans are issued, they are liable for arrest," Nelsen said. "On TV, you see poor Mexican kids being led away in handcuffs. We need these bank directors led away in handcuffs."
It is a felony to encourage an alien to reside in the United States, knowing that such residence is in violation of the law, Nelsen stated in a letter to New South.
It is hard to imagine almost any court taking seriously ...CONTINUED AT LINK BELOW....
(Excerpt) Read more at pittsburghlive.com ...
1. The economy
2. The 2008 Presidential election
3. Control of the Senate
4. Control of the House
5. A conservative majority on the Supreme Court
6. Preventing all of the achievements made by conservatives in the last 25 years from being undone by a small group of people who fail to appreciate the fact that electoral politics has a very real and important impact on their lives and the lives of their children.
As for taxpayers backing these government sponsored enterprises I ran across the following recently in a column on the subject.
* United States Code
o TITLE 12 - BANKS AND BANKING
+ CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
U.S. Code as of: 01/06/03 Section 4503. Protection of taxpayers against liability
This chapter may not be construed as obligating the Federal Government, either directly or indirectly, to provide any funds to the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, or the Federal Home Loan Banks, or to honor, reimburse, or otherwise guarantee any obligation or liability of the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, or the Federal Home Loan Banks. This chapter may not be construed as implying that any such enterprise or Bank, or any obligations or securities of such an enterprise or Bank, are backed by the full faith and credit of the United States.
[End]
I believe Mr. Greenspan has tesified before Congress expressing worry about Fannie Mae, et al. should it be widely known that investors' money is NOT backed by the U.S.
Right, and after they get deported our interest rates will go up to cover the losses incurred by the banks. The banks really do have nothing to lose.
Just like our car insurance rates go up when illegals who aren't covered smash up their (?) cars. My insurance went from $149 a month in Texas to $40 a month in NH when I moved. See what I mean?
I just opened up a savings account at a Bank of America and it asked that you put in the application "I am a US person." What the fuck is a "US person"?
I refuse to kiss the asses of the illegals to keep a majority in the government. I don't care. I won't vote or pay taxes ever again if that's the case. I don't think that it is YET.
Remember, most Hispanics DON'T support illegal immigration.
So you are telling me that the entire future of the Republican party and our country is at stake if we "don't" absorb the illegals? Are they going to vote Republican?
No
Invoke the Ricco Act!
Well another pesky little trick is needed to keep the real estate bears from being right. The last little trick, interest-only loans, is starting to worry some. To wit,
"Another large underwriter, Mortgage Guaranty Insurance Corp., known as MGIC, confirmed that it, too, is monitoring real estate speculation in hot housing markets and has serious concerns about certain interest-only mortgages that investors are using to buy multiple houses or condos.
The companies were responding to a study that found that nearly 25 percent of homes bought in the United States last year was for investment, not for owner occupancy. Thirteen percent of purchases were vacation homes, according to the National Association of Realtors."
In 2001 only about two percent of the mortgages were interest only, I believe.
A recent Dr. Thomas Sowell post stated that today on average about 25 percent of mortgages nationwide are interest only. In the San Francisco area it's almost two-thirds if I remember correctly. In the Washington, D.C. area it's over 50 percent.
Time for the real estate bulls to roll out another little trick, giving mortgages to the 10? 15? 20? million ILLEGAL aliens.
"Control of the Senate
4. Control of the House "
The Dems control the two, as we abdicated any authority to run them.
These interest only loans are robbing homeowners of any equity build up. If we have a real recession, another bailout will follow, as these hyper inflated home values will crash.
Not a land grab. There is big money originating mortgages, and even more reselling them.
I stand corrected, however this smacks of racketeering.
" Time for the real estate bulls to roll out another little trick, giving mortgages to the 10? 15? 20? million ILLEGAL aliens."
==============================
Thoughts?
"What is it, then, when the US government gives the alien an individual taxpayer ID number (ITIN)?"
==================
Our immigration laws and the system supporting them are broken. The officials given the responsibility for checks and balances are playing by their own rules.
I am glad you made that point. The interest-only loans have played an important role in keeping the "bubble" going. Here is one take on the problem, from a recent W-P article (sometimes they report facts, this sounds reasonable to me.)
"Many economists are beginning to worry that the [interest only] loans could hurt consumers, lenders and the economy itself. Buyers could be exposing themselves to increased risk if home values should fall and interest rates rise, and lenders could be liable if borrowers walk away from such loans. Even the neighbors of people who have bought homes at inflated prices could face financial injury if they take home-equity loans that assume the new purchases reflect true and higher values for properties in their neighborhoods."
[end quote]
Now loans for ILLEGALs, the next trick to keep it going?
What if millions of ILLEGAL aliens take the mortgages then get spooked from the pro-law enforcement movement and "walk away from such loans" and return home?
"What if millions of ILLEGAL aliens take the mortgages then get spooked from the pro-law enforcement movement and "walk away from such loans" and return home?"
Then you and I pick up the tab when we have another S & L
bailout.
The banks can't lose. When the market crashes, Fannie and Freddy are going to go belly up. When that happens, WE lose!
I'm disgusted at the way everyone can boldly break Federal laws and get away with it.
I built my own house. I know everyone personally that worked on it. No one thieving illegal.
I'm not calling for CW2,however, decent law abiding citizens get the shaft over and over , pretty soon folks start talkin', and I don't mean on the internet!!
Are you a US citizen, bayourod? Where do you live?
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