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Thread: Mortgages for Illegal Aliens Encouraged by FDIC

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    Creepy Ass Cracka & Site Owner Ryan Ruck's Avatar
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    Default Mortgages for Illegal Aliens Encouraged by FDIC

    Mortgages for Illegal Aliens Encouraged by FDIC
    The mainstream press has only recently begun to cover the failure of the federal government’s obligation to seriously address the security of the borders of the United States with respect to illegal immigration. Largely due to the launch of the Minute Man Project which took place in April 2005 in a southern border ‘neighborhood watch’ in Arizona, the media was forced to cover the event as it was a symbol of the majority of Americans who believe that the borders should be secured and that U.S. laws should be observed.

    For those not fully immersed in the matter however, it is through the mainstream press and broadcast media is that most Americans get their information, but they have not addressed many other issues which have evolved as a result of lax immigration policies. And the American people are not aware of how quickly things are changing. Other than the mention of homeland security issues concerning our borders, neither the press nor our lawmakers, in our politically correct climate, are willing to address the matter. So the constant drain on U.S. resources such as energy, roads and infrastructure including services such as medical care and school tuition, to name just a few, are not highlighted. All have added to the tax bill of Americans as well as steep hikes in medical and car insurance rates alone.

    Openly adding to the growing list of illicit acts on behalf of illegal aliens are corporate entities and mid-sized businesses knowingly hiring illegal aliens without verification of proper documentation. Long gone are the days when we were told illegal workers were merely filling jobs as domestics in the home or doing the work of landscapers, as many decent blue collar jobs go directly to the illegal population now, bypassing hardworking Americans. And since no fines have ever been issued against any businesses hiring illegal aliens there is no impetus for any to stop, as they enjoy not having to pay benefits or guaranteeing work on a permanent basis.

    But while most Americans are at least peripherally aware of these unaddressed problems, many would be surprised how financial institutions are now bending over backwards to woo illegal aliens to become home owners. Until recently it was an unexposed policy, but banks across the nation have now put out the welcome mats in full force, through marketing campaigns.

    The FDIC was created by Congress in 1933 to reassure the public’s trust in the national banking system. Although it operates as an independent agency it helps insure account deposits at 8,930 banks in the U.S. Its goal is to “promote the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.”

    However, the FDIC is now formally encouraging “U.S. banks to enter this largely untapped market,” referring to illegal aliens. National banks, Wells Fargo Bank, N.A. and Bank of America, N.A. are leading the charge, granting mortgage loans for a potential home buyers’ market of 215,000 illegal aliens, with many in the local bank communities following suit, some with the help of state housing commissions.

    And the FDIC along with the Mortgage Guaranty Insurance Corp. have given their endorsement for banks across the U.S. to offer home loans and other financial services such as car loans to illegal aliens regardless of their immigration status. In doing so, banks are accepting the Individual Tax Identification Number (ITIN) from the Internal Revenue Service in lieu of a Social Security card for which those illegally in the U.S. do not qualify. Wells Fargo and Bank of America have also been accepting the matricula consular card or consul registration number for nearly two years, which can be sought at the Mexican Consulate in the U.S. instead of an ITIN.

    Since illegal aliens do not have a credit history, they need only supply the ITIN or a matricula consular card along with proof of income for a period of two years and taxes paid on those wages. Some banks also require history of rent and utility payments. After that however, illegals get the same terms with no penalties as any U.S. citizen or legal resident does. In addition they may later seek a home equity loan like anyone else.

    According to Michael Frias, a spokesman for the FDIC, “Banks aren’t legally required to verify legal status. There is no federal law which requires banks to verify the immigration status of foreign account holders.”

    The only problem with that statement is that illegal aliens are not merely “foreign account holders”, but are illegal inhabitants of the U.S., courtesy of our banking industry, which is inviolate of the laws of the U.S. Constitution.

    According to Kevin Mukri of the Office of the Comptroller of Currency, which is the primary U.S. bank regulator, “Banks are not the arm of the immigration department. It would be discriminatory not to service them.” But under U.S. Criminal Code 274, “It is a crime punishable by 10 years in jail for aiding and abetting someone in this country illegally for commercial gain.” And the Bank Secrecy Act of 1972 provides that “Banks must know their customers and any illegal activity must be reported to the government.”

    It is a blatant betrayal of the American people and a terrible precedent set as the U.S. government pretends to uphold the law while condoning the approval of mortgage lending to the illegal community, with a wink and a nod. This is no longer a matter of an employer avoiding the law or about helping those coming to the U.S. in search of a better life. Rather it is the acceptance of lawmakers and law enforcement to ignore the laws of the land, specifically for those who reside in the U.S. illegally. Moreover, it is a flagrant disregard and appreciation of law abiding Americans. Unfortunately, the U.S. government has now mortgaged away the future of America as we once knew it. Sadly, that is something now which we may never be able to reverse.

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    Default Re: Mortgages for Illegal Aliens Encouraged by FDIC

    Sigh...

    www.foxnews.com/printer_friendly_story/0,3566,166959,00.html
    Wisconsin Program Helps Illegal Aliens Get Mortgages

    Friday, August 26, 2005

    MILWAUKEE — Illegal immigrants are often criticized as unfair competition for U.S. jobs. Now, with an unprecedented program in Wisconsin, they could be competing with legal residents for a new home — with help from the state government.

    The first-in-the-nation program, run by the Wisconsin Housing and Economic Development Authority, is helping to make getting a first mortgage easier —for illegal immigrants.

    The new home-mortgage program has Republican state Sen. Glenn Grothman up in arms.

    "I don't think the state of Wisconsin should be sending the message that our immigration laws are a joke," Grothman said.

    The Wisconsin mortgage program follows the lead of the Internal Revenue Service, which gives out individual taxpayer identification numbers, or I-TINS, largely to people in the United States illegally so that they can legally pay income tax. Wisconsin is now allowing I-TINS to be used where Social Security numbers would normally be required.

    "We are not the immigration police. In fact, the IRS won't even allow us to inquire about the status of people who have I-TIN numbers," said WHEDA Executive Director Antonio Riley.

    So far, about 150 mortgages totaling more than $16 million have been granted to Wisconsin I-TIN holders.

    "When you set-up a program in which you don't have a Social Security number, they themselves know and are admitting that the vast majority, if not everybody who's taking advantage of this program, is in this country illegally," Grothman said.

    "It's money earned, taxes paid, families need a home. It's that simple," said Democratic state Rep. Pedro Colon.

    Colon said that if neighborhoods like his largely Hispanic South Milwaukee district are to succeed, home ownership is vital. He also blasts federal lawmakers for leaving illegal aliens in a "no-man's land" in which they are able to pay federal taxes but unable to get permanent residency.

    "The U.S. Congress is the laziest place in politics today," Colon said. "[It] doesn't give us the luxury of sitting around and watching our communities fail."

    Grothman said he wants essentially to eliminate the I-TIN mortgages and has proposed that Social Security numbers be required for state loans.

    He said that even though he believes the vast majority of Wisconsin is with him on this, he's not sure his own party is.

    "If my legislation doesn't pass, it shows a high degree of cowardice on the part of the Republican leadership of the state of Wisconsin," Grothman said.

    Wisconsin GOP leaders say they do not fear Hispanic voter backlash getting in the way of Grothman's legislation, but that the party has other priorities, like election law reform, that needs to be completed first.

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    Welcome to BIZARRO WORLD!! Where it's easier for illegal criminal invaders to get a home mortgage than native born citizens!

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    Default Re: Mortgages for Illegal Aliens Encouraged by FDIC

    Bank Offers American Dream To Illegal Immigrants
    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.

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