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, the mainstream press and broadcast media is how 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....
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...
...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...
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....
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