FDIC Endorsement of Illegal Alien Mortgages Violates the Law

By Dan Stein, Federation for American Immigration Reform, August 05, 2005

"[T]he 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," writes Dianne Grassi for MichNews.com "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.'

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