Principle stops mortgages

Pittsburg Live ^ | July 31, 2005 | Dimitri Vassilaros

[WaterDragon]

Sometimes the good guys win when they take the law into their own hands. Craig Nelsen won a battle -- skirmish, maybe -- in the war to repel illegal immigration. Mr. Nelsen is not a vigilante but he is the executive director of Friends of Immigration Law Enforcement and also Project USA.

Trib readers learned in "Banking on illegals," my column of May 29, that New South Federal Savings Bank cooked up a scheme to give mortgages to illegal aliens. Nelsen sent the bank a nasty letter suggesting it was breaking the law and promising his group would pursue all legal remedies to end the program.

This is how BusinessWeek online described what happened next in "Embracing Illegals," July 18:

"But corporations' willingness to overlook the status of this lucrative demographic target could further inflame opposition to illegal immigration. Consider the case of New South Federal Savings Bank....

[EagleUSA]

Amen. Any support for illegals should be just as illegal as their presence here. If we had a government that would enforce our laws.... :-(

[NonValueAdded]

"We have no obligation to enforce immigration laws," said James P. Maloney, the bank's chairman of the board. "Our role is to determine if they (the illegals) are creditworthy."

Hey, Maloney, the very fact they are illegal should make you concerned about their creditworthyness. How are you going to collect if they skip back to their homeland? (Note I chose that option over "suppose they get caught and promptly deported" since that is highly unlikely, sadly.)

I wonder if the FDIC has raised their insurance rates given the risky use of their deposits. I thought premiums were supposed to be risk-based now.

[FinallyBackInNH]

If I issue a home loan to a known illegal alien, thereby aiding and abeting their continued illegal presence in this country, doesn't that make me an accessory after the fact?

[Jim Noble]

doesn't that make me an accessory after the fact?

If the state had a shred of interest in enforcing its laws, yes, it would.

[upchuck]

This illustrates the sad state of affairs in the financial industry today. Remember when having a credit card was a privilege, not something that's practically rammed down your throat?

Any financial institution that gives a mortgage to an illegal is nothing more than a criminal enabler. It is very troubling that the FDIC isn't jumping all over these banks, etc. If I had an account there I would be moving it someplace else.

I wish Mr. Nelsen well in his attempt to comabt this.

[ozarkgirl]

"The real culprit is the Treasury Department," Nelsen said.

Best bet is always to blame the government for a corporations lack of morality.

"Banking is shaming itself for money,"

This is so laughable I can't even make a serious comment.

I applaud this man for going after the bank rather than resting on his laurels but his comments are rather amusing.

[gubamyster]

ping

[blackie]

Protect our borders and coastlines from all foreign invaders!

Be Ever Vigilant!

Minutemen Patriots ~ Bump!

[TheSpottedOwl]

This is out of control, however the banks are nothing but whores. That apparently has been their occupation since time began, and Jesus chased the money changers off the temple steps. This is just normal behavior for them. May they lose their asses in this scheme, and serve prison sentences.