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Banking on illegal immigrants (Flashback August 8, 2005)
CNN ^ | August 8, 2005 | By Shaheen Pasha, CNN/Money staff writer

Posted on 12/05/2007 5:19:36 PM PST by mdittmar

Banks are seeing an untapped resource in providing home loans to undocumented U.S. residents

The banking industry is opening its doors to a controversial new market: illegal immigrants.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy
KEYWORDS: aliens; collaborators; crimaliens; illegalimmigration; immigrantlist; loansforillegals; quislings; subprime; wellfargo; wellsfargo
This probably had nothing to do with the current situation.
1 posted on 12/05/2007 5:19:37 PM PST by mdittmar
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To: mdittmar

“This probably had nothing to do with the current situation.”

Nope, no way.


2 posted on 12/05/2007 5:26:07 PM PST by brownsfan (America has "jumped the shark")
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To: mdittmar

Seems to me that one or two of us predicted a problem or two.


3 posted on 12/05/2007 5:28:18 PM PST by cripplecreek (Only one consistent conservative in this race and his name is Hunter.)
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To: mdittmar

“Banks are seeing an untapped resource in providing home loans to
undocumented U.S. residents”

What a difference less than two years can make!

Well it must have sounded like a great idea “at the time” as for
Well-Fargo in this article from JAN 16th, 2006:

Embracing aliens: Wells Fargo offering home loans to
illegals
http://findarticles.com/p/articles/mi_m5072/is_3_28/ai_n16058693

And look where Well-Fargo home loans got before the end of 2007:

Wells Fargo To Take $1.4 billion Charge For Bad Loans
Yahoo News ^ | November 26, 2007 | Jonathan Stempel
http://www.freerepublic.com/focus/f-news/1931435/posts
See links at post 8, 9 and 13.

I LOVE this quote from the article:
“Executives at Wells Fargo were not immediately available for further comment.”

Yeah, probably afraid one of them will publically spill the beans:
“We made deals with criminals that BROKE into the USA...and we’re
SHOCKED, SHOCKED I tell you that they turned out to be bad loan risks!”


4 posted on 12/05/2007 5:33:04 PM PST by VOA
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To: mdittmar

Great find!


5 posted on 12/05/2007 5:33:40 PM PST by Pelham (No Deportation, the new goal of the Amnesty Republicans)
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To: mdittmar

Gee, ya thing these illegals had anything to do with the sub prime crackup?

Nah, couldn’t be.


6 posted on 12/05/2007 5:33:58 PM PST by Travis McGee (---www.EnemiesForeignAndDomestic.com---)
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To: mdittmar

bump for publicity


7 posted on 12/05/2007 5:34:27 PM PST by VOA
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To: mdittmar

It worked out good in the end though, right?


8 posted on 12/05/2007 5:36:55 PM PST by South Hawthorne (In Memory of my Dear Friend Henry Lee II)
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To: mdittmar
The banks could sell their repossessed properties to illegals. Let them make payment for a few years until the market gets better. Then inform the authorities and have them deported.
9 posted on 12/05/2007 5:45:29 PM PST by Brad from Tennessee ("A politician can't give you anything he hasn't first stolen from you.")
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To: Travis McGee
"This is a huge untapped market with people illegals that live and work in this country and are capable of buying homes to realize the American dream," said Chan Peterson, executive vice president and head of community banking at Banco Popular, one of the earliest banks to enter this field.

Nice message to send the illegals. Come here illegally, break the law, and you too can live the American dream. Heck there are honest to goodness AMERICANS that aren't living the American Dream, why should these illegals even be able to fantasize about it?

10 posted on 12/05/2007 6:02:41 PM PST by Blue Highway
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To: mdittmar

http://www.freerepublic.com/focus/f-news/1737500/posts

Not a citizen? No problem......


11 posted on 12/05/2007 6:08:46 PM PST by Sybeck1 (Join me for the Million Minutemen March --- Summer 2008!!)
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To: mdittmar

“undocumented U.S. residents” = illegal Mexicans = Barbarian hords.


12 posted on 12/05/2007 6:36:04 PM PST by homeguard
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To: mdittmar

Savage just said the feds forced the banks to give loans to illegals. Is this part of the NAU? It now appears the illegals will be bailed out and we are going to pay for it. Either the feds didnt think it thru or it was planned.


13 posted on 12/06/2007 5:49:29 PM PST by homeguard
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