Banking on illegal immigrants (Flashback August 8, 2005)

CNN ^ | August 8, 2005 | By Shaheen Pasha, CNN/Money staff writer

[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.

[mdittmar]

This probably had nothing to do with the current situation.

[brownsfan]

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

Nope, no way.

[cripplecreek]

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

[VOA]

“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!”

[Pelham]

Great find!

[Travis McGee]

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

Nah, couldn’t be.

[VOA]

bump for publicity

[End Times Sentinel]

It worked out good in the end though, right?

[Brad from Tennessee]

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.

[Blue Highway]

"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?

[Sybeck1]

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

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

[homeguard]

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

[homeguard]

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.