Posted on 05/28/2005 9:57:39 PM PDT by smoothsailing
Banking on illegals
By Dimitri Vassilaros
TRIBUNE-REVIEW
Sunday, May 29, 2005
New South Federal Savings Bank is giving illegal aliens home mortgages to help them realize the American dream.
Its Casa Mia program is designed to help tax-paying immigrants "without traditional forms of documentation" -- like anything indicating they are Americans. Remedios Gomez Arnau, consul general of Mexico in Atlanta, is working closely with the massive Alabama-based bank "to ensure the accurate identification of Mexican immigrants." Said Senor Arnau: "We are excited to see a loan product specifically aimed at helping Mexican immigrants."
New South describes itself as Alabama's largest thrift with $1.4 billion in assets. It has residential mortgage loan offices in 13 states and services home loans in 30 more, the District of Columbia and the Virgin Islands. If enough illegals apply, New South plans to offer Casa Mia mortgages in Atlanta, Phoenix and Houston "in the near future." Unless, that is, the bank officers are arrested for helping to harbor illegal aliens.
'CLEAR VIOLATION'
"What this bank is doing is a clear violation of the U.S. Immigration and Nationality Act," said Craig Nelsen, executive director of Friends of Immigration Law Enforcement. FILE describes itself as an association of legal and legislative volunteers working on behalf of Americans to ensure that immigration law is being enforced. "If any loans are issued, they are liable for arrest," Nelsen said. "On TV, you see poor Mexican kids being led away in handcuffs. We need these bank directors led away in handcuffs."
It is a felony to encourage an alien to reside in the United States, knowing that such residence is in violation of the law, Nelsen stated in a letter to New South.
It is hard to imagine almost any court taking seriously ...CONTINUED AT LINK BELOW....
(Excerpt) Read more at pittsburghlive.com ...
Not me, FRiend, I am stuck with him, like a bad tooth on the weekend.
Immigrants....that includes Pakistanis India, Eastern Europe. Give me the default rate with illegal Mexicans
prove it.
It's not illegal for foreign nationals to buy American real estate.
It's not illegal for American banks to loan money to foreign nationals for the purpose of buying American real estate.
I would too.
I find it hard to believe anyone would loan money to 20 people that may be herded back to Mexico at a moment's notice.
Must be a sweet deal for the bank for them to do this.
Roger that.
Neither am I. The banks make big money on illegals, and soon all will offer them mortgages. WHORES.
A bunch of seniors bought homes just south of the border in CA - within months the Mexican govt came and kicked them out and took their homes away. They had some kind of deed but it was judged to be invalid. Some of the seniors lost most of their savings.
God help us.(or in my case God and dry powder)
Bank of America and Wells Fargo are doing the same thing!!!!
Wells Fargo is the worst. We quit banking there exactly for this reason.
Its a pretty good scam. Give the Illegals a mortgage (require 20% down), then report them to INS. The Illegals get deported, and the bank forecloses on the mortgage, takes back the house and sells it at auction. Sweet!
"It's not illegal for American banks to loan money to foreign nationals.
It's not illegal for foreign nationals to buy American real estate.
It's not illegal for American banks to loan money to foreign nationals for the purpose of buying American real estate."
Wrong, hotshot. It is illegal for a s7l to knowingly make a loan to a criminal illegal alien. The banks would have started this 10 years ago if they didn't have a problem with it. They are paying big money right now to change one minor glitch in the banking laws, so they can proceed. I have been in banking and high finance all my adult life, so don't bother posting your inaccurate BS
Wells Fargo is no different than the mob. They have been stealing people's real estate for at least 20 years. Just on 2 cases alone, they have paid out 52 million, and 26 million for stealing property. Cost of doing business, I guess.
Don't know, but it sound like it would be a pretty good scam.
Jeff Katz on KNEW was talking about this six weeks ago. It seems that they can apply for an ID number that the banks will accept and use Western Union money transfers receipts and phone bills as credit references.
Also a realtor friend asserts they are the biggest factor propping up the housing market in California.
Have you checked the immigration status of every employee who works at the dry cleaners to which you take your suits?
Have you inspected the immigration papers of every employee of every restaurant at which you dine?
Have you verified the legal status of every employee at the packing plants that process the meat and chicken you eat?
Please tell me you don't live in a house built partially by illegal immigrants.
You know damned well that if you turn in an illegal, nothing is done about it. More of your disengenuous BS!!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.