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 ...
"And they will get away with it.
Until all the defaults start to come in."
And probably afterwards. The loans get securitized and resold.
You know, if these illegals really knew what they believed in and what they were doing instead of being led around by their noses and false beliefs; they would clean up their own country.
"New South Federal Savings Bank is giving illegal aliens home mortgages to help them realize the American dream."
The City of Madison, WI is doing the same thing:
http://www.freerepublic.com/focus/f-news/1405620/posts
>>New South Federal Savings Bank is giving illegal aliens home mortgages<<
After the completion of the loan, the federal government buys the loan from the bank (thru FANNIE MAE) and the bank continues to service the loan by collecting the monthly mortgage payments. Or they may sell the servicing contract to another company.
If it is against federal law for banks to do what they're doing then it's time to sue them since the feds obviously don't care. In Kansas the college tuition for illegals is being challenged and this Federal Savings Bank can be as well.
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§ 4. Misprision of felony
Release date: 2004-08-06
Whoever, having knowledge of the actual commission of a felony cognizable by a court of the United States, conceals and does not as soon as possible make known the same to some judge or other person in civil or military authority under the United States, shall be fined under this title or imprisoned not more than three years, or both.All bank officials could be charged under: Title 18 U.S.C. Sec. 4, "Misprison of felony
And how the bankers wash their filthy hands from it and keep from going to jail (#85) . .
"After the completion of the loan, the federal government buys the loan from the bank (thru FANNIE MAE) and the bank continues to service the loan by collecting the monthly mortgage payments. Or they may sell the servicing contract to another company."
No, but it gives a good audit trail (that nobody in the FED has any interest of following).
I wish we could deport you.
See #85.
The banks transfer all of the risk to you and me when they sell the loan to FANNIE MAE. We are the ones who will pay if the FANNIE MAE pyramid ever collapses.
>>they would clean up their own country.<<
That is not an issue today. They came to corrupt our contry and they are doing a great job of it. Congratulations are in order!
If we won't get off our dead butts to save it by evicting legislators one after the other until we get to the core group who understands what is happening, why should the illegals want to do more?
Hiney, free money is just that. It is free money for the receiver. We are paying it and all we want to do is whine but we will reelect the same party officials who put us in the mess. Of that I am almostr positve.
How often do you read about a thread on FR that promotes common sense ideas towards building a solid 3rd party that could present some serious competition to both the R's and the D's. The current flock of legislators at all levels, are comfortable in their chairs and there is no serious competition that I can see. Nor do I think there will be any. We're too comfortable watching our country spiral downhill.
If we need foreign workers to help our economy grow, we can let in more LEGAL immigrants. We don't need illegal alien lawbreakers.
Rounding up eleven million people and kicking them out of the country is not a real option in today's political and cultural climate.
We don't need to round up any illegal aliens. Cut off ALL taxpayer funded services to illegal aliens while at the same time crack down HARD on businesses that knowingly hire illegal aliens. With no prospects for a job and no taxpayer funded goodies available to them, illegal aliens will begin to voluntarily head back to their home countries.
We have lost another round. Sad to say on this Memorial Day.
Go here if you don't believe me. Check out these down payments.
http://www.newswithviews.com/guest_opinion/guest52.htm
Proof of citizenship is not required. This is Bush's American Dream. Read the whole page and you will be disgusted.
These aren't your common loans. Banks across the United States are writing the loans based on individual taxpayer identification number, or ITIN. No SSI number needed for these. No driver license ID needed, just the Mexican Consular ID.
Just so long as the IRS thinks they'll get their cut, everything will be fine! Only an IRS-issued document can be accepted for proof of your ITIN by a bank.
One company, Milwaukee-based Mortgage Guaranty Insurance, now offers private insurance on the loans, which reduces risks for banks and makes the mortgages easier to resell. The Federal Deposit Insurance Corp. is helping a group of Midwest banks to develop ITIN programs.
Senator Orrin Hatch's D.R.E.A.M. Act okayed giving them college educations so they can afford to pay for mortgages. Everything is going to be OK so just go back to watching TV. You don't mind subsidizing a college education for an untold number of illegal aliens, do you? Why complain about buying them homes? You have one, don't you?
Calm down. All of this is happpening under governmental oversight. Our elected officials have our best interesats in mind, (I hope)lol
Are you certain that logic is allowed on this thread? It is an anti illegal immigrant you know.
Bush knows exactly what he is doing. He is not a conservative. I won't argue as Bush is not worth it.
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