How can banks give loans to illegals for homes....??.?

Question

it is being done with legal American monies in the bank. Yes it is being done. What do you think?

ri, you are so funny!! Read most of the opinions....

Answer 1

Better question. Why do we give illegals anything??

Answer 2

Banks are in business to make money. When people borrow money to buy a home, and repay it with interest, the bank makes money. That's true all around the world. I am in Romania right now (legally, don't worry) and was able to open a bank account. They wondered if I wanted a mortgage or a car loan or anything else, because they noticed that I was a good customer and probably had the ability to repay the loan. They did not ask me whether I was in the country legally or illegally. As it happens, I did not want a loan from them, but am using this as an example. In my experience, foreigners can borrow money from local banks in many countries, and that includes legal and illegal residents.

Answer 3

I don't think it's fair since the rest of Americans have to undergo credit checks and have their enitre credit history under the microscope. Granted the bank is in it for money.....I don't know if they have higher interest rates or what the deal is......but they are doing things many American citizens work their life to qualify for.

I am against illegal immigration but I would hate to think this is another way for another business to exploit them. I know many people have gotten in over their heads around here with those interest only loans or whatever they are.....only now to have their payments more than double and they can't afford it. Even if they try and sell it, they will never get out what they've put in. It's NOT just happening to illegals though. It's happening to everyone who thought this would be too good a deal to pass up. So I don't want to give the impression the illegals were "targeted" for this. I just know banks don't do anything out of the kindness of their hearts.

I just know many people.....and I was one too.....that get get sucked into living beyond your means and finding yourself in big financial trouble. If the majority of these people are seeing "money" for just about the first time in their lives.....I'm afraid they may find themselves in over their heads. Then I'm afraid it will become just another thing to blame the "gringo" for when it's something that happens to all of us everyday. We still have the pay the penalty though.....while right now they can just change their name or run for the border when trouble begins.

Answer 4

They simply don't care about the applicant's legal status, they have the home as collateral. If the illegal doesn't pay up, they seize the home. And in fact it might be even easier for them since to evict them they just need to call INS and reposess the home once they're out.

Keep in mind banks aren't there to uphold laws, they're there to make money.

Answer 5

Bank of America and Wells Fargo are two that provide illegals.

http://www.lincolntribune.com/modules/news/article.php?storyid=1657

Answer 6

Why don't we make people prove that they're legal before they can enroll in school? Seems that there's no punishment for breaking laws in this country and to me - if the banks are loaning money to them, they too should be charged with a crime.

Answer 7

I'd like to know how can an illegal alien making $ 3.00 an hour can acquire any kind of loan at all.

Answer 8

I think these people have cost you more than any illegal!

Jeb Bush defaulted on a $4.56 million loan from Broward Federal Savings in Sunrise, Florida. After federal regulators closed the S&L, the office building that Jeb used the $4.56 million to finance was reappraised by the regulators at $500,000, which Bush and his partners paid. The taxpayers had to pay back the remaining 4 million plus dollars.

Neil Bush was the most widely targeted member of the Bush family by the press in the S&L scandal. Neil became director of Silverado Savings and Loan at the age of 30 in 1985. Three years later the institution was belly up at a cost of $1.6 billion to tax payers to bail out.



Why don't you start picking on their illegal, mostly Republican, employers?

Answer 9

most illegals don't go to a local Wells Fargo or Chase or whatever to get their loan. However, I don't think it matters to the bank, they are just a business trying to make money.

Answer 10

I think it shouldn't be happening as well as them coming here and not having to pay taxe's!!! And our goverment is giving them Business Grants that they dont have to pay back at all..and medical care that is free, while we have people here in this country who have worked here all the lives and can get no help what so ever!!!!! send them all back and dont let any in!!!!