Why are banks giving mortgages to Illegal immigrants?

Question

I just read an article in Yahoo news stating Bank of America is giving Credit Cards to Illegal Immigrants. Thats fine. But in the story they say that Banks have been giving Illegal Immigrants Checks and Mortgages. Where are they buying the houses? WHere are they getting the money to afford houses? Isn't anyone afraid they may be deported?

Here a link to the news Item if anyone doubts me.http://news.yahoo.com/s/nm/20070213/us_nm/bofa_card_dc;_ylt=A0WTUcWqgNFFht0AiB_MWM0F

Answer 1

Its a big greedy scam by corporatist, to have these homes later foreclosed for that same reason you ask, being here illegally. But, in the meantime the Realtors and bankers are encouraging this deception to a vulnerable group of people. Who will most likely lose any claim in court, or be able to re-coup their losses. Regardless, of these corporations involvement in this illegal transactions, being made with undocumented immigrants.

Answer 2

Because they run a parallel economy that is too good and strong to let go. Also because Banks profit enormously from these kind of loans (high risk=higher interest) .....Read on:
I have answered this question before but I because I think it's worth repeating I'm copy-pasting it: Whoever broke the law by arranging fake marriages, SSN's or things like that should be punished somehow before receiving any kind of forgiveness. Be real though US cannot afford to be without legal or illegal Immigration. That said I'd add this: Immigration in the US today is a joke. Illegals have more rights than legal immigrants and visa holders. I lived in the US for 8 years, my whole family speak English fluently, I hold a PhD degree. However because my work visa could not be renewed and I couldn't find any loophole in the law, fake wife, or wanted to stay in the country illegally, I ended up having to leave the country my kids learned to love. We all felt at home up there (contrary to some who live in ghettos and only speak their native language) and respected the US law while the global scumbags that will probably get an amnesty in a near future will benefit from their law breaking strategies. They will find defenders who say "they work hard and pay taxes" so let me tell you all this: I did the same PLUS under the law and because of that people like me is being punished. This sucks! I'm now well adjusted back in my country but I know my kids wish they were still there. Maybe, who knows, they will go back someday but I'll make sure they take no passports, produce fake ID's and SSN's and don't forget to go in a makeshiftboat ride or cross a desert so they can be more successful.....

Answer 3

Easy. Two things. Money and a lack of legal consequences. But mostly money to be made on the high interest cards. What happens when the illegals skip back to Mexico after racking up debt? The legal population pays in even higher fees and interest. And the person above who said they need consulate ID doesn't take into account that to have a consulate ID you have to be here LEGALLY.

Answer 4

I'm an appraiser, and some of the homes I've been in I just know the homeowners were illegal aliens, yet banks will still give mortgages. Banks are in the business of making money.

Answer 5

All banks have to follow laws from the US Patriot act as far as lending and even opening up bank accounts. They have to have proper identification required by the act and Know Your Customer (KYC) procedures. Even if somebody doesn't have a social security card they have to have other identification a secure reliable form of ID issued by a Consulate.

Answer 6

It isn't only BoA that gives loans to illegals, any financial institute in America will do this. A ND anyone will sell to a know illegal, take for example, I live in Gainesville, GA. the poultry capitol of the world, we had a man from Gainesville who was running for lt. governor, he owned houses on my street and sold them to illegals, well he is now lt. governor of this state and in my opinion a criminal. America is so crime ridden and the politicians lead the pack.

Answer 7

they seem to be a multicountry worldwide financial enterprise, doing enterprise in Mexico as financial enterprise of Mexico. they only would provide those human beings loans in Mexico and p.c. the pastime they'd get off of credit enjoying cards from them interior the U. S.. they do no longer care that they are area of facilitating illegals to stay right here, via fact they are going to be earning earnings. Capitalism at paintings. there's a regulation being drafted to provide up this, yet as for me, i will basically flow my money owed to the place they gained't fund this manner of investment.

Answer 8

Money, Money and More Money The almighty $$$$$ Big oones and most banks are Multi National...there are very few American owned banks anymore!

Answer 9

Bank of America?? How Republican can you get? Now, try to tell me that it's the Liberals who are fostering the large influx of illegal aliens in this country...Oh, you can't? Just as I thought!

Answer 10

I can only gue$$ at the rea$on why bank$ would $ell out the United $tate$.