2007-02-13 00:51:43 · 8 answers · asked by john K 2 in Politics & Government ➔ Immigration
did you read the article in the first place the customer must ALREADY BE A CUSTOMER OF THE BANK in the first place.
(they have to have a checking account !)
if they dont have a checking account they cant get a credit card
2007-02-14 13:59:37 · answer #1 · answered by mobilemark 7 · 0⤊ 0⤋
Because they run a parallel economy that is too good and strong to let go.... 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.....
2007-02-13 10:25:47 · answer #2 · answered by marcelsilvae 3 · 0⤊ 0⤋
They are not the only bank that is .Many banks are allowing illegal aliens to buy homes thru then as well as cars.Its simply a matter of making money and they don't give a damn about this nation or its laws. Its very sad that people and institutions place money before honor.the law and love of country.
It makes the illegals think ,so why do I need to be legal.I get everything any way.
Chicago
A coalition including Citibank, Bank One, and 33 other banks—banded together as the New Alliance Task Force—are rolling out a model loan program meant to bring undocumented Chicago immigrants into the mortgage mainstream.
A few lending pioneers already provide home financing to immigrants with no Social Security numbers, and the task force's hotly debated plan provides guidance to other banks that are interested in following this lead.
Without Social Security identification, banks can quantify applicants' credit risk by contacting employers, landlords, and utilities; but the greater risk of extending credit to these borrowers is reflected by a higher interest rate. However, critics say, the bigger problem is that banks that provide mortgages to undocumented residents are facilitating illegal immigration for the sake of greed rather than acting to improve financial services to legal immigrants.
2007-02-13 01:21:50 · answer #3 · answered by Yakuza 7 · 1⤊ 1⤋
A better question is why the Federal Government is allowing Bank of America to do it. The reality is that BoA is prohibited by Federal Law from encouraging people to break immigration law, or to help them do it. Everyone knows (and BoA admits) that 99.99% of those for whom this program was created is here illegally. Yet BoA falsely declares they are conforming with the laws that are on the books.
El Presidente Bush's adminstration side-steps the issue by saying "See, this is why we need a Guest Worker program".
The truth is, unless people react to BoA's decision by causing them real monetary losses, then they will believe their program is a good business decision, and the rest of the banking industry will follow suit. It so happens I was looking for a new bank today to move my assets to, and I sent a letter to BoA corporate telling them why BoA is off my list. Like most legal residents, my assets are larger than those of 100 illegal alien families, so if they lose your business, it WILL hurt them.
And WHY is BoA off my list of banks to choose from? Because they deal with Hispanics? Hardly. They are lending money based on three months' banking records. No credit history. No Social Security records. Nothing else. That's insane, and the only possible outcome will be a huge percentage of defaulted loans. That makes for an unstable bank, and the possibility of a Governmental bail-out 10 years from now. The last time there was a bail-out, we all paid for it.
Here's a few things to ponder about this new program:
* Can a legal citizen decide they don't want their credit history considered when getting a loan?
* Can a legal citizen get a loan by choosing to not reveal his Social Security number?
* Would you feel safe loaning money to someone with no credit history whatsoever?
* What happens to the loan if the bearer gets deported and decides to stay in his country of origin?
* What happens if the loan bearer decides to move because he can't afford to pay the loan back? You and I have a paper trail because our IDs are genuine.
This program is a disaster of monumental proportions in the making. Should citizenship eventually be given to all of the people who participate in the program, the fact remains - BoA is making loans to people who shouldn't be getting them (based on unknown credit history). It is a terrible business decision, just as the junk-bond speculation 20 years ago that caused a huge bail-out then.
Truly - bank with BoA, Citibank, Wells Fargo, and all the others that choose to make ultra-risky loans at your peril. Ask your bank what their policies are. Voice your concerns.
...and for the next poster - yes, I DID read the article. BoA already allows people without Social Security numbers to open bank accounts (of course, U.S. citizens could NEVER open one without a SSN). A mere three months after that these same non-citizens can apply for a Credit Card backed by BoA. Yes, the card initially will have a $500 limit. 100,000 participants (the reported number of protesters at the Illegal Alien march last year) equates to $50 million in extended credit. And this isn't about just credit cards. BoA has been handing out mortgages to illegal aliens for a few years now. To bank with BoA is to swim in very dangrous water.
2007-02-14 09:34:15 · answer #4 · answered by sealtheborder 2 · 0⤊ 0⤋
Easy answer: The big banks that bought out the government back in 1913 own all other national banks and like 80% of the mainstream media. It's all about control, wake up and smell the fascism.
2007-02-13 05:35:30 · answer #5 · answered by Ted S 4 · 1⤊ 1⤋
I understand they are simply out for the buck but it angers me. I mean my credit history and any mistakes is out there for the world to see and it effects major aspects of our lives if it's not perfect. Not to mention it wasn't easy to get one to begin with.....
People have scraped and saved and worked to get homes, build good credit and had mounds of paper work and trails from here to kingdom come....yet these guys have to do nothing more than have a checking account and there's no guarentee they are who they say they are. What's going to stop them from running for the border if they can't make payments? Who's ultimately, once again, going to end up paying if they don't? The legal citizens in one way or another. I tell you....doesn't seem worth it to be an honest person anymore....
2007-02-13 03:23:25 · answer #6 · answered by Anonymous · 2⤊ 1⤋
How would they ever recoup their money from illegals, fake id's etc. You have no way of knowing who they really are.
2007-02-13 01:57:09 · answer #7 · answered by Anonymous · 1⤊ 2⤋
They can't discriminate or else they might get sued.
2007-02-13 01:50:27 · answer #8 · answered by Anonymous · 0⤊ 2⤋