Not that they haven't probably been sneaking them in all along, but Wells Fargo has actually openly admitted that they give home loans to illegal aliens in a new program called Celebrate Home. Not only do they give them the loans, but they do it cheerfully and flaunt it in the face of any critics to their actions. Just look at the excerpt below and how they say "it's not our problem" and almost seem to gleefully salivate at the way they are circumventing the law through loopholes. Disgusting!
It's the American dream -- buying a home for your family. And now you don't have to be in the country legally to own one.
Wells Fargo is first major California lender to offer home loans to illegal immigrants, 10News reported.
"We're not required to ask the immigration status of any of our customers. That is the responsibility of the federal government," Wells Fargo bank representative Jerry Ruiz said.
The program is called "Celebrate Home" and Wells Fargo says it complies with all federal regulations
...
"Any time you have a bank institution lending money to help people buy homes when they're not even allowed to be in the country, it is something that runs contrary to the law. It aids and abets people who are breaking the law," said Ira Melman of the Federation of Immigration Reform.
It complies with all federal regulations eh?
Well I guess the federal regulations need to change then!
The fact that this company openly supports illegal aliens and then flaunts it in the face of everyone here -- both legal resident and citizens -- should be enough to piss you off and cause you to stop banking there.
If you have an account at Wells Fargo I urge you to switch banks immediately! I closed my account there awhile back when I found out their tactics. Use a small local bank instead. Support your local community rather than this proponent of illegal aliens!
you are the biggest idiot to ever write. Let me tell you about hispanics or shall i "illegals" they do all the hard work you don't want to do. there not in this country trying to be business men, writers, lawyers, bankers, taechers, law enforcement agents,presidents, etc. they're the one that keep some of our very important economy.who's going to cut your grass,build your homes, pick you fruit veggies, your tobaco(americas favorite) they are as hard working if not harder working that your average american.
Posted by: john michaels at
April 11, 2006 12:06 PM
I have a small account with Wells Fargo ($1,500)which I paid avery month without fail...until several months ago when my wife was diagnosed with cancer...with the doctor co-pays 3 times a week, and many co-pays for prescriptions, this has added about $600 a month more to our budget...(actually destroying any chance at being on a budget) so payments started being sent a week or so late...right away, Wells Fargo started its 5 times a day, 7 days a week phone barrage...when I returned these calls, I was told the person in charge of the account left for the day, that I should write a letter explaining my problem...well, I wrote a letter to this woman (I wont use her name for fear of Wells Fargo suing me and causing more financial problems)her response was "Wells Fargo doesnt make any deals with debt consolidation companies or recognize any outside circumstances...you owe us the money and we want it!"...I have been sending the $50 as agreed upon by them and myself, but still get the phone calls...these are nice people to deal with as you can see...they are liers and thieves!...you can find all kinds of complaints about them on the web...I myself printed out 144 pages...dont deal with these heartless crooks!...take your business somewhere else..(and not to Bank of America, which they just purchased...I hope this woman from Wells Fargo finds herself in my position one day...liars and thieves!!..E. Leicht, Baltimore, Md
Your company seems to be missing the big picture. You recently started officially extending loans to illegal immigrants. Although this practice is not strictly illegal, it is in obvious violation of American legal principle and canon. Many businesses think that a dollar is a dollar and obviously could care less about ethics, hence the reason for the reprehensible reputation of MBAs and business leaders among American Citizens and on the world stage. I never thought I would see the day that Wells Fargo would become one of them. I am utterly disgusted. As a second generation American, married to a legal immigrant, I have no bias towards people of any color or creed populating the US, in fact I welcome it. However, when I see the unethical tendency to turn a blind eye to the laws and principles of the United States in order to make money, I take offense. You are giving your tacit approval of illegal immigration by offering loans or credit cards to felons who deliberately thwart the law in order to benefit their personal situation.
What is Wells Fargo saying to the legal immigrants? What about the millions of people who are trying and suffering to legally enter America? Are not they showing respect for America, its laws and institutions? Your actions are insulting to them and all Americans. This action is also an affront to my wife, my relatives/ancestors and tens of thousands of legal immigrants and their dedication to law and hard honest work to become a legal US citizen. How can your company officers look themselves in the mirror? Do they have no morals or pride as citizens what-so-ever? As a former US Army Officer I was taught to respect and uphold not only the law but taught to act in an ethical manner. Obviously this point is missed by your greedy company leaders. To be a ‘company officer’ is obviously a sick joke and they do not deserve to use the term or title.
Never forget that although many businesses are turning a blind eye towards these immoral business practices, the millions of Americans are not. Just look at the poll numbers in favor of controlling and curbing illegal immigration. You have now officially become part of the illegal immigrant problem as you are offering incentives to people who deliberately break the law. Then look at your stock value and try to explain to your investors why now your stock is dropping and the reputation of your company is in the gutter. I guess then you will be forced to only lend to illegal immigrants. It will be appropriate, felons lending money to felons.
I will never use your company for anything, or any company, subsidiary or financial instrument that you invest with. As luck would have it I was in the process of securing a loan to buy a new vacation property. Wells Fargo was among the candidates. Obviously your quote was placed where it belongs, in the trash. I am now starting initiatives to get my fellow alums and friends to stop doing any business with you. I openly state my contempt for you and your company and I will strike at your reputation in every single blog or forum that I am able. I have written my congressmen and senator and am now writing a letter to my alumni association at Yale. Do not write me, the email provided is bogus. If you change this policy it will become national news and my opinions may change in time. Does your company really like this type of public exposure and press?
Stupidity should be painful and your unethical insulting initiative should hurt your company as it is an affront to the laws of our great country. You should be ashamed of yourselves and stop this immoral greedy practice.
This letter will be published on as many blog sites as I can find. I know that this letter is rife with typos. You do not deserve a finished copy.
Posted by: B Howell at
February 25, 2007 08:13 PM
What happened to the United SState of Amerca? If we need a loan or help we have to give up all info besides working our butt off! 9/11 should be a HUGE reminder of stopping ALL non-Americains from entering our FREE Country! It's time people to start taking back OUR RIGHTS and telling the GOVERNMENT and LAYMAKERS where they can go! I for one HAVE HAD IT with the thing! Let's get back to the CONSTITION and keep it! Right to bear arms, Freedom of speech - on and on. I for one refuse to let them take away my rights! We are slowly becomeing a Communistic Country and I WILL NOT LET THAT HAPPEN!! You decide! Thank You!
Posted by: P. Allan at
May 15, 2007 12:22 AM
It is time the people take back the country from ruling dictators once again. The bureaucrats are passing laws the people oppose. This great country did it once and we can do it again. I propose a tax protest in 2007. No citizen files a federal tax return. If many do not file, the ruling bureaucrats will fall. “No illegal welfare taxation without the people’s representation”. Let’s go citizens of the United States. If you agree, please pass this on to others.
Posted by: Founding Father at
June 19, 2007 07:25 PM
well, i've lived here all my life and nobodies ever given me anything
I'm sorry, am I missing something here? Has anyone ever gotten a home loan? I'm sorry but the last time I applied for a loan I had to supply lots of information but proving my citizenship was not one of them. I really don't think it matters what bank you go to, they are all going to require the same information. Just because Wells Fargo is truthful about it and others "hide" by not saying anything about it does not mean Wells Fargo should be punished.
I applaud Wells Fargo for being open about their policies but I think they are simply trying to make a point. They are not a federal agency, they are a business. To try to force a business to enforce a federal task is ridiculous. A bank is not prepared to verify citizenship of an individual just like a Safeway or a Vons isn't. All the banks are they same in this regard - they have a set of guidelines that they must follow to approve a loan and I honestly do applaud Wells Fargo for being honest about it.
To all the other banks that simply remain quiet on the issue? Shame on you. You're all doing the same thing, at least Wells Fargo has the balls to make a point about it. Thank you Wells Fargo - if there needs to be reform it can only be done by bringing the point out into the light.
Posted by: Harry at
February 9, 2008 12:54 PM
You do realize that this story is from January 2006 right? Since then many of the loans they gave out at the sub-prime mortgage rate have gone under and it has been a contributor to the current declining economic conditions in this country now in February 2008.
While you applaud them for being "open" the reality is they were overtly taking advantage at the expense of America as a whole.
Now go thank Wells Fargo for being so "open" and being a primary cause of the catastrophe now occurring.
Shame on Wells Fargo, Bank of America, and shame on us for allowing it to happen.
And least we forget, when the banks get into trouble because so many homes mortgages are in default, they go running to the government to bail them out. Guess who is picking up the tab for this. . .you guessed it, WE do, the tax payers.
