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'Bank on California' - California Banking Program For Illegal Aliens

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California has launched a program for illegal aliens called Bank on California that would make the Matricula Consular acceptable at all banks and the program is being pushed with gusto by Governor Arnold Schwarzenegger. As many of you know banks across this country - Bank of America and Wells Fargo being the most notable - have been openly pushing credit cards and mortgages for illegal aliens for years. Giving loans to illegal aliens was one of the major causes of the sub-prime mortgage crisis and it has been conveniently ignored by traditional news outlets. This crisis ended up devastating millions of Americans by artificially driving up housing prices. And it devastated them more by having those same financial institutions beg and receive trillions of taxpayer dollars because these loans unsurprisingly defaulted.

Now California is set to openly endorse the acceptance of easily fraudulent identification documents in the opening of bank accounts, which of course will then lead to even more fraudulent loans being given.

You simply must go read this article by Tony Dolz which exposes the absolute idiocy and danger of this program. A program that will be coming to a state near you shortly if there is not enough outrage at the continued destruction of our system by corruption and greed.

"Bank on California" Money Laundering Scheme May Do for the State What Mortgage Meltdown Did for the Nation

This week the Governor has startled even his most adoring followers. He launched a program called "Bank on California" for the expressed purpose of allowing illegal aliens to open bank account and get loans using the fraudulent Mexican Matricular Consular and Central American "consular identification cards".

These consular identification cards, which only illegal aliens need, can be purchased for as little as $20 in any big city street corner or for $40 from official Mexican consulate.

Go read the rest and then do as Tony suggests:

Call and write Governor Schwarzenegger and demand that "Bank on California" be dismantled immediately.

Governor's Office Telephone 916-445-4571 Fax: 916-558-3160

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Posted by Digger on December 30, 2008 01:44 PM (Permalink)

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Wachovia Bank has a program called "Dinero Direct" that lets Mexicans send money "back home." Nice to know Wachovia is aiding the outflow of US money to a hosile country.

Posted by: Paul Bunting on December 31, 2008 03:26 PM

I know it's not a concern of anyone reading this, but all the available information show that the loans made to illegal aliens based on TIN have a default rate much lower than loans based on SSNs.

Posted by: Ralph on December 31, 2008 05:59 PM

That's because TIN's are most commonly used by businesses, corporations, and sole proprieters for commercial entity identification purposes. Generally, these are small business and commercial loans.

Posted by: Rob on January 1, 2009 10:35 PM

FYI: Businesses, corporations and sole proprieters use EIN's (employer identification numbers) for commercial entity identification purposes. TIN's (taxpayer identification number) are given to individuals who don't have a social security number so they can prepare U.S. tax returns.

Mortgages using these TIN's according to the Wall Street Journal WSJ and LA Times LA Times have a much lower default rate than other loans.

Diggers claim that giving loans to illegal aliens was one of the major causes of the sub-prime mortgage crisis is not supported by the facts.

Posted by: Ralph on January 2, 2009 06:16 PM

The Online Journal piece is an op-ed. That doesn't mean the WSJ supports it - though I'd be surprised because the Wall Street Journal has always been 100% pro-illegal alien because they put business above all else, even laws.

As for the LA Times piece, well if you actually read it and not just say "Oh the LA Times says illegal alien loans are great!" you'll realize that it was put together by more unscrupulous illegal alien lovers like Tim Sandos, president of the National Assn. of Hispanic Real Estate Professionals.

Funny, Sandos says they are more secure loans, but then later in the piece it is revealed that "The real estate association does not keep statistics on foreclosure rates"

Sandos benefits from as many houses as he can sell, whether that is to people who can pay later or not. Realtors make their money up front, not based on later actions. They want as many buyers and suckers as they can get to overpay, whether they are illegal or not.

Even the illegal alien in the story was shocked that he could come to this country illegally and get banks to lend him money to buy a home "'I was surprised that a bank actually was risking their money on a person like me,' he said." In the story it is shown that their income was actually threatened, but they managed to squeak it out. So that's their proof for the whole story. What about the ones who didn't make it?

And then, of course, later the truth comes out as money is what really talks in the end for these people...

"Michael Zimmerman of Mortgage Guarantee Insurance Corp., which insured about 1,000 taxpayer identification loans from 2004 to 2007, said the organization stopped insuring such loans last year because of a lack of demand by lenders.

The whole theory falls apart on that one statement. If illegal aliens were so great for lending to - and most Americans and legal residents suck so bad, as you imply - then why would lenders stop demanding more of these great loans be insured? Why would they not demand to take illegal aliens loans even above the rest of the people in this country? I'll tell you why, because it's not true and the fact that an illegal can be rounded up and deported the next day is not a very low risk loan.

You've picked two pieces that have no true backing other than those who stand to make money off illegal immigration and only "pro-business at all costs" and "Illegals are so great if they're Hispanic" papers would actually print this drivel as fact.

And only pro-illegal pushers like yourself would accept it and try to spread it around.

Posted by: Digger on January 3, 2009 03:30 PM

"So that's their proof for the whole story."

Actually, there is no proof. But according to the LA Times: "Home loans held by illegal immigrants in California and across the nation generally have had fewer delinquencies than similar loans held by U.S. citizens, in part because of stricter lending requirements, according to banks, insurers and Realtors."

I have the testimony of banks, insurers and realtors. Digger has nothing but a song and dance to support his claim that giving loans to illegal aliens was one of the major causes of the sub-prime mortgage crisis

Posted by: Ralph on January 3, 2009 04:43 PM

Also see these other great immigration resources

The Dark Side Of Illegal Immigration
The Dark Side Of Illegal Immigration

A 28 part detailed report on the negative impacts of illegal immigration.
Immigration Stance
Immigration Stance

Find out how your members of Congress voted on immigration issues.

The Dark Side Of Illegal Immigration
Read the free 28 part report The Dark Side of
Illegal Immigration

Includes facts, figures
and statistics.

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