The Hypocrisy of Money & Immigration

WE WANT YOUR MONEY BUT GET OUT OF OUR COUNTRY:
I am in San Francisco, and the last few weeks there has been a lot talk about ICE(immigration police) rounding up undocumented people in the surrounding cities: Redwood City, Pittsburg, San Pablo, Richmond, San Francisco.

ICE it is only those who have deportation or criminal records, but the fact is there a families, children, long time residents (nondocumented) who being deported and whose families are being destroy.

The Church is silent and so are the financial institutions: Banks, Mortgage companies, etc.
And here is the hypocrisy of Money!

As a loan agent I see all the advertisement by Banks, Car Dealerships targeting the illegal person: Credit cards, mortgage loans, loans of any type with a Tax Payer Id (ie. No Social Security Number).

So the message is clear: Get out of our country if you are illegal, but we want your money. Open up bank accounts, credit cards, get home loans, refinance.

Since persception is reality, and since we are babies of the media/advertise age, these financial institution should do more to bring public awareness of how valuable this target group is for them and for all of us.

Negative Loans(also called Pick A Payment)

I am getting a lot of calls from borrowers who can longer afford their pick a payment loans. These are the loans that say that your interest rate 1, 2. 3%.A lot of the borrowers are saying that they never understood them or that this type of loan was never fully explained. As a real estate agent, I get a bit frustrated when buyers claim they are "innocent." I think a lot of buyers ignore the consequences of their decisions and DREAM that the problems will go away.However, I do believe that lenders have been very ,very agressive in their marketing of the Negative Loan programs, and we as Loan Agents, have been seduced by such marketingand as good "sales people" push these products even when we know THE NUMBERS don't make sense.For example, from day 1, a Wholesaler kept pushing us, kep training us to market/sell the Negative Programs. She explained how it all made sense and even brought us their calculators to quickly see 'HOW MUCH MORE MANY YOU COULD MAKE BY ONLY PAYING THE MINIMUM PAYMENT (LESS THAN FULL INTEREST" AND SAVE THE REST INTO A SAVINGS ACCOUNT."Example of what she said. You regular payment would be 3,000 interest only, principle & interest would 3,500, but your minimum would be 1,800.So pay 1,800, and the rest put into a savings account. When one of my colleagues challenge her by saying: that this only made sense if you earned enough in savings to make sense she got very upset at my colleague. Now almost 2 years later, we see the result of a lot of people losing their homes due to not being able to pay the deferred interest.So I have to tell borrowers and agents, if it is too good to make sense then it is.And as agents we owe a duty to explain the "worst" case scenarious to our buyers.It is very sad to have to tell my prospects when they call that there is nothing I can could to help.