Americans for Legal Immigraton(http://www.alipac.us/article1676.html) DOES NOT want
Banks to offer credit cards or mortgage to undocumented U.S. residents. They are fighting banks like Bank of America, Citibank and others working with ACORN
(a housing advocate, www.acornhousing.org) to faciliate borrowers getting home loans using their Tax Payer Id. Number(ITIN).
Also Representative John T. Doolittle R-California has introduced a bill in Congress that would prohibit financial institutions from providing home mortgages to anyone who lacks a Social Security number. The bill (H.R. 480) would amend the Truth in
Lending Act to make ITIN mortgage lending illegal.
As a real estate professional this will hurt our industry especially in the current slow market conditions, it will hurt banks,
and of all will hurt consumers who need credit cards, mortgages in order to participate in modern society. Isn't this hurting all of us?
Showing posts with label illegal. Show all posts
Showing posts with label illegal. Show all posts
Wednesday, April 25, 2007
Tuesday, February 13, 2007
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.
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.
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