No Credit Check Mortgage Loan
U.S. Rep. Marsha Blackburn, R-Tenn., introduced
legislation Monday that would prevent illegal immigrants from
receiving credit cards from American financial institutions.
The Photo Identification Security Act would require banks to use what
Blackburn calls "secure forms of identification" to obtain credit. In
a statement put out by her office, she says that Bank of America "has
come under fire in response to reports that it allows illegal
immigrants access to credit cards without proper documentation."
Bank of America spokesmen maintain that they follow the letter of the
law in permitting customers to use the forms of identification
permissible under the U.S.A. Patriot Act. That includes matricula
consular cards issued by the Mexican government.
"The American people deserve to know that the integrity and security
of our financial institutions will remain intact," Blackburn said in a
statement Monday. "This bill closes a critical loophole that banking
institutions have used to circumvent the letter of the law they have
used to target illegal aliens as a new source of revenue. It says to
banks and illegal immigrants alike, 'You can't get a Visa, without a
visa.'"
Bank of America issues the secured, or collateralized, credit cards
only after a customer has established a deposit account, and to get a
deposit account, the company requires a Social Security number, proof
of U.S. government federal taxpayer status, or other documents listed
as identification by the Patriot Act.
Speaking of some dire outcomes that can come from financing "illegal
aliens"
We need to keep our eye on the sudden "tightening" of the issuance of
"subprime" mortgage loans to large numbers of illegal aliens. ( among
others of course)
Fully 13% of all Mortgage loans being issued are the "subprimes' and
Freddie Mac the 2nd largest backer of home mortgages in the country will
finance No More of the "creative financing" type "sub prime" loan that
dangles the following Goodies, to prospective home buyers::
Buy your Casa today with your ITIN number!! No credit history OK! No
credit check!! No money down!!.
I don't know if the scale of this thing is large enough, but this type
of Drastic Restriction is very Similar to action of the Federal Reserve
in Sep or Oct 1929, that crashed the stock market and created the onset
of the great depression!
Customers were buying stocks on the NYSE with, commonly only 10% Margin
and in some cases only 5%% Margin. The brokers were borrowing the other
90% from the banks to finance these risky Margin trades, (to pay the
stock sellers).
The Federal Reserve warned all member banks in the above time frame to
Not Loan funds to Brokers who were financing such crazy stock market
Margin trades.
I believe (but Not Sure) that the Federal Reserve set the limit on
financing stock trades at Twenty Five Percent Margin!!
This caused a vast avalanche of "Margin Calls" from brokers to their
risky traders to "put up more money" to cover their Margin shortfall!.
There was no such money available to "cover" the margins, and huge waves
of stock market "Selling" set in, and the rest is history.
Mr Greenspan expects the housing market "Malaise" to last through the
balance of 2007.
If it gets a Whole Lot worse than just Malaise, you can recall that you
heard it first right here on API.