Thread: Illegal American Dream versus a Wall Street Bailout

A friend emailed me this today and the article is from May of 2007. Read it, it is very interesting.



http://njrereport.com/index.php/2007/05 ... can-dream/

From the Wall Street Journal:

Big Banks’ Loan Push: Illegal Immigrants
Mortgages Get Pitched To Underserved Market; Critics Find Some Risks
By ROBIN SIDEL
May 3, 2007; Page C1

The nation’s big banks, scrambling for customers, are pitching mortgages to illegal immigrants.

Two years ago, making home loans to people who are in the U.S. illegally was largely limited to community banks that wanted to revitalize neighborhoods by offering low-cost mortgages to local workers. There are signs that these loans, which comply with regulatory requirements and which represent a sliver of the nation’s $10 trillion mortgage market, are starting to take off in the broader banking industry.

J.P. Morgan Chase & Co. is developing a pilot program to pitch mortgages to illegal immigrants in Maricopa County, Ariz. If the bank proceeds, the plan could launch as soon as this summer. The New York bank joins Citigroup Inc., Wells Fargo & Co. and Fifth Third Bancorp, which also are experimenting with the loans.

Genworth Financial Inc., meanwhile, is testing insurance products tied to the loans. Deutsche Bank AG has teamed up with the Hispanic National Mortgage Association to develop a secondary market where big banks can sell and trade the loans, potentially reducing risk with keeping the mortgages on their balance sheets.

“Whoever hits the street first with these loans will be the winner,â€

Yes it was Posted on the worlds largest archive of articles on Illegal immigration http://www.alipac.us/ftopic-62191-0.html

On May 2,2007

This and other articles from the ALIPAC archives make great emails.

[quote]“If I catch these people, they are going back to Mexico and the banks will have a tough time collecting on their loans,â€

TODAY IS THE DAY TO CLOG UP THE EMAILS, BURN THE FAX LINE AND SHUT DOWN THEIR PHONES. TODAY WE DEMAND TO BE HEARD!!!


NO BAILOUT!!! ENOUGH IS ENOUGH!!!! NO MEANS NO!!

ROAR SOME MORE PATRIOTS!!!

TOGETHER WE CAN DO THIS!!!

U.S. SENATE AND HOUSE CONTACT INFORMATION:

http://www.alipac.us/ftopict-63874.html

TOLL FREE

Congressional Switchboard Numbers

800-833-6354
866-340-9281
877-762-8762
866-808-0065
866-220-0044

ZIP CODES

http://www.555us.com/555FL/555fl_zipcodes.htm


http://www.votenobailout.org/

Yes we fought this practice and boycotted B of crooked A...


..."ACTION ALERT"... !!!!

CALL FAX AND E-MAIL THE SENATE NOW!!!...
THEY ARE TRYING TO PASS THE SAME BAIL OUT AND HAVE ATTACHED THE
" Alternative Minimum tax" as a little sweetener for votes,
in other wards they are using you and me to get this bill passed.
CALL THEM AND TELL THEM NO WAY!!!
CONTACT INFORMATION:
http://www.alipac.us/ftopic-133968-days ... asc-0.html