LaTimes--
Robin's Commentary
By now, everybody has heard about Bank of America's new policy for offering credit cards to illegal aliens who may not have Social Security numbers, a move for which Bank of America claims is not a move that is aimed strictly towards illegal immigrants, however, for people who lack solid credit histories. of course they overlook the fact that you are given a Social Security number when you are born, which has nothing to do with a credit history
Currently, in their pilot program, Bank of America has limited the offer to 51 branches in the Los Angeles area, however, it said that it could go national this year. Bank of America, is not the only bank who has been catering to the illegal aliens. Wells Fargo began a pilot program last year in Los Angeles and Orange counties to offer home mortgages to immigrants who have lived in the United States for at least two years. Customers were allowed to identify themselves by using the ITIN identification number issued by the Internal Revenue Service instead of Social Security numbers. The ITIN is also accepted by Bank of America in order to receive a credit card.
While some in corporate headquarters may think that this is a good business move or "filling a need" of the consumer, others say that is giving an opportunity to aid terrorism.
In my personal opinion, not only do I believe that this move is treasonous, catering to the invaders of this country who come here illegally, but will also have devastating long-term financial disadvantages to the banking industry itself.
First off, despite being here illegally would make you an unreliable customer for the simple fact that you risk deportation at any moment. Do these banks honestly think that somebody who is being deported is going to worry about paying their credit card bill? Why should they? All they have to do sneak back into this country, get another ITIN number and start all over again.
Who pays for it? Banks may be federally insured by the FDIC for up to $100,000, however, if you have millions of people the faulting on their loans, the result would be devastating.
Would this help strengthen the economy? Doubtful. For example, according to CNN MoneyJanuary 17, 2007--, mortgage foreclosures or above 100,000 mark for the fifth straight month, which is up 35% from December 2005.
In the long run, who actually pays for the move of greedy banking institutions going after which they claim is an untapped market, being the illegal aliens when the banks fail due to bad loans? We will in higher fees
Finally, the next time you go for a loan at any institution, and they ask you for your Social Security card, just smile at them and say "I don't have one. Now, let's open my account"
2 comments:
I think I'll change my last name, claim no SSN and get a new gold card. Looks like I can even apply for a home loan.
Sadly, I can't do that now as a born and bred American citizen. Something is wrong with this picture. This means that a terrorist can slide into our unprotected country, get a house for base opeerations and a credit card to buy weapons. Heck they could even get a job for extra cash. And to top it all off....they won't even have to speak English to accomplish it!
What's worse than BOA's pilot program geared toward issuing credit cards to illegal aliens? The fees attached to the credit cards being offered! A deposit fee IS required and any payments made over time start with an interest rate in the neighborhood of 21.24%. No matter how you slice, dice or chop it, BOA is exploiting EVERYONE for their own gain! Send BOA a message - CANCEL your BOA and MBNA cards!!
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