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Illegal Immigrants & US Banks

Should US Banks make mortgage home loans to known illegal immigrants?


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    15
  • Poll closed .

Cisco Kid

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Should US Banks make mortgage home loans to known illegal immigrants?

Both sides of this argument seem to have compelling arguments. Where do you sit on this issue? Please vote.

1. YES
2. NO
 

Schweddy

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Excellent question! Welcome to Debate Politics!

One one hand you have capitolists (which I am) that go where the money is.

On the other, morgages are monitored and insured by the governement.
So...because of the governements involvment in home morgages - I voted no.
 

Squawker

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Hi Cisco Kid ! :2wave:



The key word here is illegal ! No drivers license either.​
 

Konqwest

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Yes is this case I voted no because Illegal..... That basically says no
 

Cisco Kid

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Thanks for answering the poll. There has been little interest to date, however the responses have been unanimous.

I'm wondering how we could get more activity, as I am interested in where the public stands on this issue. I believe they don't know that a handful of banks, some large, are making these loans today!

Thank you for taking the time to respond.
 

Schweddy

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If you wish, we can move this to the public "polls" forum. You will get more of a response as it will be on the top of the page.

Let us know and the first mod that see's it will move it. Up to you.
Bare in mind that guest are allowed to vote in that forum, but not post.
 

Cisco Kid

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Moving this to the public "polls" forum would be terrific!

I know the issue is sensitive and polarized. A larger response would help me determine what my next steps should be.

Appreciate your assistance. I'm new to this. Thanks.
 

MrBob

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I said yes, so I guess I have to defend my opinion :cool: Basically, I think that who the bank wants to lend money to is there business. If the illegal immigrants are deported and their houses seized, they should just count as having defaulted on the mortgage and ownership of the house goes to the bank. In this beautifully capitalistic (and that's not sarcasm) country, it actually sounds like an interesting little scheme. Give the illegal immigrant the mortgage, if he hasn't been deported in a few years, turn him in. Get all the money he paid on the mortgage and a house to sell :lol:
 

shuamort

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Another "yes" vote here. If the bank believes that the person is fiscally solvent enough to get a mortgage, then why not? Going through the process of getting a mortgage is not all that fun, kinda hard, and requires a LOT of paperwork, more paperwork, and occassionally a first born child. I'd find it dubious if an illegal immigrant's last couple of tax returns and verifications from the IRS would be there, which are pretty much necessary for most mortgages. Most lenders are now requesting that the lendees sign a waiver form (4506) that allows them to to request and receive as many as four years worth of a loan applicant's federal income tax returns.

HOWEVER, there are banks that are changing rules and requiring instead an ITIN, an Individual Tax Identification Number. Even the Federal Deposit Insurance Corp. is helping a group of Midwest banks to develop ITIN programs. Moreover, the ITIN are easy to get, even if you are ineligible for a Social Security card. The Internal Revenue Service issues them and expects recipients to file tax returns. The IRS doesn't report illegal aliens to immigration officials.

It does sound like we have quite a few loopholes in the system as it were.
 

mmatejka

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vauge said:
Excellent question! Welcome to Debate Politics!

One one hand you have capitolists (which I am) that go where the money is.

On the other, morgages are monitored and insured by the governement.
So...because of the governements involvment in home morgages - I voted no.
Most standard home mortgages do not involve government insurance, do they? Only FHA and VA loans involve the government. In the case of a standard mortgage, the only security on the note is the property.

Speaking of government involvement in home mortgages, one question comes to mind...WHY IS THIS THE GOVERNMENT'S BUSINESS?

If one meets the income and credit requirements to get the loan, then I say it is the bank's business. Of course, losses would probably be higher than among legal citizens due completely to the ease of finding employment for one who is legal vs. one who is not.
 

NeCom

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I do not understand the hatred of "illegal immagrants" in this country. The statue of liberty if I remmber correctly says, "give me you tired your hungry and your poor..." If mexicans and others are coming to this country we should let them, after all our ancestors were immigrants too. And Besides, my heritage being Italian, they were considered illegal, the term With Out Papers came from this, or, WOP. To me it is unAmerican to not let immagrants into this country, if we were more accepting of other cultures these people wouldn't have to jump the borders illegaly. So why all the Hateing?
 

ShamMol

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Gandhi>Bush said:
Why can't people immigrate legally?
They can, it just takes a lot of time and it is a very strenuous process...plus America needs its illegal immigrants. Part of our agriculture economy would collapse without them.
 

Gandhi>Bush

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If they can, why don't they do it. Wouldn't it be better in the long run to go through the strenuous process rather than running from the border patrol, crossing over, staying awhile, getting paid by the beans, and finally being deported back to start over again?
 

ShamMol

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Gandhi>Bush said:
If they can, why don't they do it. Wouldn't it be better in the long run to go through the strenuous process rather than running from the border patrol, crossing over, staying awhile, getting paid by the beans, and finally being deported back to start over again?
The problem is that this is a process that takes years and most of the time, they need the money then, not later. It would be better, but if you realized the desperation of the poor in some of these latin american countries, you would realize why they go to the lengths they do to get paid even a little bit. Plus, you have places that are controlled by dictators in some latin american countries and they may want to just get out of there and into someplace that is a democracy, I don't know.
 

Laternater

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I voted no. I do understand why banks do these things, but at the same time an illegal immagrant also gets a larger intrest and tax break. According to the US government they are minorities and can file for aide to purchase houses and automobiles. The sad tragedy of this is that the legal citizens of the US pay for these breaks, which we can't get ourselves. What a sad reality.
 

ludahai

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ShamMol said:
They can, it just takes a lot of time and it is a very strenuous process...plus America needs its illegal immigrants. Part of our agriculture economy would collapse without them.
Which is why the United States should enact a guest worker program.
 
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