May 29, 2005

NO MORE POTTER'S FIELDS?:

Banking on illegals (Dimitri Vassilaros, 5/29/05, Pittsburgh TRIBUNE-REVIEW)

New South Federal Savings Bank is giving illegal aliens home mortgages to help them realize the American dream.

Its Casa Mia program is designed to help tax-paying immigrants "without traditional forms of documentation" -- like anything indicating they are Americans.

Remedios Gomez Arnau, consul general of Mexico in Atlanta, is working closely with the massive Alabama-based bank "to ensure the accurate identification of Mexican immigrants."

Said Senor Arnau: "We are excited to see a loan product specifically aimed at helping Mexican immigrants."

New South describes itself as Alabama's largest thrift with $1.4 billion in assets. It has residential mortgage loan offices in 13 states and services home loans in 30 more, the District of Columbia and the Virgin Islands.

If enough illegals apply, New South plans to offer Casa Mia mortgages in Atlanta, Phoenix and Houston "in the near future."

Unless, that is, the bank officers are arrested for helping to harbor illegal aliens.

Posted by Orrin Judd at May 29, 2005 12:00 AM
Comments

Slick.
First, they can charge a much higher interest rate than a citizen would put up with, and second, if the debtor gets deported, they keep the hopefully appreciated house.

It's quite risky, but potentially lucrative.

Posted by: Michael Herdegen at May 29, 2005 3:12 AM

The consul general of Mexico in Atlanta accurately identifies its illegal immigrants to the US?

The Mexican government has got its outsourcing of its troubling population down to a science, with US help. Are we giant doofuses, or what?

Posted by: John J. Coupal at May 29, 2005 10:45 AM

and the banks have no motivation in reporting the illegals, should the house become valuable enough to them. only a fool gets between a bank and an easy "score"

Posted by: cjm at May 29, 2005 11:56 AM

Here in Wisconsin, they get government-backed guaranteed home loans.

Posted by: David Reeves at May 31, 2005 3:37 PM
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