The Finch Formerly Known As Gold

20 March 2006

Cross the border, buy a house

There's a great deal of talk about how much illegal immigrants suck out of the US economy; there's rather a bit less about how much they put in. The Oklahoman has a piece this morning on mortgage loans made to the undocumented keyed to their Individual Taxpayer Identification Numbers instead of the Social Security numbers they don't have.

In a sidebar, the head of a mortgage company who makes lots of such loans notes that it's not the easiest thing in the world to get one: typically, you have to have been here 10 years or more and must have filed tax returns for the past two years using your ITIN. And the interest rate is stiff: a local couple described in the article is paying 9.25 percent on a thirty-year fixed-rate loan, about three percentage points above the rate offered to more conventional customers with presumably better credit.

Still, these are people who would be solid citizens if they were, you know, citizens, and other than the standard "But they're here illegally!" complaint, I can't think of any reason why they shouldn't be allowed to buy a house. And if the INS can't enforce its own rules, they can hardly expect a bank to do it for them, especially when another branch of the government — the FDIC — expects that bank to make a substantial effort to serve low- and medium-income residents of its community.

Posted at 10:48 AM to Common Cents

After doing a bit more research, perhaps you'll see why this is a horrible idea. Then, perhaps you'll tell all your friends about how you finally saw the light, and perhaps even visit forums and such doing the same.

These illegal aliens have probably committed at least three crimes: entering/staying illegally, using fake documents, and working illegally.

Now, banks are making money off them.

In other words, banks are profiting off illegal activity.

Banks tend to try to make as much money as possible, meaning that banks will want to keep the money flowing.

If that means encouraging more illegal activity or working with a foreign government that also supports illegal activity, well, so be it.

Then, those banks will support the "right" kind of politicians: those who refuse to enforce our immigration laws.

We (probably) aren't talking about bags of cash, but we are talking about political corruption.

And, political corruption tends to undermine our political system.

And, here's more on the FDIC:

Posted by: TLB at 9:35 PM on 20 March 2006
Post a comment

Remember personal info?