A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
Immigration needs to subpoena a list of those mortgage holders and go pick them up. This is outrageous.A natural-born citizen with no credit history would have trouble getting a post-bubble loan but here are people with NO DOCUMENTATION WHATSOEVER getting approved? Enough is enough already!
so who pays if they default?do they care?
I am wondering what they think the default rate will be on these cards.Don't you need a social security number, an address, a job etc... to get a credit card?More mind numbing financial nonsense!!!
enough is enough, therefore we need reform...reform and not a status quo.we need solution and not a do nothing attitude.
Is it me or is the illegal alien RE agent piece of shit feeling a little guilty with that nervous eye twitch thing? Here's a shout out to Juan the illegal RE scum: Run, la imigra es cuming to arrest chu!
I was denied a checking account at Washington Mutual because I only had a drivers license, birth certificate, and social security card. The reason stated was that Ineeded two picture id's, student id or a credit card (debit cards don't count). Yet illegals can get a home mortgage with a tax id#? Hopefully with credit history and ratings above 800 for my wife and I we will be able to qualify for a home loan post bubble. Oh yeah, we "only" have cash in the bank and jobs too.
you have to be kiddingthis isnt funny anymore
Great, law breaking Mexicans come to the US and get a home loan funded by ChinaWe're doomed
When the feds find these two and send Jose back home and nobody is there to pay the mortgage, then what happens?
It makes sense, the REIC ran out of "A paper" to sell to most qualified. Then they went after the middle class "B" and "C" paper. Then the subprime market ran out of suckers. Finally they decided to focus on the poor."What of the poor? FUCK THE POOR!!!"Credit for quote: Mel Brooks "History of the World Part One"Ahhh but you can run out of stupid poor people too. It took a few years but we got there. So they looked around and thought who is left. They had sold homes to the dead, children, mental patients and the incarcerated, who was left?Of course....IMMIGRANTS!!!!!!!!No reason for them to get away without getting screwed over too.I think we have enough immigrants to keep it going until science advances catch up and we create a new market to sell condos to. Then we can sell Neg-Am loans to the clones.Rather ironic when you consider how similar all these condo floor plans are.
Well, if it makes you feel any better, my insurance with Blue Shield of CA just went up to $867 a month for my family. We rae healthy as can be..never go to the doctor.The kicker is that the illegals get better service and dont pay a thing!!! Why not give them Credit cards also?? USA is getting so screwed!!!!
There's already a Federal law on the books making it illegal to use a Tax ID to apply for personal credit. That's why all the scammers selling "create a new credit file" books got shut down by the government. Apparently illegals are exempt from ALL laws now.
Why do you care? BofA is a private company. If they want to incur the risk of giving credit to illegals, so be it. if you are a shareholder, voice your concerns or sell your shares. If you are a customer, voice your concerns and if you really feel strongly close your account.Aside from that it is no concern of yours.
mexicans go home.....now
Illegal Immigration and Mortgage fraud are now legal!!! Left turn on red is next.
They default, They DO NOT CARE!!I have lived in San Diego since 1971 The illegals have not been a Real problem since about the mid- 1990's.But now, it's insane, insurance up auto and health, schools overcrowded, emergency rooms full!When some get in trouble (i.e. drunk drivers) they just run back across the border! Ole!This plague is rapidly spreading across the country, but it is in smaller numbers just like california was in the 80's so it seems not to be a problem....yet!Just wait til your neighborhood is over-run and your insurance rates go through the roof, to pay for the uninsured!
F#ck illegal immigrants
The very first thing they do when they come to America is break the law. I say supoena that guys who made this video to hand over the names and addresses of the family, then deport them back to Mexico. "The only crime I have committed is wanting a better", actually no dummy, the crime you committed is illegal entry into the United States of America, now get your butt back to Mexico and apply for a visa like every other hard working person trying to come to America for a better life
The article is misleading. This condo owner can speak english, most illegals don't and refuse to learn. So once again, this article is big fat sympathy article so we can start crying and empathizing with their "plight". I don't have any accounts with BofA but I called them anyway and told them I was canceling my accounts because they were aiding and abetting illegal immigration. I suggest you do the same.Wait, I thought it was a crime to help someone else commit a crime?
I always thought that women in the Bay Area tended to the larger size. Hell, the anchor woman was even large.
Note to ICE: Want to find illegals? Just go to the closest Bank of America and ask for the addresses of all those "customers" holding a credit card w/o SS.
Funny how thousands of illegals may use a fake SS card with a real number from a US citizen, and supposedly pay taxes into it, but the real owner of the SS number never sees any more money on his/her account when it is time to retire and make withdraws. Can the gov explain how that works?
Hey, anything to keep the credit bubble expanding. You don't really expect things to change, do you?
Good thing the reporter only showed the living room. The 30 other illegals camped out in Jose's bedroom had to keep real quiet during the interview.
Truth is, these guys are probably better credit risks than Americans.Right?Damn I'm good.
Finally Keith....for a second I thought you weren't going to bring up this issue. I mentioned it twice already...but it's your blog, so whatever.
BofA a private company? Then why are their depositors guaranteed satisfaction by an agency of the U.S. government, the FDIC? The RISK of bad lending by banks is socialized. The REWARD of higher short term profits and a higher stock price emanating from those profits is channeled to a select few. Think about it Mr. carpenter, Ms. restaurateur, Mr. physician. Is there a federal agency standing behind you, ready to make your customers whole in U.S. dollars if you make a bad mistake? I'm not for doing away with deposit insurance. But if the American taxpayer is going to "insure" against reckless lending by banks, the American taxpayer has a right to impose underwriting standards for the risk and to price the insurance premium accordingly.
Read a great letter to Sen. Sarbannes today from a legal US citizen, residing in MD., asking the good senator to outline the procedure a legal citizen needs to go through to become illegal, for the benefits of course.It IS smart right now buy a big house, get a big loan, HELOC the $$ and then just go back to wherever you came from, taking the HELOC $$ with you of course.I assume there's a way to do that.And God knows it'd be smarter to do that than to stay in the country in said house and ride the housing crash to the bottom.These bankers, etc. are fiendishly smart , but, let's face it, when it comes to smart, nothing tops "street smarts".
"Why do you care? BofA is a private company. If they want to incur the risk of giving credit to illegals, so be it. if you are a shareholder, voice your concerns or sell your shares. If you are a customer, voice your concerns and if you really feel strongly close your account.Aside from that it is no concern of yours."Your comment is pure baloney, stacked high on a slice of bread. This type of practice encourages fraud, and fraud means higher costs, which are passed on to folks like you and me. It may also embolden other illegal immigrants to enter this country knowing that they can get a credit line after they have been here only a few months. There are likely many other scenarios that I have not considered.We should all be very concerned about this. It is yet another step in the gradual demoralization of corporate America.
People are tearing up their Bof A credit cards, taking their money out of it's accounts and unloading their B of A stocks in disgust with this.It's a good way to protest. Called a "boycott" and has worked with other things in the past.
Wow, this piece really has it all, huh?Immigrants: CheckSleazy RE guy: CheckBatshit insane loans: CheckConfusing "condo" with "ownership": CheckVideo clip: Check.You must be pissing all over yrslf in happiness, kief.
No concern of ours other than another major US institution is providing financial services to known criminals (thats why they are called illegals). Large companies can set a new standard for how illegals get treated and how they are viewed by society, dumbing down the outrage we should all feel.
David Lereah's Condo Investment Goes Busthttp://tinyurl.com/25anlbDavid Lereah Watch
"Aside from that it is no concern of yours." That's not true. From what I understand, this is an issue for every tax-paying American. We are the ones who will have to foot the bill to bail out Fannie Mae and Freddie Mac when the homedebtors default. Remember, the banks sell the loans to these institutions (GSE's) that resell them as mortgage-backed securities. In effect, these loans are guarnteed by the federal government.
Anon 1:00am,We care because we all pay for it just like shoplifting and credit card fraud costs all of the other law abiding citizens to pay more in higher prices because of those who choose to break the law. Someone will end up paying for all of the defaulted loans. Will it be employees laid off from struggling mortgage companies or if big banks fail it will be all regular depositors who lose? I don't know how big of a segment of loans at risk belong to illegal immigrants?I do know we have enough trouble with people who were speculating defaulting without adding more fuel to the growing fire!
"Aside from that it is no concern of yours. "Who do you think is going to have to foot the bill for all this when it falls apart?
This is a testament to how much of a crisis the US economy is in. Now that the housing bubble has pretty much disqualified people with bad credit from getting loans they are using illegals to try and keep the bubble from deflating as rapidly as it has been recently. Before we even get into the problem with lenders and home loans I have to ask WTF is the IRS doing issuing taxpayer identification numbers to illegals? The TIN number has histrorically been used for foreign workers who are in this country LEGALLY so they can pay income tax on their earnings. All the IRS would have to do to issue a TIN is require a VISA or temporary work permit be presented to get a TIN that is good for only one tax year. The way things are set up now there are no questions asked and a TIN is as good if not better than a social security number. The IRS just wants to get their cut and is not bothered by the fact that they are a contributor to the problem of illegals being here. Fear not HP bloggers. When the housing market completely crashes the illegals will be some of the worst hit. They will just abandon ship and start over in some other US city. This will put a lot of banks out of business or hurt them very badly. They money that will have to be paid back you ask? Well, it is all pretend money anyway. Since it has not been backed by Gold since the 70s you CAN literally print gold by adding a few zeros to a computer in the Federal Reserve. The whole system will come to a crash one day but that is a story for another day.
Next up "Felony VISA" - because everyone deserves credit.Get a card with your preferred crime pic on the front; murder, rape, RE agent.
Some people have it easy. I met my American wife on vacation, got married two years later, and had to wait another 4 years to get my American citizenship. Furthermore, I had to fly to my country of origin twice just to apply for temporary residency at the American embassy over there. While there, I had to do AIDS test, Tuberculosis and Hepatitis tests, and all kinds of medicals exams. The doctor even checked my penis and my arse (no joking) for VD. I've never been arrested, safe driver, graduated twice in good American universities (magna and summa cum laude), good credit, fluent in four languages, always playing by the book. I see illegals walking right across the border and getting all kinds of financial and medical benefits, buying townhomes in San Francisco, making a bunch of babes without any family planning or health care insurance, getting credit cards, doing a little NOD fraud on the side, while waiting for Bush and the Senate to give their citizenship in a plate. Just to show you how this entire system is f-ed up, my niece who's a lawyer and has a MBA from a prestigious university, and whose father is a wealthy diplomat who owns several Honda and Kia car dealers in my country of origin, had her visa denied to spend the holidays in Disneyworld with her entire family. BTW, she's been in the US several times on vacation before, including Disney, NYC, and Boston. It gets better: her sister, who's a dentist, received her visa and came to Disney with her parents while my other niece went to Europe pissed off and alone. The entire family applied for American tourist visas together, but just one daughter got denied and the embassy wouldn't budge. How wacky is that? Meanwhile, illegals can walk right in, without any medical exams or background check, take advantage of the infrastructure without paying any taxes for it, and still send most of the money they earn back home, instead of investing in our economy. Meanwhile, highly educated and wealthy tourists that come here to spend money for three weeks have their visas denied. Go figure! IMO, this country is going down fast. We're are already Saudi and Chinese bitches, and now Bush wants us to be Mexico's. If I get sick with all, imagine born and raised Americans. I know that my wife is sick of it.
crazy indeed. americans pay taxes so that illegals can reap the benefits. SoCal is already lost territory. the schools are overcrowded with anchor babies, the english speaking minority is bullied by mexican reconquistadors. and our elected officials keep on giving to the "willing workers". we need immigration reform, no amnesty. i think it would be best to halt immigration, both legal and illegal, for a couple of years. deport the illegals, make sure the legals assimilate. maybe we can save this country from civil war.
video:Immigration by the numbers.http://tinyurl.com/2t6quj
That eye twitch is something wicked. He should not be on TV- definitely not photogenic!
So now it's Jose the pool guy's fault for the sub-prime mortgage mess out there because he is getting a credit card from Bank of America? You idiots are loonier than I thought. Can't your little brains keep the two issues separate?Whether you like it or not, the 20 million people who are in this country illegally are not going back home. Get it? They are here to stay and so are their kids. You can put Tancredo '08 bumper stickers on your cars and join the Minutemen all you want. It won't make a difference. BofA regognizes this simple political fact and is making a very smart business move IMO. They are giving illegals credit cards and they may very well end up losing money short term on the deal. But when the 20 million get amnesty and are legal and will have valid SSNs and will be looking for a car loan, a small business loan or a mortgage who do you think they'll think of first? Hmmm gee I dunno the bank who was willing to give them a credit card when nobody else was, yeah that's it. It's a loss leader. This is the banking version of selling Tide for $3.99, losing $1 on the sale but getting you into the store where you will buy $100 of groceries. And I predict in a month or two Wells Fargo will announce a smimilar program, followed closely by Chase and Citi.And PS, for all you raving anti-immigrant lunatic morons out there, it might interest you to know that Bank of America was originally called Bank of Italy (GHASP!!). It was started by an Italian IMMIGRANT for the purpose of serving Italian IMMIGRANTS in California. Imgaine that a bank started by an evil IMMIGRANT that went on to become the largest bank in the USA...the horror of it all.
Can I get a credit card with Bank of America with out using my social security number or do I have to use it if I have one.
Why is this such big news? Illegals have been opening bank accounts without social security numbers, they've been getting mortgages for years without social security numbers. So now they get credit cards without social security numbers.Yawn.
Illegals breaking the law..... there's a joke in there somewhere
Mexicans are a proud people?I guess i was born cursed in America!My grandparents all four of them where born in Scandinavia, they all immigrated here LEGALLY! They all went through Ellis island and they all had to have proof of family already here or work already established. They all had to have their paperwork checked and physicals done before release from Ellis.All worked hard and suceeded. Never stood around with their hands out or expected anything!They got what they worked hard for............legally!Now I'm 50. And nowhere in my family other than the odd bootlegger uncle or cooky aunt have we leached or bled the system.The illegals now claim to be a proud people....Then Damnit act like it! Your country was a s**thole so you left to supposedly better yourselves. Now you come here, you get free services (medical, education, welfare, unemployment) that I could never get! You take, take, take....and want more! My insurance rates are up, tuberculosis on the rise, as well as hepatitus. We all remember the recent food contamination due to food handlers.You wanted to better yourselves by tearing down a system and not helping to strengthen it.On 9-11 the borders were packed, but in reverse. The Mexicans were running home, because they didn't know what was going on. When it was all clear, they poured back over again!They claim (some) they built American cities with sweat labor!Then explain anything built prior to 1985?We lived with you. No we can live without you, until you assimilate and Want to be an American, and live the American dream...whatever that is? Learn english...my grandparents did!
Couple of things.First, my wife and I just had a baby. I went to the bank to open a savings account for our child (we've received some cash/check gifts already) and they wanted our child's SS#. My child doesn't yet have a SS#. I left the bank w/out the new account.Second, can anyone verify that the FDIC insurance program, in the case of a bank failure, is permitted to pay you back your $100k over 99 years instead of immediately in one lump sum?
Second, can anyone verify that the FDIC insurance program, in the case of a bank failure, is permitted to pay you back your $100k over 99 years instead of immediately in one lump sum? Doofus,1. No that is not the way it works. You get your money right away.2. Illegals are getting credit cards, not insured by FDIC.
There is no "we". People are individuals and I want nothing to do with the collective, those supporters of the evil that is called "government".If BOA wants to give credit cards to Martians its no business of yours.It's white Americans who came up with Affirmative Action, welfare, foreign wars and aid to Israel. Bring on any change; it would have to be better.
Further proof of who the typical HP reader is: - white - middle aged - paranoid - racist - most likely divorced and hence why living in rental - most likely in trouble with IRS and hence why stashing cash - blames others for life's misfortunes (in this case illegals)In other words, pathetic losers.
"Left turn on red is next."Actually that is legal, if you're turning from one one-way street onto another. Of course, the drivers here are so stupid they stop on green, so who cares?
Further proof of who the typical HP troll is:- white- 13 years old- dropout- mildly retarded- living in mom's basement, hiding from the law- heavy dope smoker- couldn't hack it on FCIn other words, pathetic losers.
9:42pm,That post of yours could only have been writtem by someone you describe.The renters are getting loopier by the hour.
Brown people are taking over and you racist cowards can't handle it. Well tough shit. Within a generation California will be majority brown. Texas, Arizona, Colorado, Nevada too. New Mexico is already majority brown. The brown governor of that state is running for president. You cannot stop this train assholes. So you have 2 options: either shut the fuck up and accept your new situation or move back to Europe - oh wait you can't do that either since brown people are taking over there too.So you are left with option 1. SHUT THE FUCK UP.
Oh man reading these diatribes makes me think back to 5-10 years ago. I too listened to AM talk radio. I too read insane magazines and web sites. I too hated Mexicans and was convinced they were destroying the country. I too thought the world was out to get me and all white Americans. I cannot believe I once sounded like you idiots. Thank God I snapped out of it and came to my senses. I hope you do too.
If that congressman is introducing a law that would forbid illegals from getting a mortgage, then that means it is now NOT illegal. So Bank of America is not breaking the law by giving them mortgages and credit cards.So what the hell is the big broohaha all about?
10:24,Whites could revolt and fight, but they couldn't even handle the blacks when they rioted in the 60's and then spent the last 3 decades ethnically cleansing whites from the cities. Whites are in general cowards, I hate to say. Wait until the next president is Obama or Hillary; if they don't revolt then, they are truly useless.
wake up America. we are under seige. from within and without.THEY ALL WANT THIS SITUATION IN THE VIDEO. THEY CELEBRATE IT:bush wants this.hillary and bill clinton want this.mcain wants thisguiliani wants thisobama wants thiskennedy wants thisgore wants thispelosi wants thisedwards wants thiskerry wants thisTHE ARE ALL AGAINST THIER OWN NATIONS SURVIAL TREASON AT THE HIGHEST LEVELS.
10:03: "Waah! I know you are but what am I?"Fixed it for you.
Anonymous said... Brown people are taking over and you racist cowards can't handle it. Well tough shit. Within a generation California will be majority brown. Texas, Arizona, Colorado, Nevada too. New Mexico is already majority brown. The brown governor of that state is running for president. You cannot stop this train assholes. So you have 2 options: either shut the fuck up and accept your new situation or move back to Europe - oh wait you can't do that either since brown people are taking over there too.So you are left with option 1. SHUT THE FUCK UP. February 21, 2007 10:24 PM Learn history dumb fuck, brown people are mutts...
Anyone know whether illegals are or are-not covered under ECOA? If not, it's for their own protection too that they can't take out mortgages. Lenders target this group not only to make a good buck, but they're historically a low risk. You heard the guy, he says he works 16-20 hours a day, and he probably put his life at risk to get here. Plus if he skips a payment then the lender could just flag his residence to the INS real easily. You can bet he's lickin' that envelope every month and stamping it twice.
Majority brown....so's my underwear
Natural eyebrows- your comments re. American taxpayers being the ultimate payers when these banks go bonkers with their insane lending practises really rings true.I'd never connected that particular set of dots.We really ought to have some say in the crappy underwriting and insane lending that's taken place, since we ARE the ones who wil pay for this mess.Bravo .
Anon 3:35-I am so sick of people who refuse to understand the difference between legal and illegal immigrants.The American school system has really failed us all.Please look these words up in the dictionary:1) legal2) illegal
Oh shut the fuck up with this legal/illegal crap. You don't care about that, you care that they are Mexican and more to the point that they are not white.If BofA had the same program but for illegal Swedes or Germans you wouldn't give two shits. But God forbid they give a Mexican a credit card and it's the end of the world.You are nothing more than a klansman hiding behind a computer. Luckily you nazi pigs are in the minority and your numbers are decreasing more and more as you old white fucks die off every year.So go ahead have your last hissy fit these next few years. By 2015 or so you will be so marginzalied nobody will pay any attention to you.
wow, some racist brown people in here.
"By 2015 or so you will be so marginzalied nobody will pay any attention to you."By 2020....the kids of these bitter white renters will be cutting the grass of my Mexican kid's here in California. After all, at least I have several houses to pass on to them! What will you pass on to your kids? Your heirloom white hoods, NASCAR wardrobe and a new lease renewal? Buahahahhaahhahah!
dream on. by 2020 mexicans will be fighting over the last few jobs cutting the white mans yard.this whole brown pride thing is nothing more than an inferiority complex. what exactly are you so proud about?that mexico is a stinking hellhole?
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