NOVEMBER 14, 2006
Officials at the government agency in charge of preserving and promoting public confidence in the country’s financial systems are encouraging banks nationwide to offer services to illegal immigrants and many have obliged.
The Federal Deposit Insurance Corporation (FDIC) has succeeded in getting several large lending institutions to offer a variety of banking services to illegal aliens, including home loans. Headquartered in Washington D.C., The FDIC insures more than $3 trillion of deposits in U.S. banks and is managed by a five-person board of directors appointed by the President of the United States and confirmed by the Senate.
It’s ironic, then, that agency officials would promote programs that would aide those who have broken U.S. federal laws by entering and subsequently living in the country without appropriate documentation. The chairman of a Tennessee bank (Bank of Bartlett) that recently launched a mortgage program for illegal aliens said the federal government gave him the idea.
Thanks to this type of encouragement from federal officials, several other banks across the country offer such incentives to those in the country illegally. The special programs, endorsed by the federal agency, allow local and national banks to grant home loans to people without Social Security numbers.
Last year, Wells Fargo proudly launched a lending program – called Celebrate Home–for illegal immigrants and the bank even issued a press release claiming the bragging rights of being the first major lender to offer undocumented aliens home loans. Years ago, Wells Fargo became the first U.S. financial institution to accept so-called foreign consular identification cards, in lieu of a Social Security card, to open bank accounts.
Bank officials don’t see anything wrong with helping those in the country illegally obtain the American dream of owning a home. In fact, they say that they are not required to ask the immigration status of their customers since that is the responsibility of the federal government.
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