Open-borders Wachovia bank posts $8.9 billion loss
Well now. It looks like banking on illegal immigration isn’t paying off for Wachovia. The bank’s massive losses and job cuts are the big news rocking the financial sector today:
Wachovia Corp., the U.S. bank that hired Treasury Undersecretary Robert Steel as chief executive officer two weeks ago, reported a record quarterly loss of $8.9 billion, slashed the dividend and announced 6,350 job cuts. The stock slumped as much as 10 percent in New York trading.
The second-quarter loss of $4.20 a share compared with net income of $2.3 billion, or $1.23, a year earlier, the Charlotte, North Carolina-based company said today in a statement. The loss included a $6.1 billion charge tied to declining asset values.
The writedown, job cuts and second dividend reduction in three months reflect Steel’s response to the worst housing market since the Great Depression, which cost former CEO Kennedy Thompson his job after eight years. Wachovia has dropped more than 75 percent since it spent $24 billion two years ago to buy Golden West Financial Corp. just as home prices were peaking.
“Steel is clearly trying to get his arms around this,” said Joseph Gordon, president of Gordon Asset Management in Durham, North Carolina, which owns Wachovia shares and manages more than $200 million. Even so, “We aren’t advising any clients to buy until they fess up and go full transparency on Golden West and their commercial lending problems.”
Wachovia shares have declined 65 percent this year, the second-worst performance on the 24-company KBW Bank Index behind National City Corp., Ohio’s largest bank. The stock fell $1.18, or 9 percent, to $12 at 9:55 a.m.
Perhaps if the company had spent more time making sound business decisions and less time pandering to the National Council of La Raza/The Race and chasing the open-borders market, it wouldn’t be in as deep a hole as it is today.
***
Related item: Who would benefit the most from the latest housing bailout proposal?
Subprime loans – loans made to homebuyers with less-than-perfect credit – were responsible for a large share of the foreclosures that started last year. And minorities received a hefty share of those loans. Just over half of African-Americans and 4 in 10 Hispanics who got a mortgage in 2006 had a subprime loan, according to a 2007 analysis by the Center for Responsible Lending.
Also, the areas hardest hit by home-loan crisis are heavily Hispanic. In seven of the 10 metro areas with the highest foreclosure rates last month, they represent at least one-third of the population; in two of them – Merced and Salinas-Monterey, Calif. – Hispanics make up more than half of the population. Their rates of home ownership are also high: More than half of Hispanic households owned their home in eight of the top 10 foreclosure cities, according to the latest census data.
African-Americans are also hit hard by the crisis, although they aren’t concentrated in cities with the highest foreclosures. In only two of the top 10 metro areas – Fort Lauderdale, Fla., and Vallejo-Fairfield, Calif. – did they make up more than 10 percent of the population. Their homeownership rates also trailed those of Hispanics in all but Vallejo-Fairfield.
Still, African-Americans made up more than 20 percent of the population in metro Detroit, No. 13 on the list of top foreclosure cities by RealtyTrac, and in Miami, No. 15.
It is cities such as these – along with Cleveland, which felt the brunt of the housing crisis early – where the pressure is building for local politicians to come up with a solution.
Activist groups say this racial dimension to the problem puts a special responsibility on the federal government to relieve distress in these neighborhoods.
Flashback: Open borders and the mortgage mess.
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Categories: Immigration, Subprime crisis
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Yes, because financial mismanagement is our right and if you don’t bail us out, you’re racist.
Likewise, if you don’t take a risk on loaning to us, you’re racist, too!
“Start With Your Life and Plan
YourMY Money Around It.”Thank you Michelle for getting the word out…letting everyone know about Wachovia and other banks who are pandering to illegals.
I closed my account from BofA and opened one with World Bank. Unfortunately, World Bank merged with Wachovia. Now…closing Wachovia and opening one with COLONIAL.
There’s a great website that lists all banks and where they sit on this issue: http://www.bankofamericaboycott.com/banklist/index.shtml
EQ …
Beat me to it … was going to use the same quote … I agree with you …
I was reading in the hopes of finding something related to the banks illegal immigration policy, that might have been one of the issues regarding it’s financial losses.
This is as disappointing as finding out that Rachael Ray wore a black and white checkered scarf while selling iced coffee.
I think whining is pan-racial.
All these banks are pandering to Latinos. I listen to Spanish music station and all I hear are commercial for banks that are “pro-Latino” or ads for immigration lawyers, in other words they are welcoming the illegals with open arms.
Most all of this problem would have been avoided had the gov’t and banks not used “anti-discrimination” as an excuse for making bad loans. Bush, along wiht other libs, called on the banks to increase home ownership by minorities. Now, in and of itself, it is a noble goal. But lenders used this as cover to make more and more risky loans, and for brokers to essentially rip off many new borrowers through excessive fees and non-disclosure. “Law of unintended consequences” rises its ugly head everytime the libs in our gov’t decide to be noble.
Discrimination is ABSOLUTELY necessary in lending institutions. Not racial discrimination, but credit worthiness discrimination. We discriminate everyday in our lives. Who we talk to or who we let into our little world. Without it, we would find ourselves in very dangerous situations constantly. Lending institutions should not make loans to someone with bad credit. It’s bad business and ultimately does disporpotionate harm to those who have good credit and made their payments on time (either through devaluation of property values or inflation as the Fed props up the credit markets). I have a very good credit score. My brother has never been able to manage his finances and has filed bankruptcy. Therfore, he shoudl not be given a massive laon. That is discrimination, but it is not a bad thing. If the gov’t would just stop sticking its nose into the markets and let the markets decide who gets loans (and let businesses making bad laons fail for thier own stupidity) we would have never seen this bubble or the credit mess we are in now. Its called personal responsiblity. Something the gov’t is trying to eradicate. And if credit worthiness is skewed to one race or ethinic group, then so be it. That simply means those groups must change their lifestyle in order to qualify. If that offends teh delicate do-gooders out there, who cares. Its just business. Just my 2 cents on the subject.
A “pro-latino” ad on the radio for a bank is not welcoming illegals in an of itself. What Bank of America as others have done, as an example, clearly is.
Spoken like a true McAmnesty supporter.
It’s nice to sit and think…ha, ha, ha…they have reaped what they have sown and deserve to go under. Unfortunately, the joke is on the American taxpayer when our beloved politicians in Washington use our hard earned money to bail these morons out.
The big question for me is will the banks learn from this fiasco? When will the left learn that illegals are seriously hurting our country? Secure the borders. Straighten up the mess and put a viable immigration policy in place.
Weary Citizen
Actually the changes in the banking sector that led to much of the problem were the result of Bill Clinton’s programs from 1993 requiring banks to make a higher percentage of their home loans to “minority consumers” … this was the previously established basis that allowed lending-rule expansions during the housing boom leading to the “sub-prime” situation …
Spoken like a true internet troll.
So stop acting like one for a change, before you become a new chapter in a book about people who are unhinged.
A “pro-latino” ad on the radio for a bank is not welcoming illegals in an of itself. Companies advertise on spanish language radio stations.
My God what the hell is wrong with people like you?
Couldn’t have happened to a nicer bank! Hey! I hear Taco Bell is hiring!
And what happens when you have a pile of applications for bad loans from “minority consumers” that need to be approved?
Exactly.
What comes next? We need McAmnsety’s supporters to pound it through his head that pandering to illegals is not good for America. I don’t give a rat’s ass how bad Obama is, we need to Fix McInsane so he can get elected and the only way is for you McInsane supporters to flood him with request to change his amnesty plan. This is serious.
Well said. I would definitely vote for making English a primary language but until then if businesses give out ads in Spanish stations, theres nothing wrong with it. They are trying to increase business.
Also not sure how much of the Wachovia loss is because of problems from illegal immigration. Illegal immigration is definitely a problem…but in this case many other banks are also in trouble because of economy slowdown.
Correct. Its their bad financial decision that got them into this loss.
Agreed. However, Bush jawboned the markets to step up minority lending in his first term (I beleive his first term). Probably in hopes of winning over more hispanic votes. But no matter how you slice it, and I am no fan of BC, bush escalated the problem. Essentially building a ponzi scheme that was sure to fail as prices escalated beyond any reasonable level. Hence why we saw stories like the hispanic couple in DC bemoaning they were going to lose their $450K house because of rate resets. Only to find out she was a cook at a hotel and her husband was some blue collar worker. You don’t say, she could not afford a $4K/mo house payment on a cook’s salary? Who woulda thunk it. It is her fault for taking such a loan, caveat emptor, but the banks should have used common sense and never made the loan in the first place. And in saner times, the banks would have laughed her out of the office.
“racial dimension”? Like the government can solve the stupidity and clueless problems of The Entitled.
This is America, English first. Spend your time writing McInsane telling him that his pandering to the amnesty, reconquista groups loses him votes. It actually destroys America. Trust me, I’m living in the middle of the destruction here in So. Cal. Torrance to be exact. Now google Torrance gangs
Ah hell, you’re too stupid so here. See that? That’s who McInsane wants to give amnesty to. I didn’t pay half a mil for my condo just to watch Mcinsane turn it into $0.
As an employee of another better run bank I am glad to see Wachovia take a hit. I wonder with the fall in the housing industry, how many of their customers returned to Mexico?
Oh man, that really breaks my heart. I feel so sorry for them.
sarc/off
.
McInsane is achieving his goal, which is to get Obama elected. He is doing a great job of it.
I Here you Mr. P. I don’t want Obama but McInsane is making a case to have Obama elected. McCain is one hell of an idiot. He just needs to drop Juan Hernandez and then there is no need to worry about President Obama. But, he sold out to Mexico and the illegal gangs. I’m starting to wonder if Cindy relapsed and needs drugs from the illegal gang bangers so McInsane is covering for them. There is no other reason for McInsane to pander to gang bangers.
A “pro-latino” ad on the radio for a bank is not welcoming illegals in an of itself. Companies advertise on spanish language radio stations.
Sigh…
In advertising, companies try to sell to different groups. While I am an advocate for english being the official language of the US, there are people here who do not speak english as their first language. Not too far from where I live, there is a great grocery store. They sell Korean food. Out in the front there are free newspapers that advertise businesses in the kroean language. There’s also tv stations that broadcast a korean language program that include korean advertisements. There is nothing wrong with this.
In America, there are groups like this doing the same thing in Polish, Chinese Mandarin, and so on. Even in Tagalog.
You are really mistaken. And you don’t seem to want to learn the truth. It’s sad. For you.
Good thing I yanked out my money in 2004.
McInsane’s Amnsety winners.
Wiseman since this credit problem has to do with banks and other lenders making subprime loans (high-risk borrowers) without restraint (because the banks could sell the loans by sticking them in CDOs Collateral Debt Obligations- and thus so they thought get rid of the liability they were loaning to-it came back to haunt them just as toilet backs up)..A very high percentage of these loans were to traditional elements of the Democratic party- illegals/hispanics and blacks with crappy credit or insufficient capacity to pay. If banks make loans it shows up as an asset for them…if the asset is a shaky asset to begin with, those loans will hurt the bank in the long run.
Now Wachovia and others will just turn the key and get a federal bailout for being irresponsible….
Wise_Child, don’t be a donk. My wife’s from Taiwan so English is not her first language but now that she’s American, she talks the talk. It was hard for her at first but now, she’s got it down.
The Latinos don’t get it. Come to So. Cal and see for yourself.
Wiseman these kind of ads are the part and parcel of the problem with immigration…you don’t encourage asimilation into the Amercian culture by cowtowing to an immigrant’s language-you make them learn English like the rest of us.
Thank you, I appreciate that information and your opinion.
Would you happen to have a link that goes into more detail? I’d like to read more. I wouldn’t know if banks would release information as to the statistics of what percentage of illegals/hispanics were in faulty loans.
I really am looking for a link to illegals and this as a result. At least, a contributing result.
Imagine that! Wachovia loaned money to risky borrowers and ended up losing their shirts. GOOD FOR THEM!!!
LOL LOL will you share it with McInsane when I provide it?
3 words
Community Reinvestment Act
Created in “77″ by Jimmy Carter
I would like to disagree. There are many factors to assimilation. Some people who immigrate into the US and are recently here are in the process of learning and working a job to pay bills. It’s true that some or a lot don’t even bother, but it’s not all.
In any event, my disagreement was to the original comment that advertising on the radio in spanish was somehow ‘welcoming the illegals with open arms.’
Your internet trolling yet again, is predictable and tiresome. You are ignored. Attempt to troll elsewhere, you are not going to be fed here.
#12 Desert Lover that was just and expansion on The Community Reinvestment Act.
This is the problem!
The thousands of mortgage defaults and foreclosures in the “subprime” housing market (i.e., mortgage holders with poor credit ratings) is the direct result of thirty years of government policy that has forced banks to make bad loans to un-creditworthy borrowers. The policy in question is the 1977 Community Reinvestment Act (CRA), which compels banks to make loans to low-income borrowers and in what the supporters of the Act call “communities of color” that they might not otherwise make based on purely economic criteria.
The original lobbyists for the CRA were the hardcore leftists who supported the Carter administration and were often rewarded for their support with government grants and programs like the CRA that they benefited from. These included various “neighborhood organizations,” as they like to call themselves, such as “ACORN” (Association of Community Organizations for Reform Now). These organizations claim that over $1 trillion in CRA loans have been made, although no one seems to know the magnitude with much certainty. A U.S. Senate Banking Committee staffer told me about ten years ago that at least $100 billion in such loans had been made in the first twenty years of the Act.
So-called “community groups” like ACORN benefit themselves from the CRA through a process that sounds like legalized extortion. The CRA is enforced by four federal government bureaucracies: the Fed, the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation. The law is set up so that any bank merger, branch expansion, or new branch creation can be postponed or prohibited by any of these four bureaucracies if a CRA “protest” is issued by a “community group.” This can cost banks great sums of money, and the “community groups” understand this perfectly well. It is their leverage. They use this leverage to get the banks to give them millions of dollars as well as promising to make a certain amount of bad loans in their communities.
A man named Bruce Marks became quite notorious during the last decade for pressuring banks to earmark literally billions of dollars to his organization, the “Neighborhood Assistance Corporation of America.” He once boasted to the New York Times that he had “won” loan commitments totaling $3.8 billion from Bank of America, First Union Corporation, and the Fleet Financial Group. And that is just one “community group” operating in one city – Boston.
Banks have been placed in a Catch 22 situation by the CRA: If they comply, they know they will have to suffer from more loan defaults. If they don’t comply, they face financial penalties and, worse yet, their business plans for mergers, branch expansions, etc. can be blocked by CRA protesters, which can cost a large corporation like Bank of America billions of dollars. Like most businesses, they have largely buckled under and have surrendered to their bureaucratic masters.
Consequently, banks in every community in America have been forced to hold a portfolio of bad loans, euphemistically referred to as “subprime” loans. In order to compensate themselves for the added risk of extending these loans, many lenders have increased the lending fees associated with mortgage loans. This is simply an indirect way of doing what banks always do – and what they must do to remain solvent: charging effectively higher rates of interest on riskier loans.
But this is discriminatory!, complained the “community organizations.” Thus, if one browses the ACORN web site, one can read of their boasts of having “predatory lending laws” passed in numerous states which outlaw such fees, prohibiting banks from protecting themselves from the added risk involved in making forced loans to “subprime” borrowers.
These are price control laws, and price controls always cause shortages. Normally, banks would respond to such laws by extending fewer riskier loans. But in this case the banks are forced to continue making the marginal loans by their bureaucratic masters at the Fed and the other three federal bureaucracies mentioned above. So-called predatory lending laws therefore force the banks to “eat” the losses. This is undoubtedly a contributing factor to the bankruptcy of dozens of mortgage lenders over the past year.
Then of course there is the issue of the Fed’s monetary policy having created the housing bubble, characterized by a spectacular escalation of real estate values in every American city over the past decade or so. This created a further problem for the financial institutions that are victimized by the CRA. They are forced to make a certain amount of bad loans, but because of the Fed-created explosion in housing prices, many thousands of subprime borrowers no longer qualified, by a long stretch, for conventional mortgages based on their incomes.
The only way these borrowers could qualify for their mortgage loans (even ignoring their bad credit ratings) was to take out adjustable rate mortgages, some of which had astonishingly low first-year rates in the 3 percent range, and sometimes lower. This is what has largely fueled the subprime mortgage meltdown – the inability of thousands of subprime borrowers to afford their mortgages now that their rates have adjusted upward. Thus, the combination of the Fed’s enforcement of the CRA (with the help of political pressure groups like ACORN) and its post 9/11 monetary policy in general are the reasons for the bursting real estate bubble and the “subprime” mortgage meltdown.
Don’t expect to read about this in the “mainstream media,” however, which generally views groups like ACORN as heroic champions of the poor, laws like the CRA as anti-discrimination laws, and places all of the blame for the subprime mortgage meltdown on greedy capitalists, especially mortgage brokers. Encouraged by such reporting, the odious Senator Charles Schumer of New York has promised federal legislation that will reign in these miscreants, while the Bush administration is proposing an indirect bank bailout by having the Federal Housing Administration cover many of the bad “subprime” loans. This will create what economists call a “moral hazard” by encouraging even more bad loans to be extended in the future. Every banker in America will be glad to extend loans (at high rates of interest) to the most uncreditworthy borrowers if he thinks there is no possibility of default with the FHA effectively guaranteeing the loan.
Wise-Infant said
Again, spoken like a true McInsane supporter.
Add to this a story I uncovered
My post covers how the government agency HUD has been working with ACORN. As well as fanny mae and Freddie mac and banks
Will add is story in there how HUD used Federal money to buy a housing project for 17 million. Then gave it to ACORN
WOW, William Amos. Check this out.
Part of this mess is from the Community Reinvestment Act. Thanks to Cousin Bill and the Democrats in congress, the CRA was a complete disaster from the beginning.
The last financial institution I worked for CRA was drilled into us. After reading about it didn’t take any knowledge rocket science to figure out the end results. They forced banks to give mortgages to people who were likely to default on and they did surprise surprise. If they didn’t give out the mortgages the banks would be fined.
I have a friend who kept telling me that when she was a teller the managers told her and others to open accounts for foreigners even though they didn’t have any identification on them. I know mostly it was because we live in a college town but still that’s illegal as hell.
The other part of the mortgage mess is the house flippers. Owning too many mortgages, they got caught with their pants down.
Lastly, the government caused this mess and not taking any of the blame. People want the government to fix it and they are. It’s like walking into a bar and asking the town drunk to run the AA meetings and give out lectures to schools on why you shouldn’t drink and drive.
xler8bmw
Thanks for the clarification … I just remembered the Clinton action and thought that was the financial rules that got the ball rolling … I do recall that it expanded the lending rules for “minority owned businesses” as well … another big scam …
I lived in MD at the time and had a neighbor who was “minority” … the scam was that she was listed as one of the owners on about 3 dozen different companies to allow them to apply for government contracts to get “minority” ownership preferences on bids … a two-fer … minority race and female …
She didn’t work at all … just got paid for the use of her name by all of those companies as if she was actually a part of the ownership …
Wiseman it does just that….when you encorage biligualism you encourage them not to assimilate but to dominate the culture they land in…all they have to do is out reproduce them. It also says you can come here and we don’t care what you do…you do not have to be a part of Amercian culture…just do what you want because someone will cowtow to you.
Imagine… my adoptive parents ancestry which was German still jabbering away in Deutch, should we cowtow to Germans too? No! Their parents kept their love of beer and sauerkraut, but worked to speak English and become a part of American society-no one cowtowed to them in Deutch (German language).
Wachovia is the most popular bank in Northern Virginia, and if you drive through the areas with larger amounts of Hispanics, such as townhouse neighborhoods and older neighborhoods, it is one foreclosure after another of homes owned by Hispanics.
Pandering to Hispanics and trying to make an illegal quick buck didn’t pay off for Wachovia.
#44 NP glad to help. Many people forget about that mess that good old boy Jimuh created.
Wow if you think about every MESS we have now resulted from ALL of his ridiculous policies!
Fuel, Iran, Housing & Banking 30 yrs later we’re cleaning up what Reagan couldn’t……..
been watching ACORN for a long time. I already saw that commerical on Fox (and that is what it is)
BTW here is ACORN asking for actist organizers in my area. Seems they pay $8 dollars an hour to register democrats.
ACORN has deep democratic roots
I live in Monterey and it seems that the majority of new homes in the Salinas Valley (illegal immigrant cities) are now vacant. I saw this coming over 7 years ago. People buying homes that had no right too. I am tired of California. Soon I will leave.
In any event, my disagreement was to the original comment that advertising on the radio in spanish was somehow ‘welcoming the illegals with open arms.’
But it does not specifically target “illegalls” as much as the people who speak the language. And a tremendous part of the people who speak the language are legal immigrants.
Those companies who support illegal and immoral activity in the name of fairness should suffer accordingly. Whether it is Wachovia and illegals or McDonalds and homosexuals, both have entered the arena of political correctness rather than sticking to their business and serving their customers.
If you are a businessman, you cannot afford to take sides in the culture war. As soon as you do, particularly if you take the side of political correctness, you lose painfully – and you should lose painfully.
HA-HA-HA-HA-HA-HA-HA-HA-HA-HA-HA (Inhale) HA-HA-HA-HA-HA-HA-HA!!!
Wachovia is also under investigation for shady overseas investment transactions. These guys are dirtbags.
How interesting that there are consequences for bad banking decisions. Hispanics have been the darlings of our society while shoving the rest of us aside. The census reports constantly where they live. Marketers have looked at them as this untaped source of wealth. We get “press 1 for english”, illegals are great for the economy and complain – get labeled a racist. What a mess we have. Guess the illegals won’t be cleaning it up either!
Yep, the Community Reinvestment Act has finally “paid off”. It the gift from Congress that just keeps on giving.
Odd how you call Ansell a troll yet you are the one hijacking the tread. Wachovia, a big time lender to illegal aliens is losing 9 billion dollars because of non-payment of its loans. Sounds like you are still in denial about the illegal immigration problem and want to switch the topic.
Bank Of America next news @ 11
Wither art thou, Upchuck Schumer? Did you not see this coming?
Actually, Wachovia has restated its earnings (using pesos) and is now in the black.
See? No problemo!
I replied to his trolling and spamming. In this page.
And now back to the discussion: Wachcovia.
I am not in denial of illegal immigration. If there is a link that more concretely connects their failure with their practices of pandering to illegals, and there may very will be, I want to see it.
There, fixed it.
here Wise Child. It’s an easy search. Illegals are bringing down America. Tell McAmnesty…Oh wait, he doesn’t know how to use the internet. Never Mind.
#60 JA
LOL it took me a sec to see what you did. Sorry for mistake thxs! LOL
And Mister P, I have never spoken in favor of “illegal immigration,” let alone ever denying it.
I am against illegal immigration, and I think that we should enforce our laws. Starting with cracking down on sanctuary cities and arresting people like Gavin Newsom and Richard Daley.
Here is ACORN in action in video report
Well Crap, I just found out the bank that has my mortgage accepts the Matricula Consular Card. Now What?
swmbo
sounds like you might have some ammo to use to renegotiate your mortgage at a lower rate …
On July 22nd, 2008 at 12:29 pm, xler8bmw said
You have educated me, and I thank you. I feel informed enough to contact my senators and representative in Congress about this mess. Am I naive to hope we can get rid of the CRA? Yes! But I love a good fight.
Here’s a letter I recently received in my inbox that I’m forwarding to McCain and every other GOPer I can think of.
Becoming Illegal (Actual letter from an Iowa resident and sent to his senator)
The Honorable Tom Harkin
731 Hart Senate Office Building
Phone (202) 224 3254 Washington DC , 20510
Dear Senator Harkin,
As a native Iowan and excellent customer of the Internal Revenue Service, I am writing to ask for your assistance. I have contacted the Department of Homeland Security in an effort to determine the process for becoming an illegal alien and they referred me to you.
My primary reason for wishing to change my status from U.S. Citizen to illegal alien stems from the bill which was recently passed by the Senate and for which you voted. If my understanding of this bill’s provisions is accurate, as an illegal alien who has been in the United States for five years, all I need to do to become a citizen is to pay a $2,000 fine and income taxes for three of the last five years. I know a good deal when I see one and I am anxious to get the process started before everyone figures it out.
Simply put, those of us who have been here legally have had to pay taxes every year so I’m excited about the prospect of avoiding two years of taxes in return for paying a $2,000 fine. Is there any way that I can apply to be illegal retroactively? This would yield an excellent result for me and my family because we paid heavy taxes in 2004 and 2005.
Additionally, as an illegal alien I could begin using the local emergency room as my primary health care provider. Once I have stopped paying premiums for medical insurance, my accountant figures I could save almost $10,000 a year.
Another benefit in gaining illegal status would be that my daughter would receive preferential treatment relative to her law school applications, as well as ‘in-state’ tuition rates for many colleges throughout the United States for my son.
Lastly, I understand that illegal status would relieve me of the burden of renewing my driver’s license and making those burdensome car insurance premiums. This is very important to me given that I still have college age children driving my car.
If you would provide me with an outline of the process to become illegal (retroactively if possible) and copies of the necessary forms, I would be most appreciative. Thank you for your assistance.
Your Loyal Constituent, ****** ******* ********** , IA
Get your Forms (NOW)!! Call your
Internal Revenue Service 1-800-289-1040.
Please pass this on to your friends so they can save on this great offer!
#67 Good for you glad to help anytime!
If that’s all the money they’ve given for illegal immigrant causes then I’m afraid I have to side with Wise man here.
All total, the money you cite represents less than one half of a percent of Wachovia’s total losses this quarter. So if that number represents the totally of Wachovia’s lending to illegal immigrants, than I dare say loans to illegals were not Wachovia’s problem.
ROFLMAO. Too funny. What a deal.
#70
That’s not the point. They shouldn’t have been receiving the loans in the first place a. they’re illegal b.they had no or little credit to be taking out a loan c. the US taxpayer is once again paying for people that should have been in the country to even get a loan.
..and with the help of ACORN you can vote too!!( In fact you can vote as many times as you like)
Taylork, that was from over a year ago and there are more reports out there. It’s an all around bad Idea to lend money to illegals.
I don’t disagree with that. However, the connotation of this thread is that loaning money to illegals has been a principal cause in Wachovia’s current losses, which isn’t the case.
#75 You’re correct! But, the debt would have been as detrimental on the taxpayer if these people weren’t being loaned money under blanket groups such as LaRaza and ACORN that took the gov for a ride on illegal practices.
The bottom line is liberals like Jimmy Carter have created a huge financial mess that tooks years to manifest all under the guise of republican greed. That’s the shamefulness of this and they continue to get away with it!
I mean’t the debt WOULND’T have been as detrimental sorry
xler8bmw and taylork
Although the actual numbers regarding the home loans made to illegals may not make up the major reason for Wachovia’s losses I would surmise there is a good chance that there may have been other types of banking activities involving the illegals that could have compounded the overall problems …
e.g.
How many automobile loans were made that were not paid?
How many personal signature loans were made that were not paid?
How many checking accounts were only there long enough to become a bank customer in order to make the subject loans and then closed … either by the illegals themselves or eventually by the bank due to being overdrawn?
How many credit cards and lines of credit did they also issue to those same illegals only to see them get run up to full limit balances and then no payments comeing in?
And last, but not least, since all it took to get a “Matricula Consular” card was to contact a Mexican Consulate Office, anyone want to bet that some of the illegals had a pocket full of “MC” cards with different names on them that they used at a different Wachovia branch office or a different bank entirely?
Just exploring the additional possible ramifications …
Feel free to make your own additions …
#79 DL 100% spot on!
Thanks all, glad to be of service.
Yes there are many more illegal alien perks that we could capitalize on this was just a short list. I’m getting my application in early, before the big rush. Here’s another insult, I recently began to renew my car insurance and they told me they wanted to go back 25 years in my record. Hey, I don’t mind as long as they do it to everyone but they aren’t. I have been with them for years under the same name. Some of my statesmen might not be in the same position this is a prefect opportunity to get a new identity, wipe the slate clean and all that. In my case I told them to take a flying leap off the Mexican consulate building but to do me a favor and not hit any citizens when you hit the ground. I’m tired of being held to a higher standard just because I’m an American.
I will admit Wiseman that my comment was off the cuff from information that I had learned of from those I know in the lending industry.
Frankly you would almost have to require immigrant papers to get the loan and compare those loan numbers with papaers to previous years versus the numbers when such was not required when such documentation was not required to get a relatively accurate result statistically speaking.
So at this time I am hard-pressed to find a statistic that determines this question in a way that I am comfortable with sharing. I am man enough to admit that.
#81 tgusa
Stop being so racist. They’re undocumented American perks
That is precisely the problem, Wiseman, legal immigrants are not being governmentally or socially required to speak our language, and thus not there is increasing evidence-I certainly have anecdotal evidence from my personal experience-that even legal immigrants are not assimilating into our culture as did immigrants of the past.
I saw a stat. (to which i cannot refer you to at this time, but I know it exists) that indicated something along the lines of 60%+ of all hispanics legal or not support amnesty and open borders as a policy…such a thing would never have been countenenced in the past by other immigrant groups for its arrogance.
Immigrants who do not assimilate become a military liability in future wars-could you have imagined German immigrants not assimilating and killing people in their units in Europe during WWI and WWII? As we see nowadays they are very often a social liability as well for which the taxpayers-lawful citizens (naturalized or not) become responsible for.
A lot of people did, and a lot of innocent German-Americans were arrested, beaten, and lynched. Their homes and churches were destroyed and their newspapers were forced to close. Their children were forbidden to speak their language and millions of Americans lost their heritage.
Sorry, love2rumba, but there’s really no need for that sort of unConstitutional fascist regulation of churches, private businesses, and family life by any government agency. You start giving government agencies that sort of power to bully one ethnic group of legal residents, who’s to say where it ends? And in the anti-Christian, anti-conservative, anti-working-middle-class atmosphere we’re currently living in, I’m pretty sure we’re all next; the fascist government you think you want will destroy you.
If HeatherRadish means innocent in terms of the innocent German American bund that’s correct. There were thousands, yes thousands of German Americans detained in the early part of the war, Italian fascists too, you only hear about the Japanese. The FBI had compiled a list before they needed it during the leadup to the war, as they should have and it saved a never to be known number of innocent American lives. During WWII my mothers town in Mississippi had a German POW camp on the outskirts of town. They were regularly seen working on roads in the area, they went in to town and mingled with the residents. The idea, show these Nazis what America was really about. Lynchings or beatings of innocents, please, save the propaganda for the moonbats. An ancestor of mine was in the British Army before coming to America, sadly a century later we would have to fight and kill to drive out what was our heritage, tough luck.
Ya know, I’m waiting for some Republic .. ANY Republican … to have the balls to stand in front of a microphone and say:
“We are having this “crisis” because the DEMOCRAT PARTY demanded that banks give mortgage loans to minorities no matter what their credit standing is, because they believe it is everyones RIGHT to own their own home. You give a mortage to someone who has no reliable income (except welfare?), no steady job, no assets, a tenuous civil relationship (if one at all), and what do you expect? They buy a house like they do a fancy car – they make one or two payments and then stop, and wait for it to be repossessed. This is not rocket science. The Democrats demanded it – now they rail against the banks who are left holding the bag!”
I am not holding my breath for it to happen.
Seems to me MM’s blog is full of this evidence and has been for years.
#68 – Perfect!
#87 The taxpayer is left holding the bag unfortunately
True, and as she occasionally says, “You have to pay attention.”
I have to shake my head over the stupidy and greed shown by financial institutions falling over themselves to get the illegals’ business. That, along with the governments arm twisting, got them into this mess.
As late as the ’90’s most of these institutions were still somewhat careful. I was a financial services officer at B o A and I remember turning away dozens of potential customers who were using suspicious SSNs (Too often with fake DLs as well) which we were able to check to discover the cards had been issued many years, sometimes 20 or more, before the birth of the presenter!
I wonder how many of those I turned away eventually got accounts and loans through relaxed procedures?
The banks making these loans never thought that the loans were a bad idea. The rising home values would have covered any default due to foreclosure or deportation. The bankers learned nothing from the dotcom bust. This was a modern day gold rush.
I’m from the sanctuary of the the formerly great state of Maryland. So I’m sensitive to this.
Its not just Wachovia, its also AmEx, BB&T et al, to one extent or another.
DELAWARE OR BUST!!!
OK..B-of-A
How long are you
going
to stay
solvent !?
Bof A was one of the first here in good ol’ CA
Is Johnny MC REEEAALLYY a supporter of illegals!!!LA Raza!// a JOKE–I already know the answer!
AND -it’s getting OLD!!!!!!!
#95 Considering BoA was a first in CA and you have so many illegals HHHMMM not long news at 11
I bank at Bancorpsouth and I live in Louisiana. Now Louisiana has long been French. What language options are available at he ATM? Spanish and English. When I call down to Baton Rouge to talk with my favorite politician, what language options are given in a state that wants to promote its French heritage? Spanish and English. The same goes for calling the Federal government. Does it sound unreasonable that a large number of us want to leave the Union again? Go to http://www.lsu-unofficial.com for other observations on my nutty state.