Bank of America: Rumor of unannounced closure.

[MORAY37]

BoA has been giving loans to illegal aliens that have been fiscally deficient, it would not surprise me if they went under.

I wasn't aware that SSN's weren't required for loans.  Oh wait,  that's right.... THEY ARE. 

[Bodhi]

I wasn't aware that SSN's weren't required for loans.  Oh wait,  that's right.... THEY ARE. 

Apparently you aren't aware of illegals using stolen ssn's....


Wow, a scientist and even that goes over your head.

[Mr No Name]

I wasn't aware that SSN's weren't required for loans.  Oh wait,  that's right.... THEY ARE. 

Apparently also you need to know that BoA had quite a backlash (which they ignored) because they were opening accounts for illegals w/o ssns and issuing credit cards to illegals w/o ssns

personally if I had thought about it, i should have told them i wanted a credit card, made up a mexican name and had myself a spending spree.

[Delirium]

I wasn't aware that SSN's weren't required for loans.  Oh wait,  that's right.... THEY ARE. 

I wasn't being partisan, nor was I showing some anti-immigrant bias... BoA DID did give accounts and loans to illegals within the US.

Do a search next time, before you flame me. I was stating a fact, and like a colonoscopy sometimes the truth hurts too.

[MORAY37]

I wasn't being partisan, nor was I showing some anti-immigrant bias... BoA DID did give accounts and loans to illegals within the US.

Do a search next time, before you flame me. I was stating a fact, and like a colonoscopy sometimes the truth hurts too.

No flame sir.  Was wondering... what you thought happened to those accounts?  I'll give you a clue... they weren't write-offs. 

BoA is probably the institution that has the best footing, currently.  The start of this rumor obviously had other malicious intent.

[Delirium]

No flame sir.  Was wondering... what you thought happened to those accounts?  I'll give you a clue... they weren't write-offs. 

I hope so, all people need a chance and having money in a bank tends to make people better citizens to boot.

How do you know BoA profitted from this? Have you seen their books?

People said many of the mortage lending institutions had a solid fiscal foundation too, take a look where they are.

[ramzey]

I wasn't being partisan, nor was I showing some anti-immigrant bias... BoA DID did give accounts and loans to illegals within the US.

Do a search next time, before you flame me. I was stating a fact, and like a colonoscopy sometimes the truth hurts too.

accounts yes, debit card, why the hell not? most banks can
Loans i don't think so. They can send promotional letters with CC applications , but none will give loan/cc to undocumented person.

[Delirium]

but none will give loan/cc to undocumented person.

Nothing in federal law prohibits illegal immigrants from owning homes. And banks can legally accept passports, tax identification numbers, and consular cards from people who want to open bank accounts or get home loans, according to the Comptroller of the Currency, a bureau of the US Treasury that regulates national banks.

source: http://www.boston.com/news/local/articles/2007/09/18/quietly_living_american_dream/

[Delirium]

I guessed I killed that debate...

[Xargos]

Bank of America is very proud of the fact that they help illegals with all their financial needs.

[Delirium]

Bank of America is very proud of the fact that they help illegals with all their financial needs.  They figure the working class Americans would pick up the tab.

If Bank of American can support it and aren't recklessly giving individuals loans (illegal or not), who cares? Let BoA give people a chance, as long as they can afford it.

"Well Mr. Illegal Immigrant, you have been in the country for 10 years. You have paid your bills, your taxes, and have money in hand for a down payment. We would be willing to give you a loan."

Mind you, these are high risk loans and should be but a small fraction of 1% of the total loans out by the bank.

[Xargos]

It's wrong to aid someone in breaking the law.  All illegals are criminals and aiding a criminal to break the law makes you/bank a criminal.

[Delirium]

From what I've read (and quoted above), it isn't illegal to give the 'undocumented' bank accounts, loans, or credit cards.

Besides, entering the US is a misdemeanor and not a felony.

Is it a great idea to insure these accounts via FDIC? No..

Is it a great idea to maintain a large % of the bank loans on undocumented individuals? No...

That said, do you really think all the illegal aliens in this country currently are going to be sent home? We might as well start integrating them into our society now because there is no way, no how we can 'round them up' and send them home without massive political/social/humanitarian repercussions.

I began the discussion in regards to BoA going under, mostly because they were willing to take on 'undocumented workers' banking needs. I have sympathy for them, NOT for the bank, and my sympathy isn't expressed in having to pay for the bank's idiotic move to become a charity.

[Xargos]

It is wrong to reward criminal activity of any sort. 

[Eagler]

this statement is as destructive and paranoid as harry reid's about a major insurer on the verge of backrupcy .. they, the insurance co's
are worse off than they were before harry opened his trap

http://money.cnn.com/2008/10/02/news/companies/insurance_stocks/index.htm

any more destructive agenda driven rumors anyone?  anyone?